Identity verification startup iDenfy partners with Credex to improve the security of its lending platform

The digital ID verification company will improve the security infrastructure for Credex

This press release was originally distributed by ReleaseWire

Kaunas, Lithuania — (ReleaseWire) — 05/16/2022 — iDenfy, a Lithuanian startup providing remote identity verification and fraud prevention solutions, has partnered with Credex, a financial institution offering digital lending services. Using the new full-stack ID verification will enable Credex to more efficiently onboard its customers and secure online loans.

Since the onset of the pandemic, the business landscape has adapted and the changing global online landscape has accelerated the growth of fraud. Changing consumer habits, the work-from-home model and closed retail stores have led to a dramatic increase in online transactions.

According to the Financial RegulatorEven before the pandemic, loan fee scammers alone stole £3.5million from their victims in a year. Today, shopping for groceries, taking out credit, or signing high-risk documents are factors that can lead organizations to data breaches and compliance fines if proper security measures are not added to the image.

The convenience of completing the entire lending process without having to go to a traditional branch increased the number of customers on Credex’s automated lending platform. creed offers lower interest rates for online and in-store rental options.

According to the Romanian financial institution, when there are more than 100,000 customers online, in addition to the increased volume of credit, there is a responsibility to protect customers and their data from cybercrime as efficiently as possible. So Credex chose iDenfy as a new partner.

For its fraud prevention services, iDenfy focuses on a seamless customer experience without compromising security and regulatory compliance. The startup’s AI-powered, four-stage launch identity verification Engine ensures accuracy with live human monitoring.

iDenfy’s innovative 3D liveness technology verifies that the customer is physically present and detects suspicious patterns during the onboarding process, including phishing attacks or users attempting to slip through ID verification with masks.

According to Credex, the new identity verification increased the satisfaction rates of the lending platform’s customers due to the user-friendly customer onboarding. Implementing iDenfy’s solution resulted in increased adoption of the Credex app and reduced the company’s customer abandonment rates during the loan origination process.

“Choosing long-term partners is not an easy step, especially since their services have a major impact on our customers’ experience. We are happy to work with iDenfy. Their integration of identity verification gives us the confidence that our customers have fully secured and can look forward to hassle-free, fast registration.” — stated Traian Baicu, General Director of Credex.

“We enjoy working with our new partners at Credex as we share the same passion for cybersecurity. Hopefully our identity verification will bring you even more benefits in the future.” – said Domantas Ciulde, the CEO of iDenfy.

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