iDenfy’s identity verification will protect CoinBeam’s network from fraud

October 26 17:39 2022
iDenfy’s solution will safeguard digital assets while providing a swift onboarding experience

iDenfy, the identity verification, compliance, and prevention startup, has partnered with CoinBeam, the digital currency platform designed for financial institutions to provide cryptocurrency services. iDenfy’s AI-powered biometric ID verification now onboards new customers to ensure security following regulations. 

Due to blockchain’s anonymity, the rapid expansion of this technology has come along with specific security challenges. As a result, while cryptocurrencies offer faster and less costly international transactions, the sector has become a haven for criminals seeking new options for money laundering. iDenfy argues that even though businesses are drawn to the decentralized structure of blockchain, it’s important to prioritize security to safeguard digital assets.

According to anti-money laundering (AML) rules, aiming to reduce crypto fraud, many businesses choose to implement AML and Know Know Your Customer (KYC) services. In this sense, CoinBeam isn’t an exception. To prevent the illicit use of digital assets and prevent any crime on the financial platform, CoinBeam started to look for new fraud prevention solutions, then chose iDenfy’s identity verification service. iDenfy is now responsible for both onboarding customers and ensuring compliance for CoinBeam. 

CoinBeam is up to speed on the dangers behind money laundering, ensuring that its goal is to protect customers from losing funds or sensitive information. CoinBeam’s platform is a plug-n-play B2B2C SaaS aiming to provide a seamless, white-label wallet experience for all clients. The cryptocurrency company enables banks and financial institutions to easily offer digital currency services, including a white-label crypto wallet app to manage cryptocurrencies, anti-money laundering monitoring services, or core banking system integrations. 

Since the crypto platform focuses on maximum security, CoinBeam looked for identity verification providers that would be on the same page value-wise. iDenfy ticked all of the boxes with its end-to-end biometric identity verification solution. Currently, iDenfy’s automated service provides a smoother onboarding process for CoinBeam and ensures compliance with the ever-changing regulator requirements. iDenfy’s full-stack verification software analyzes more than 3000 variations of government-issued identity documents using artificial intelligence, making the remote process more efficient. 

As claimed by iDenfy, the company now helps CoinBeam scale faster, converting real users more quickly. With iDenfy, the verification process takes four steps or up to three minutes. iDenfy stops terrible actors from accessing the crypto network with the help of liveness detection and biometric technology. As claimed by iDenfy, its team of highly trained KYC experts guarantees accuracy by double-checking the results gathered by artificial intelligence. Proportionately, iDenfy’s high success rates and efficient onboarding process motivated CoinBeam to start this partnership.

“We’re glad to partner with iDenfy, as the new solution helps automate our identity verification process at account opening. By preventing fraud through innovative solutions like this, we aim to enhance the overall security of the financial landscape.” — stated Javier Diaz, the CPO of CoinBeam 

“Identity verification is vital in crypto, as it helps prevent the illicit use of digital assets, stopping fake identities, and preventing fraud in real-time. Our team is delighted to build a long-term partnership with a responsible business partner, CoinBeam.” — explained Domantas Ciulde, the CEO of iDenfy. 

About iDenfy   

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021. 

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Company Name: IDenfy
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City: Kaunas
Country: Lithuania