iDenfy’s verification solution will protect SIMPal’s eSIM card platform against fraudulent activity while maintaining an automated onboarding process
Kaunas, Lithuania (July 00, 2024) – iDenfy, a leading Lithuanian RegTech company renowned for its identity verification and fraud prevention solutions, is excited to announce a strategic partnership with SIMPal, an innovative telecommunication service provider. This collaboration aims to enhance digital security, ensuring a safer and more reliable user identification solution for SIMPal’s customers.
SIMPal operates in the dynamic traveling telecommunication industry, offering eSIM cards and internet services for people who want to stay connected at any place with local rates. The company is known for its customer-centric approach and commitment to providing the best services in the industry. It is also dedicated to ensuring the highest level of security and compliance for its users’ operations experience.
The telecommunication sector faces significant security challenges, particularly with the rise of identity fraud and cyber threats, as more than 2 million data breaches affected Europe in 2024. Fraudsters often exploit vulnerabilities in the system to gain unauthorized access to services, leading to substantial financial losses and compromised customer data. As a result, governments and regulatory bodies around the world have imposed stringent requirements to ensure that telecommunication providers maintain high standards of security and user verification. These challenges necessitate a comprehensive identity verification solution to safeguard both the business and its customers.
SIMPal recognized the need to enhance its security framework to combat these issues effectively. As a highly innovative telecom operator, the company wanted to focus on user experience. According to SIMPal, an automated solution was inevitable for their use case and highly user-centric industry. For this reason, the telecom platform wanted to efficiently verify customer government-issued IDs and selfie biometrics to ensure security for both customers and companies. According to SIMPal, by combining document checks and liveness detection technology, they can ensure the highest level of accuracy in Know Your Customer (KYC) checks.
Consequently, the company decided to partner with iDenfy, a market leader in identity verification solutions. Currently, the newly implemented KYC solution helps the telecom company conduct background checks while onboarding only genuine customers with good intentions. According to iDenfy, this is a vital aspect for telecom players since fraudsters tend to use eSIM services for criminal activities, and without any security checkups at the registration stage, fraud rates can go up, exposing companies to great losses, including reputational damage or non-compliance fines.
It’s worth mentioning that iDenfy’s cutting-edge technology, including AI facial recognition, 3D liveness detection, and document authentication, ensures that users with fake ID documents or other attempts, such as using masks during the verification process, can’t gain access to SIMPal’s services. iDenfy’s ID verification software is fully automated and is designed to recognize, verify, and extract information from over 3,000 identity documents across 200 countries and territories.
With a success rate of 99.99% and 24/7 oversight by expert reviewers, iDenfy will guarantee an accurate and compliant user onboarding experience for the growing customer base of SIMPal. This partnership not only enhances customer satisfaction but also strengthens SIMPal’s security posture, making it more resilient against fraudulent activities and being able to maintain compliance with regulatory standards effortlessly more effortlessly than ever.
Due to the partnership, the automated verification process has reduced onboarding times, allowing customers to access services more quickly.
“Telecommunication services are increasingly targeted by identity fraudsters. We needed a KYC solution that could provide high levels of security without compromising the user experience, which iDenfy offers us,” said Daniel Palmer, the CEO of SIMPal.
“We’re thrilled to partner with SIMPal and support their mission to provide secure and reliable telecommunication services. We’re ready to help the platform scale and minimize onboarding costs, which, we can say, means that we have already seen positive results,” said Domantas Ciulde, the CEO of iDenfy.
iDenfy partners with Plus Capital to automate compliance(Opens in a new browser tab)
About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Spring 2024 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com
Contact:
Aurimas Kybartas
Phone: +37067644539
Email: aurimask@idenfy.com
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