Digital identity verification company will enhance security infrastructure for Credex

This press release was originally distributed by release wire

Kaunas, Lithuania — (release wire) — 05/16/2022 — iDenfy, a Lithuanian startup offering 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 allow Credex to more efficiently and securely onboard its customers for online lending.

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

According to the Financial Conduct AuthorityEven before the pandemic, loan fee scammers alone swindled £3.5m from their victims in one year. Today, buying groceries, taking out loans, or signing high-risk documents are factors that can lead businesses to data breaches and compliance fines if proper security measures aren’t added.

The convenience of completing the entire loan process without having to walk into a traditional branch has boosted the number of customers on Credex’s automated lending platform. creditex offers lower rates for online and in-store loan options.

According to the Romanian financial institution, in addition to increasing loan volumes, having more than 100,000 customers online comes with a responsibility to protect customers and their data from cybercrime as efficiently as possible. It was then that Credex chose iDenfy as a new partner.

When it comes to its fraud prevention services, iDenfy focuses on the perfect customer experience without compromising security and compliance. The startup’s AI-powered four-step system identity verification The engine ensures accuracy with live human supervision.

iDenfy’s innovative 3D life technology verifies if the customer is physically present, detecting any suspicious patterns during the onboarding process, including phishing attacks or users trying to slip through identity verification wearing masks.

According to Credex, the new identity verification increased the lending platform’s customer satisfaction ratings due to easy customer onboarding. Implementation of iDenfy’s solution led to increased adoption of the Credex app and lowered the company’s customer churn numbers during the lending process.

“Choosing long-term partners is not an easy step, especially as their services have a huge impact on our customers’ experience. We are happy to join forces with iDenfy. Their identity verification integration gives us the necessary confidence that our customers are completely secure and you can enjoy a quick and stress-free check-in.” — said 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 them even more benefits in the future.” — said Domantas Ciulde, the CEO of iDenfy.

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