Lithuania-based fraud management service provider iDenfy has partnered with LeakiX to augment payment fraud detection and prevent fake account from subscribing to LeakiX. Being a player in the Internet scanning industry with a global presence, LeakIX encountered challenges related to counterfeit accounts and fraudulent payments, significantly burdening its internal KYC team.

Automatically detecting fake accounts Certain businesses may find it sufficient to request new users to verify their email addresses or phone number by clicking on a verification link or entering a code sent to them. iDenfy highlights that this isn't enough, and incorporating user identity verification as an integral part of the user account creation process can greatly reduce the prevalence of fraudulent accounts for businesses. Despite that, many organisations still rely on human intervention and manual KYC checks that allow a certain degree of error.

LeakIX agrees with this zero-risk approach, explaining that as a cybersecurity company, they needed a more stringent verification process. According to an IBM Global Financial Fraud Impact report, each US citizen's average annual cost of fraudulent card transactions and digital payments was USD 265. Additionally, it revealed that 39% of Americans experienced some type of financial security breach.

AI to power identity checks To improve its fraud prevention system and optimise the customer onboarding process, LeakIX looked for an AI-powered identity verification vendor to automate the KYC checks. The goal was to save time and focus on other operational tasks. Consequently, by leveraging the new KYC solution, LeakIX successfully lightened the workload on its internal KYC team, enabling the company to focus on business growth initiatives.

LeakIX reported a remarkable reduction in disputed payments on the platform, nearly eliminating them altogether, as a direct outcome of this partnership. LeakIX chose iDenfy based on its strong customer support, compliance measures, security features, and simple API integration seamlessly integrated with its internal systems and platform infrastructure. iDenfy's solutions offered the necessary features that LeakIX required, and the accuracy and efficiency of the new KYC software aligned perfectly with their organisational needs.

As a result, LeakIX's customers can now enjoy a user-friendly and streamlined verification process, which enhances the overall user experience and improves the conversion rate. How users will get approved to join LeakiX’ platform? By leveraging advanced biometric and face recognition algorithms, iDenfy ensures a highly accurate and efficient verification process. Currently, LeakIX users simply upload their identification documents and perform a quick selfie scan, allowing iDenfy's software to compare facial features and document details for verification.

This software guarantees a comprehensive and secure verification experience, giving LeakIX the confidence they need to prevent fraud, maintain compliance, and protect their customers' identities, as per iDenfy. For more information about iDenfy, please check out the company profile in The Paypers Company Database. .