Payment company joins forces with iDenfy to create trusted identities
iDenfy, a comprehensive identity verification, compliance and fraud prevention company, has partnered with Paynovate, a Belgian provider of simple, secure, reliable and innovative electronic payment solutions. iDenfy’s easy-to-use identity verification solution helps detect fake identities quickly and prevents fraudulent activities.
While the online world can make things simpler, there is a darker and riskier side to it, full of opportunities for scammers to attack. From fake shopping websites and phishing attacks to quick scams, credit card fraud remains one of the most common scams on the internet.
Recent data from US Switch shows that in 2019, more than $30 billion was lost due to credit card fraud. Future forecasts are just as dire, with card fraud transactions projected to reach $40 billion by 2027. While some Internet users are aware of the dangers online, many businesses still need to adapt to the changing landscape of the Internet. digital world. The easiest answer to achieve this goal is secure and automated fraud prevention tools.
Cyber security is a top priority for payment solutions specialist Paynovate; Fraud prevention tools are essential, especially as they work in the business-to-business (B2B) arena with clients ranging in size from organizations of 2 to 200. Paynovate provides its B2B clients with in-store acquisition, sales, and online line, as well as Visa payment cards, Belgian IBAN issuers and bank accounts; Its solutions allow simple, safe and reliable payment flow management. This includes the issuance of payment cards and the provision of Belgian IBAN bank accounts compatible with SWIFT and SEPA schemes, as well as a host of other direct debit and bank transfer solutions. Paynovate joined forces with iDenfy to ensure top-notch security with identity verification solutions.
iDenfy specializes in meeting Know Your Customer (KYC) identity verification requirements and Anti-Money Laundering (AML) regulations without compromising the user experience. Its unique and profitable strategy, where fraudulent or inconclusive verifications are free, was just one of the factors that caught Paynovate’s attention. There is also the human factor; Authentication experts’ success and accurate results are ensured by real-time human monitoring.
This newly implemented process and partnership with iDenfy ensure that errors or suspicious patterns are caught during Paynovate customer onboarding. Fast identity verification, certified by iDenfy’s ISO/IEC 27001 standard, added more fluidity to the security system of the electronic payment business. The process now takes a maximum of 15 seconds, and users can choose any device they prefer, from a smartphone or tablet to a desktop computer. As a result, Paynovate achieved its goal of having a non-forgery, AI-based ID that reduces operational costs and protects its customers.
According to iDenfy CEO, Domantas Ciulde, “This is a digital age that comes with many risks. That is why organizations must take a proactive approach. We are pleased to form such a partnership and help Paynovate protect its financial transactions from fraudulent activity and false identities.”
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Categories: Technology
Source: vtt.edu.vn