Fraud management service provider iDenfy has partnered with Netherlands-based Coinmerce to improve the latter’s identity verification system. As part of this collaboration, Coinmerce implemented a new identity verification system that improved the company’s security and resilience against fraud.  Coinmerce is a Europe-based trading platform that advocates for the development of clear regulations in the crypto industry.

The company provides an accessible, quick, and safe environment to buy, sell, swap, and store hundreds of cryptocurrencies with multiple payment methods. Managing large amounts of data in a secure manner has become more and more difficult for Coinmerce as it onboards new clients and expands its operations. By partnering with iDenfy, the company can leverage its AI-powered, four-step biometric identity verification solution.

The solution supports a secure and frictionless customer onboarding experience while guaranteeing Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Apart from improving the platform’s security, another important goal of this partnership is to minimise the abandonment rate during the new account registration process thus supporting Coinmerce’s scaling efforts. According to iDenfy, authenticating customers through biometric ID verification can help Coinmerce gain confidence and improve its overall security.

Currently, it takes a few steps to complete the registration on the crypto platform due to iDenfy’s 3D liveness detection system. This system is able to validate a user's physical presence in order to ensure that only real faces and not static photos are accepted during the onboarding process. This way, Coinmerce can reject any fraudulent attempts to pass the verification process.

Other important news from iDenfy Being a global fraud management service provider, iDenfy has entered into various partnerships in 2023, including Investors Club and Fincapital Partners. In April 2023, the company offered its AI-powered ID verification check solution to Investors Club in order to improve its onboarding process for sellers and their buyers. Given the risk of some users trying to use fraudulent payment methods on the Investors Club platform, or the attempt of some individuals to misrepresent the business they are selling, Investors Club decided to improve its security services by incorporating iDenfy’s identity verification solution.

The collaboration also aims to save time on identity verification processes while improving the quality of the KYC procedure. iDenfy provided Investors Club with a privacy-list approach in order to make sure that all the data and information on the platform was securely stored and protected. In May 2023,  iDenfy joined up with Fincapital Partners to deliver a seamless customer onboarding process with automated KYC and AML checks.

Fincapital Partners aimed to maintain a user-friendly interface and uninterrupted client experience when searching for a service provider that could support its single platform with multiple tools. The fintech offers a comprehensive suite of services, including trading investment, crypto exchange, and banking services such as IBAN and card issuance. As a result of this partnership, iDenfy became responsible for ensuring that all customers of the financial service platform are protected, and their sensitive data is stored in a compliant manner.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database. .