KAUNAS, Lithuania, Nov. 10, 2022 (SEND2PRESS NEWSWIRE) — An identity verification and fraud prevention startup, iDenfy, announced its new partnership with MGID, a global advertising platform. Using iDenfy’s full-stack ID verification services will help MGID boost new registrations while securing the onboarding process.

iDenfy identity verification services
Image Caption: iDenfy identity verification services.

Forging documents and committing fraud are more frequent because of the low costs and the technology-driven market. Fraudsters are becoming more sophisticated with their techniques, and businesses and internet users report record financial losses.

Card Not Present reports that in the first half of 2022 alone, there were 800,000 fraud cases reported in the United States. Considering this, iDenfy company officials stress the importance of having a more robust fraud detection system for financial institutions and all digital platform operators.

According to MGID, Know Your Client (KYC) procedures, once strictly used in financial institutions, are standards now adopted by industries outside the financial sector. To keep up with security requirements and to stay compliant with the ever-changing regulations, MGID began to look for a new ID verification provider and found iDenfy’s four-step ID verification solution. MGID claims that the new implementation protects current and potential clients by ensuring that the business is transparent and all customers are legitimate individuals.

MGID is a global advertising platform helping brands reach unique local audiences at scale. It uses privacy-first, AI-based technology to serve high-quality, relevant ads in brand-safe environments. The company offers a variety of ad formats, including native, display, and video, to deliver a positive user experience. MGID helps advertisers drive performance and awareness while enabling publishers to retain and monetize their audiences. Brand-safe, privacy-first advertising is MGID’s top priority. Alongside protecting user data and maintaining transparency, MGID has strict standards to ensure that users see only relevant, high-quality creatives and honest advertising.

iDenfy’s solution was created to respond to the demanding fraud prevention market. The AI-powered verification software detects forged documents and fake identities by quickly extracting information and identifying suspicious patterns. Currently, iDenfy’s platform assists MGID in automating customer due diligence and protecting the business from potential risks. Additionally, the newly implemented identity verification service powers a simple yet secure and efficient onboarding process for individual advertisers accessing MGID’s platform.

According to the ID verification startup, a higher volume of new registration attempts means a higher chance of fraud, especially if the organization doesn’t have the right tools at its disposal. To improve accuracy and completely eradicate fraud, iDenfy’s in-house KYC experts review each verification manually, minimizing fraud risks and preventing unwanted registrations during MGID’s customer onboarding process.

“iDenfy’s advanced identity verification helps us stay compliant with current laws and regulations while providing a smoother experience for our customers. We believe that an effective fraud prevention system is essential in today’s digital age, especially if you want to make the best possible decisions for your business,” said Oleksandr Nazarenko, Head of the Fraud Protection Department at MGID.

“We’ve reached one of our goals and created an efficient, user-friendly identity verification process that helps authenticate documents in real time. Now, we’re glad to have found more long-term partners who put their trust in our security tools, allowing us to safeguard their business from fraud,” added Domantas Ciulde, the CEO of iDenfy.

About iDenfy:

iDenfy, a platform of identity verification services and fraud prevention tools ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.

For more information and business inquiries, please visit https://www.idenfy.com/.

RELATED LINKS:

https://news.cardnotpresent.com/news/us-consumers-lose-record-3.56-billion-to-online-fraud-in-h1-2022

https://www.mgid.com/

News Source: IDenfy