Kaunas, Lithuania (July 8, 2022) – AI-powered identity verification, compliance and fraud prevention platform, iDenfy, partnered with Juni, a Swedish fintech company designed for e-commerce. iDenfy’s combination of identity verification and Business Verification services will help Juni automate internal processes, save costs and time.
Today’s entrepreneurs start online, meeting their customers where they want to buy. Reaching new clients and undiscovered niche markets is easier, thanks to the unlimited opportunities of the digital sphere. While the pandemic provided consumers and businesses with many benefits, such as easy interaction and quick transactions, it presented new security challenges.
Using a fake identity or a stolen credit card on an e-commerce platform is more common than most think. Statista reports that online payment fraud in e-commerce reached 20 billion U.S. dollars globally in losses last year, and it affects everyone, customers and retailers. In other words, if a client proceeds with fraudulent transactions on your platforms, you’re affected negatively as a business.
According to Juni, not only big financial losses but also the business’s reputation is at stake when it comes to cybercrime. That is why the Swedish fintech and the all-in-one financial platform that empowers e-commerce started to look for new security measures. Juni claims that their goal is to change the game by automating all of the not-so-interesting and time-consuming stuff to create an all-in-one platform. It’s designed for e-commerce and digital marketing entrepreneurs so that they could spend less time on administrative work and more time on what really matters – growing their business.
Juni chose iDenfy’s combination of Business Verification and identity verification services. According to the fintech, iDenfy offered a new customizable fraud prevention platform that helped automate internal compliance processes and save time. Juni pointed out that iDenfy’s services have many perks, but one of the best ones is their team’s communication and commitment. Juni states that iDenfy is actively collaborating and making changes to their services to match Juni’s needs.
While iDenfy is known to be flexible regarding product development, the fraud prevention company admits to maintaining a strict cybersecurity management policy. According to the Lithuanian startup, e-commerce fraud tactics are getting more complex. iDenfy’s newest product, the Business Verification platform, is a unique approach to Know Your Business (KYB) services. It has built-in AI-powered identity verification software and a range of automated tools that verify and monitor other business partners against fraud.
For instance, by scanning more than 180 global company registries in real-time, iDenfy’s KYB platform flags and notifies when any suspicious activity is detected. iDenfy shows the activity status, registration date and address, historical information, and all of the financial reports of the business that’s being screened.
According to Juni, their FinCrime and Growth Team are working alongside iDenfy to ensure that the two partners could continue to maintain a platform that screens all the necessary data points and carries out the necessary checks. Juni states that the next stage on their part is to help iDenfy upgrade and automate more sectors of the KYB platform in order to reduce the likelihood of Analyst or human error even quicker.
“We’re excited to partner with iDenfy. With the new Know Your Business services, we were able to drastically improve our ability to screen the identity of applicants. Certified Liveness checks are now becoming an industry standard, and iDenfy provided us with such a solution.” – stated Patrick Ryan, FinCrime Director, Juni.
“Our team understands that lengthy verification procedures can annoy most customers. That’s why we’re determined to continue providing secure, user-friendly ID verification and Business Verification services that are based on unique, Custom workflows – all in one platform.” – explained Domantas Ciulde, the CEO of iDenfy.
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named as the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.
For more information and business inquiries, please visit www.idenfy.com