Idenfy Introduces Address Verification To Ensure Frictionles...| MENAFN.COM

Sunday, 27 November 2022 11:22 GMT

Idenfy Introduces Address Verification To Ensure Frictionless Document Checks


(MENAFN- MarketersMEDIA)

The new proof of address solution compares extracted data and guarantees accuracy with human supervision

Kaunas, Lithuania - November 25, 2022 /MarketersMEDIA/ —

iDenfy, the global compliance and fraud prevention startup, launched a new solution to perform proof of address checks. Currently, the latest semi-automated Address Verification service helps organizations ensure KYC/AML compliance while reducing user friction.

Anti-money laundering (AML) regulations now have built-in laws that help enhance security in Know Your Customer (KYC) and Customer Due Diligence (CDD) processes. That means verifying customer identities isn't enough, as businesses are now additionally required to verify address information. 

Bank statements and utility bills are the number one accepted documents out of all proof of address (PoA) options. However, iDenfy argues that these documents are also easy to alter, especially for advanced cybercriminals who use sophisticated digital tools. 

Consequently, spotting altered documents became a challenge in the digital age, slowing down productivity and creating a backlog for many regulated entities that are obliged to accept digital identity and address verification applications. 

To tackle this issue and protect client data, iDenfy launched a new addition to its fraud prevention toolkit, proof of address verification . The service focuses on simplifying customer onboarding by removing friction and allowing companies to efficiently restrict individuals from high-risk jurisdictions while ensuring complete compliance with ever-changing regulations. 



While the traditional proof of address operations could take hours to complete, iDenfy's solution is simple and efficient. Users upload photos of their PoA documents, such as utility bills, then the system scans and extracts the physical address data. Additionally, the startup has an in-house reviewers team that compares the information manually to ensure complete accuracy. 

As stated by iDenfy's officials, their Address Verification is beneficial when businesses aim to maximize their security programs. For example, iDenfy's proof of address verification flow can be customized to ask high-risk users to connect to their utility providers' dashboards. The software automatically verifies the documents and checks their upload date. Afterward, iDenfy captures the address data, and the experts manually check if the address is legitimate. 

Asked about the new product's advantages, iDenfy states that its mentioned direct Address Lookup feature is new on the market. Compared to other built-in PoA features, like geolocation, iDenfy claims that its Address Verification tool is more accurate since sharing the user's location can provide faulty results, especially if the individual resides in a different location when on vacation. 

iDenfy's goal was to develop a speedy and secure solution. In addition to efficiency, the semi-manual fraud prevention method is reliable due to having two layers of security backed up by AI-powered software and 24/7 human supervision. According to iDenfy's CEO, Domantas Ciulde, Address Verification gives the business certainty and helps detect new, more sophisticated fraud schemes in the fast-paced digital environment: 

“While verification speed is a crucial factor, we focus on providing secure proof of address verification services that allow meeting regulatory requirements while providing a frictionless onboarding experience for the customers. Our goal is to help other businesses save time and resources,” — added Ciulde. 


About iDenfy

iDenfy is an all-in-one platform that provides fraud prevention tools and identity verification services for businesses and their customers. iDenfy ensures AML, KYC, and KYB compliance. The rapidly growing startup was named the best“Fintech Startup” in 2020 and received recognition for winning a Baltic Assembly Prize in 2021. 

For business inquiries and more information, please visit .

Contact Info:
Name: Eva Azaraviciute
Email: send email
Organization: iDenfy
Address: Barsausko g. 59
Website:

Release ID: 89085439

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