UAB iDenfy

Identity Verification Startup iDenfy Partners with Credex to Upgrade the Lending Platform's Security

The digital ID verification company will enhance security infrastructure for Credex


Kaunas, Lithuania -- (ReleaseWire) -- 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 full-stack ID verification will allow Credex to onboard its customers more efficiently and secure online loans.

Since the pandemic outbreak, the business landscape has adapted, and the changing worldwide online scenery accelerated fraud growth. Changing consumer habits, the Work From Home model, and closed retail shops forced a dramatic increase in online transactions.

According to the Financial Conduct Authority, even before the pandemic, loan fee scammers alone conned £3.5 million out of their victims in one year. Nowadays, purchasing groceries, taking out loans, or signing high-risk documents — are all factors that can lead businesses to data breaches and compliance fines if proper security measures aren't added to the picture.

The convenience to complete the entire borrowing process without having to step into a traditional branch boosted the number of customers on Credex's automated lending platform. Credex offers lower rates for both online and in-store lending options.

According to the Romanian financial institution, in addition to the increased lending volumes, having more than 100,000 clients online puts the responsibility to protect the clients and their data from cybercrime in the most efficient way possible. That's when Credex chose iDenfy as the new partner.

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

iDenfy's innovative 3D liveness technology checks if the client is physically present, detecting any suspicious patterns during the onboarding process, including phishing attacks or users who try to slide through the ID verification wearing masks.

As per Credex, the new identity verification increased the lending platform's clients' satisfaction rates due to easy-to-use customer onboarding. iDenfy's solution implementation led to increased adoption of the Credex app and decreased the company's Client Abandonment numbers during the lending process.

"Choosing long-term partners is not an easy step, especially since their services have a huge impact on our clients' experience. We're happy to join forces with iDenfy. Their identity verification integration provides us with the needed confidence that our clients are completely secured and can enjoy a stress-free, speedy registration." — expressed Traian Baicu, the General Director of Credex.

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