Lithuania-based RegTech company, iDenfy, has introduced a new electronic identity verification solution, or eIDV, tailored to simplify and secure the identity verification process for various high-risk industries. This innovative solution is set to redefine how businesses, particularly in the fintech, crypto, and iGaming sectors, approach Know Your Customer (KYC) procedures. The new eIDV process integrates a multi-layered “2+2” verification, drawing on multiple databases to cross-reference user data, helping businesses seamlessly onboard users while minimizing fraud risks.
Domantas Ciulde, CEO of iDenfy, emphasizes that the eIDV solution prioritizes user experience without compromising on security. The “2+2” verification, sometimes referred to as “Soft KYC,” employs data from at least two independent sources, such as social security and credit information, to verify user identity efficiently. This system aligns with regulatory standards, particularly in the U.S., making it ideal for compliance-focused industries.
Unlike traditional KYC methods, which can be time-consuming and cumbersome, iDenfy’s eIDV provides instant verification results. Businesses enter a user’s information, which is then matched against official databases to confirm accuracy, enabling rapid onboarding. The system’s flexibility allows companies to tailor the verification flow, even incorporating document and selfie verification for additional security layers where needed.
This streamlined approach isn’t just a benefit for companies—it’s a game-changer for users. iDenfy’s solution lets people register with ease, especially in industries that require fast account creation, like online gaming. When users need to make transactions, like withdrawals, the eIDV system can trigger additional verification steps to ensure compliance and security.
As online fraud continues to evolve, iDenfy’s eIDV is designed to prevent identity theft effectively. Fake ID documents are now created with the help of AI, making it challenging to distinguish between real and counterfeit IDs. By cross-checking user data with reliable sources, iDenfy’s eIDV ensures businesses can trust the authenticity of their users. This approach mitigates risk while offering an uninterrupted user experience.
Domantas Ciulde underscores the broader impact of the eIDV solution, particularly for industries processing high transaction volumes: “With the rise of fraud and financial crime, our eIDV system secures companies against fraud and offers a seamless, hassle-free experience for real users. It’s a win-win for both businesses and their customers.”
As digital security becomes a top priority, iDenfy’s eIDV solution provides a robust answer, keeping companies a step ahead in the fight against fraud. This is more than just a KYC tool—it’s a step forward for safer, smarter identity verification.
About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Summer 2024 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com