Artfinder will use iDenfy’s AI-powered biometric ID verification to authenticate artists and buyers.
Kaunas, Lithuania (April 28, 2023) — iDenfy, the global identity verification, compliance, and fraud prevention company, partnered with Artfinder, the D2C e-commerce B Corp-certified site to shop and sell original artwork. The duo will ensure a secure environment for the artists on Artfinder, who’ll be asked to complete a speedy ID verification at sign-up.
Regulators are expanding their range of regulations to cover additional industries, including the art sector. Although art dealers and marketplaces are required to follow the Know Your Customer (KYC) regulations, iDenfy points out that numerous dealers and intermediaries could be involved in an artwork transaction. This creates confusion about who is responsible for conducting the necessary KYC checks, and this challenge contributes to the art market being exploited for illegal activities.
As claimed by iDenfy, the art industry is a high-value market that attracts fraudsters for money laundering, theft, and other criminal activities. Implementing identity verification helps prevent crime and protect the overall integrity of the art market. Artfinder agrees with this approach, explaining that the art industry needs regulation and security measures, such as artists’ authentication, to ensure that buyers and sellers can operate with trust and confidence.
Artfinder is expanding its global presence and helping make art a viable career for more than 7,000 artists. The company’s rapid growth required a more efficient Know Your Customer (KYC) solution that could ensure a smooth and speedy onboarding process for Artfinder’s sellers willing to join the marketplace and connect with customers who care about original art as well as a sustainable and ethical business.
At the moment, iDenfy has been selected as Artfinder’s KYC partner, responsible for the safety of the e-commerce site’s customers. The newly implemented verification process will ensure that Artfinder complies with the latest regulations, which played a significant role in Artfinder’s decision to choose iDenfy.
iDenfy’s AI-powered identity verification service detects forged documents and fake identities in seconds. iDenfy’s verification solution requires all users to verify their identity by providing a government-issued ID and a selfie. To ensure complete accuracy, iDenfy’s in-house identity experts meticulously review this automated process to eliminate fraud and prevent suspicious registrations.
The new verification process ensures that only legitimate users are allowed to access the platform, reducing the risk of fraudulent activity and protecting artists’ intellectual property. Artfinder states that iDenfy provided additional advantageous ID verification features, including verification links accessible on various devices, without requiring users to download other apps to complete the verification process.
In addition to other responsibilities, iDenfy is accountable for securing personal data and ensuring that Artfinder’s customer data is handled appropriately by compliance regulations. It’s worth mentioning that iDenfy is certified to meet the ISO/IEC 27001 standard, which guarantees that Artfinder’s data is handled with the highest level of security protocols.
According to iDenfy, the newly integrated KYC solution will also benefit artists by providing them with increased visibility and exposure to potential buyers who are looking for high-quality art. This will help artists to expand their reach and grow their audience while maintaining the security and integrity of their work.
“Our team is committed to creating a secure and trusted environment for our customers, and we take security very seriously at Artfinder. We’re happy to partner with iDenfy to add an extra layer of protection, helping us increase trust between our artists and buyers.” — said Aneta Bukowska, Senior Finance Manager at Artfinder.
Domantas Ciulde, the CEO of iDenfy, commented: “By incorporating effective AI-powered identity verification checks, the art market can eliminate all possibilities of fraud while maintaining a seamless user experience. iDenfy is pleased to collaborate with Artfinder, a responsible business that prioritizes security and sustainability.
Investors Club integrates iDenfy’s biometric identity verification(Opens in a new browser tab)
iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter 2023 report. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.
For more information and business inquiries, please visit www.idenfy.com.
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