iDenfy provides user-friendly identity verification, simplifying the onboarding process for HollaEx
iDenfy, identity verification and fraud prevention startup from Lithuania joined forces with HollaEx, a crypto business that provides a secure and efficient exchange infrastructure. iDenfy’s automated identity verification helps prevent fraudulent accounts from entering the blockchain platform.
To de-legitimize fake identities and secure a smooth customer onboarding process, HollaEx chose iDenfy’s four-step ID verification software. HollaEx, is a white-label software offering businesses and their clients fast crypto exchange, coin and market creation services. According to the company, its goal is to reduce the complexity of blockchain development by providing the necessary tools for crypto-friendly applications.
According to HollaEx, iDenfy’s automated identity verification lives up to its users’ growing expectations for a secure and easy-to-use service. iDenfy’s software is based on smart face recognition algorithms, which are powered by 3D liveness detection to ensure that the person is real. iDenfy’s global AI-based authentication solution scans various documents from more than 210 countries and territories, allowing customers to select their native language.
CNBC reports that synthetic identity fraud alone costs financial institutions $6 billion annually. Fraudsters often target children, seniors, or even deceased people, then use their stolen social security numbers with fake names to create fraudulent profiles. Since this type of fraud is more complex and harder to trace, it can go undetected for months, leaving the company and its reputation — in danger.
Due to the pandemic, cybercrime has hit new heights, leaving many businesses at risk. Increasing levels of connectivity, booming e-commerce platforms, and a growing circle of crypto enthusiasts — all rely on technology and its secure automation means.
Now, HollaEx’s customers are safeguarded from the risks by completing the verification process in less than 5 minutes or four steps. According to HollaEx, by implementing iDenfy’s Know Your Customer (KYC) solution, they’ve attracted new customers.
“We’re thrilled to work with iDenfy. Our Customers are now smoothly transitioned onto the platform due to the simple, safe, digital identity verification process. We’ve improved the user experience and reduced our operational workload, which was our goal from the start.” — said Ali Beck, the Co-Founder at HollaEx.
“We’re happy to join forces with a responsible business that shares similar values when it comes to cybersecurity. Our partnership helps prevent fraudulent attacks and safeguards HollaEx clients’ data. Only smart, innovative digital solutions are able to tackle today’s fraudsters in the complicated, ever-changing regulatory environment.” — expressed Domantas Ciulde, the CEO of iDenfy.
