Backed upgrades security with iDenfy’s biometric identity verification

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iDenfy’s new partnership with Backed will ensure safety for the newly created crypto platform

iDenfy’s biometric identity verification

Kaunas, Lithuania (June 18, 2022) – the Lithuanian startup that provides identity verification and fraud prevention services, iDenfy, partnered with Backed, a company that’s known for its blockchain platform, which allows speculating on the future of startups. iDenfy’s identity verification solution will help prevent fraud and ensure safety for Backed customers.

While technology helps automate internal processes and secure business transactions, many organizations still struggle to find proper fraud prevention tools. This results in many data breaches and scammers who are successfully continuing to commit their crimes. Javelin Strategy and Research found that identity thieves stole $52 billion from Americans alone last year. According to iDenfy, the alarming numbers demonstrate that reducing the risks of fraud is essential. 

Backed agrees with the idea of having a strong, multi-layer security system. As per the company, a proper identity verification implementation increases confidence in any organization. This is when Backed decided to invest in a new Know Your Customer (KYC) provider and find iDenfy’s solution to be the best fit.

The blockchain and finance business, Backed, has launched a new platform that allows users to speculate on the future of companies by buying and selling virtual coins. Backed has its native utility token, called BKD, which users can use to buy a new type of asset – CompanyCoins. The company claims that until today, an average investor couldn’t speculate on the future of other businesses such as Twitch, TikTok, SpaceX, or even iDenfy, but its new platform made it possible.

As claimed by iDenfy, its identity verification will help Backed to welcome only trusted, verified customers into its newly launched platform; this way, preventing scammers with fake identities or forged documents from getting access to Backed services. iDenfy’s biometric recognition service is powered by artificial intelligence, ensuring a safe and swift customer onboarding experience. iDenfy’s software extracts information from the identity document in seconds, and it takes four steps for the customer to complete the whole verification procedure.

In agreement with Backed, iDenfy’s in-house experts’ team will double-check the verification results manually, guaranteeing complete accuracy. This factor, along with iDenfy not charging for failed or incomplete user verifications, helped Backed’s decision when choosing the ID verification provider. According to Backed, iDenfy offered a comprehensive set of tools that have been invaluable to the company in terms of meeting compliance regulations.

“We’re always searching for new ways to improve the experience for our customers. The partnership with iDenfy helped us achieve this goal and reduce friction, as the new verification process is secure and user-friendly. Without lifting a finger, we can be sure that every user on Backed is fully verified.” – said Backed CEO Karolis Toleikis.

“We’re excited to partner with Backed. As a fully digital business, we strive to maintain speedy services without compromising compliance or security aspects. Our number one priority is to reduce fraud risks by ensuring a safe and simple user onboarding process.” – explained Domantas Ciulde, the CEO of iDenfy.

About iDenfy

iDenfy is an all-in-one platform that provides fraud prevention tools and identity verification services for businesses and their customers. iDenfy ensures AML, KYC, and KYB compliance. The rapidly growing startup was named the best “Fintech Startup” in 2020 and received recognition for winning a Baltic Assembly Prize in 2021.

For business inquiries and more information, please visit www.idenfy.com

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Lucy Bennett

Lucy Bennett is a Contributing Editor at iLounge. She has been writing about Apple and technology for over six years. Prior to joining iLounge, Lucy worked as a writer for several online publications.