Identity Verification Startup iDenfy Partners with Credex to Improve Lending Platform Security

Digital Identity Verification Company Will Improve Credex’s Security Infrastructure

This press release was originally issued by Release Wire

Kaunas, Lithuania — (Release Wire) – 05/16/2022 – iDenfy, a Lithuanian startup providing remote identity verification and fraud prevention solutions, has partnered with Credex, a financial institution that offers digital lending services. Using the new comprehensive identity verification will allow Credex to onboard its customers more efficiently and secure online lending.

Since the pandemic outbreak, 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 the closure of retail stores have led to a dramatic increase in online transactions.

According to Financial Conduct Authority, even before the pandemic, loan fee fraudsters alone defrauded victims of £3.5million in a year. These days, buying groceries, taking out loans, or signing high-risk documents are all factors that can lead businesses to data breaches and compliance fines if security measures appropriate are not added to the table.

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

According to the Romanian financial institution, in addition to increasing loan volumes, having more than 100,000 customers online imposes a responsibility to protect customers and their data against cybercrime in the most effective way possible. It was then that Credex chose iDenfy as its new partner.

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

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

According to Credex, the new identity verification has increased lending platform customer satisfaction rates through easy-to-use customer integration. Implementing iDenfy’s solution led to increased adoption of the Credex application and reduced the number of customer dropouts from the company during the loan process.

“Choosing long-term partners is not an easy step, especially since their services have a huge impact on the experience of our customers. We are happy to partner with iDenfy. Their integration of the verification of identity gives us the necessary confidence that our customers are completely secure and can enjoy a quick and stress-free registration.” — expressed Traian Baicu, the general manager of Credex.

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

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