iDenfy, a Lithuania-based identity verification and fraud prevention tool provider, announced a new partnership with Frank, a logistics and transportation platform for both businesses and individual customers.
The main goal of the collaboration is to help Frank accept their clients through a seamless verification flow that is both compliant and user-friendly, which means automatically checking and confirming KYC data at the onboarding stage.
Robust security measures
In the digital age, where the logistics and transportation industry is rapidly evolving, the need for robust security measures has never been more critical. For marketplaces like Frank, which connect individuals and professional transporters through a collaborative platform, ensuring the safety and reliability of user interactions is exceptionally important.
As a result, the company implemented iDenfy’s identity verification and Know Your Customer (KYC) services, which will serve as a primary defense tool for safeguarding Frank’s network against fraud while enhancing user trust and complying with regulatory requirements.
Cybersecurity challenges
In 2022, the transportation industry was the 9th most targeted sector for cyberattacks, facing issues
According to Frank, similarly to the financial sector, the logistics and transportation industry also faces numerous cybersecurity challenges. In 2022, the transportation industry was the 9th most targeted sector for cyberattacks, facing issues such as phishing, ransomware, and data theft. The average cost of a data breach in the transportation industry was $3.59 million (MMA Insurance).
Cyberattacks in this sector can lead to significant financial fraud, which highlights the need for advanced security measures. The iDenfy team agrees and, in 2023, has also noticed the increasing risks of fraud, data breaches, and unauthorised access to sensitive information have significantly escalated.
C2C and B2C services
As the only marketplace in the logistics and transportation industry, Frank is offering both C2C and B2C services with integrated logistics tools and transporters, it’s important to highlight that the company provides secure E-store deliveries, thanks to identity verification and delivery PINs solutions.
Additionally, the community transport between individuals integrated mandatory identity control to ensure the protection of its customers.
Need for KYC vendor
For these reasons, Frank has recognised these challenges and looked for a reliable KYC vendor to improve its security framework through automation, mainly for the criteria of compliance and better user experience.
After a thorough evaluation, Frank chose iDenfy for its comprehensive ID verification suite, which carries multiple verification features in one platform.
Seamless integration
iDenfy’s solutions offer a high level of security, efficiency, and compliance, compared to traditional methods
Consequently, iDenfy’s solutions stood out for their ability to seamlessly integrate with Frank’s ecosystem.
It offers a high level of security, efficiency, and compliance, compared to traditional methods, which are lengthy and time-consuming both on the internal compliance team’s side and the person who is asked to verify their information.
ID verification solution
iDenfy’s full-stack ID verification solution is designed to automatically recognise, verify, and extract information from over 3,000 identity documents across 200 countries and territories.
This includes passports, ID cards, driving licenses, and residence permits, enabling efficient and accurate global identity document analysis.
iDenfy’s Phone Verification tool
As an extra fraud prevention measure to this KYC package, Frank also implemented iDenfy’s Phone Verification tool, which provides important information about the customer who’s completing the verification process.
It helps recognise bad actors by scanning a customer's IP address, route number, country, and network for a complete breakdown and validation of the customer’s phone number.
iDenfy’s selfie check
These algorithms utilise three-dimensional face maps for bulletproof user authentication and login methods
As the last step, Frank will be using iDenfy’s selfie check, which uses advanced biometric and face recognition algorithms to ensure that the authenticated faces are real, preventing the use of pictures, 3D masks, and other fakes.
These algorithms utilise three-dimensional face maps for bulletproof user authentication and login methods, significantly enhancing the security of the verification process.
ISO security certifications
It’s worth noting that iDenfy’s identity verification solution is backed by numerous ISO security certifications and Lloyd's Cyber Insurance, providing an extra layer of protection.
The solution’s success rate of up to 99.99% in identity verification, along with 24/7 screening verifications and customer support, ensures that Frank’s platform remains secure and reliable, which is an additional factor in Frank's choosing iDenfy’s verification services.
Identity verification services
“Choosing iDenfy was an easy decision for us. Their comprehensive suite of identity verification services aligns perfectly with our needs, ensuring the authenticity of our users and mitigating fraud."
"This partnership allows us to maintain a high level of trust and safety on our platform,” said Pouya Ahadpour, the founder of Frank.
Secure interactions
Domantas Ciulde, CEO at iDenfy, commented, “We’re committed to providing reliable identity verification solutions that meet the needs of our partners."
"Partnering with Frank allows us to extend our services to a wider audience, enabling secure interactions and fostering trust within the logistics and transportation community.”
Reliable logistics and transportation experience
In the future, Frank’s top priority is to continue to provide a seamless and reliable logistics and transportation experience for its users. By leveraging iDenfy’s KYC solutions, Frank ensures trust and safety, paving the way for a more secure and efficient marketplace.
The partnership underscores their shared commitment to user privacy, security, and operational excellence, ensuring that Frank remains a trusted platform for all its users.
