iDenfy, an AI-powered identity verification, compliance, and fraud prevention solutions provider, is joining forces with Confindo, an IT solution provider specialising in customer relationship management (CRM) tools for group companies and external partners.
Collaboration with iDenfy will help Confindo manage third-party risks and ensure proper fraud and breach prevention while building a seamless and secure verification experience.
Confindo is currently planning to launch in two new markets. This, paired with recent operations in Latvia, exemplified its need for enhanced automation measures in its customer onboarding process.
The rise in digital transactions has made robust security measures more critical than ever. With security challenges like forged documents and synthetic identities, particularly in the financial and lending sectors, companies increasingly seek advanced solutions to protect their customers.
Domantas Ciulde, CEO of iDenfy, commented: “We’re thrilled to collaborate with Confindo in their mission to enhance security within the consumer lending space. By integrating our ID verification solution, we’re helping them create a safer, more reliable platform for their users across multiple countries.”
Spending on information security and risk management products and services is expected to grow by 14.3 per cent this year, surpassing $215billion. However, many companies operating in the financial sector see fraud as a top priority on the list, where even a single breach can have significant legal and reputational consequences.
Picking a trusted solution
Prior to its collaboration with iDenfy, Confindo aimed to build a conversion-optimised verification workflow to remove the hassle around the application onboarding process.
“We chose iDenfy because their solution is not only trusted and tested but also perfectly aligns with our commitment to ensuring the highest level of security for our customers,” said Eitautas Bartuškevičius, CEO of Confindo.
The new software, already trusted by other platforms under Confindo’s management, stood out for its smooth integration with existing systems and provided a comprehensive global document base for more efficient scaling into new markets.
iDenfy’s ID verification solution is designed to automatically recognize, verify, and extract information from over 3,000 identity documents across 200 countries and territories. This comprehensive approach helps Confindo ensure that all possible safety measures are in place to prevent fraudulent loans, a key concern in the rapidly growing consumer lending sector.
