iDenfy, an AI-powered identity verification, compliance, and fraud prevention solutions provider, partnered with Confindo, a provider of IT solutions specialising in customer relationship management (CRM) tools for group companies and external partners.
This collaboration will help Confindo manage third-party risks and ensure proper fraud and breach prevention while building a seamless and secure verification experience.
Need for robust security measures
The rise in digital transactions has made robust security measures more critical.
With security challenges like forged documents and synthetic identities, particularly in the financial and lending sectors, companies increasingly seek advanced solutions to protect their customers.
Risk management products and services
Even a single breach can have significant legal and reputational consequences
Spending on information security and risk management products and services is expected to grow by 14.3% in 2024, reaching more than $215 billion.
However, many companies operating in the financial sector see fraud as a top priority, where even a single breach can have significant legal and reputational consequences.
Know Your Customer (KYC) vendor
Confindo, a dominant player in the consumer lending market since 2018, recognised the importance of securing its platforms against potential threats. Brands under the "Confindo" name, like Lenders, Bancovo, Comparar Prestamos mainly serve as intermediaries for consumer lending services.
Consequently, the business is best known for representing over 20 banks and creditors in Lithuania and processing more than 10,000 inquiries monthly. As the business experienced a high volume of requests and new registrations, it required a new trusted Know Your Customer (KYC) vendor to help safeguard its operations, especially in this expansion stage across Europe.
Conversion-optimised verification workflow
Its recent operations in Latvia and upcoming launches in two new markets showed a need for extra automation
According to Confindo, its recent operations in Latvia and upcoming launches in two new markets also showed a need for extra automation measures in its customer onboarding process.
Before partnering with iDenfy, the IT and financial service provider aimed to build a conversion-optimised verification workflow that could remove the hassle around the application onboarding process.
Identification verification solution
Among several identity verification providers, Confindo selected iDenfy for its reliable and efficient identification verification solution.
The new software, already trusted by other platforms under Confindo’s management, stood out for its smooth integration with existing systems and provided a comprehensive global document base for more efficient scaling into new markets.
Recognise, verify, and extract information
This comprehensive approach helps Confindo ensure that all possible safety measures are in place
iDenfy’s ID verification solution is designed to automatically recognise, verify, and extract information from over 3,000 identity documents across 200 countries and territories.
This comprehensive approach helps Confindo ensure that all possible safety measures are in place to prevent fraudulent loans, a key concern in the rapidly growing consumer lending sector.
Online user identification security
It is worth mentioning that iDenfy is ranked as the top 1 identity verification solution in customer satisfaction on G2, boasting an average of 4.9 stars and over 70 reviews in 2024. This recognition underscores iDenfy's commitment to providing high-quality, reliable services and prioritises online user identification security.
“We chose iDenfy because their solution is not only trusted and tested but also perfectly aligns with our commitment to ensuring the highest level of security for our customers,” said Eitautas Bartuškevičius, the CEO of Confindo.
A safer, more reliable platform
Domantas Ciulde, CEO of iDenfy, expressed his enthusiasm for the partnership, “We’re thrilled to collaborate with Confindo in their mission to enhance security within the consumer lending space."
"By integrating our ID verification solution, we’re helping them create a safer, more reliable platform for their users across multiple countries.”