iDenfy, a Kaunas-based identity verification and fraud prevention company, has partnered with SCOPE FinTech Solutions, a Netherlands-based business specializing in fintech SAAS solutions, to enhance fintech security in response to the European market’s expansion and increasing financial fraud threats. Through this partnership, SCOPE will integrate iDenfy’s AI-powered ID verification, including 3D liveness detection, into its platform to automate identity verification processes, ensure compliance with KYC regulations, and streamline customer onboarding. This collaboration aims to deliver a superior user experience and advanced protection against fraud for SCOPE’s clients, enabling them to expand rapidly while maintaining focus on essential aspects of compliance and security.
iDenfy helps SCOPE to streamline the identity verification process across multiple countries through straightforward, standardized ID inspection checks. According to iDenfy, this automated verification process will facilitate SCOPE’s rapid expansion while maintaining a focus on essential aspects: user experience and compliance.
Specializing in assisting clients with due diligence and risk assessment processes, SCOPE recognizes the critical importance of the EU’s Anti-Money Laundering Directives (AMLDs) and ever-evolving compliance challenges. SCOPE stated that although the company had strong measures in place for its anti-money laundering (AML) program — such as screening authoritative international databases and sanctions lists, along with employing various effective risk assessment tools — the lack of an automated identity verification solution presented difficulties in accurately verifying new users and adhering to Know Your Customer (KYC) regulations.
SCOPE required a fully automated process to verify the identities of both current and potential customers using their services, ensuring regulatory compliance while optimizing the conversion rate. In a quest to both comply with regulatory requirements and automate customer onboarding, SCOPE looked for a reliable KYC solution that could seamlessly integrate into its existing software and offer the same for its fastly growing fintech clients list.
As a result, SCOPE employed iDenfy’s identity verification solution, featuring 3D liveness detection powered by AI. This upgraded tool enables SCOPE to leverage cutting-edge face recognition algorithms, effectively preventing attempts by fraudulent identities to gain access to the company’s platform. Furthermore, SCOPE now uses iDenfy’s KYC software to streamline the verification process. This software automatically extracts data from users’ ID documents and cross-references it with their account information, ensuring the authenticity of individuals accessing SCOPE’s services.
The collaboration with iDenfy enables SCOPE to offer a complete onboarding solution by seamlessly incorporating the verification process into their Data Outreach module, automating the entire process for a more efficient end-user experience. This aligns with the company’s general mission to deliver secure, user-friendly, and innovative AML solutions to their clients. According to SCOPE, before iDenfy, finding a trusted KYC provider was a challenge, especially in the landscape of newly emerging threats, such as mobile application fraud that underscored the need for effective fraud prevention measures.
“Together with iDenfy, we highlight our commitment to delivering innovative fintech solutions that meet the evolving needs of compliance-bound entities. The new ID verification solution has already helped us automate client onboarding while focusing on what matters most — compliance and efficiency,” commented Fred van ‘t Hoff, CEO at SCOPE.
“SCOPE’s dedication to innovative fintech compliance solutions aligns perfectly with our mission. That’s why our team is very excited to support SCOPE’s efforts to mitigate the risk of fraudulent activities through robust practices, including identity verification,” added Domantas Ciulde, the CEO of iDenfy.
Click here to read more community news.
