Kaunas, Lithuania (February 15, 2023) — iDenfy, a tech startup providing AI-based ID verification and fraud prevention services, announced joining forces with Today’s Crypto, a streaming platform designed for the cryptocurrency community. iDenfy will ensure a frictionless onboarding process without creating compliance risks.
Video and audio streaming platforms have gained massive support from a great audience looking for convenient, easily accessible information. Statista’s recent report uncovered that 83% of consumers in the USA subscribed to a video-on-demand service last year, which marked an increase of nearly 20% in the past five years.
iDenfy claims that audio and video streaming services enable legal access to content. Despite that, the increasing user base and the widespread popularity of any streaming content, including the blockchain niche, have created new security risks. Consequently, iDenfy has noticed the need for more robust authentication methods to prevent unauthorized shared account activity, account takeovers, or any other type of fraud that could potentially end in revenue loss for the streaming business.
Today’s Crypto started looking for a fully automated verification provider to expand and upgrade its security system. Ultimately, the world’s first streaming platform for trusted crypto content chose iDenfy’s full-stack identity verification solution. According to the business, iDenfy offered an intelligent approach to digital identity proofing. The wide document range and the option to customize the verification flow were essential factors in determining a successful partnership with the KYC startup.
While many digital platforms still rely on traditional ID verification methods, iDenfy’s team sticks to developing AI-powered fraud detection solutions. According to iDenfy, such tools are an absolute must to protect streaming networks more efficiently. Currently, the company’s biometric ID verification ensures that all Today’s Crypto content creators are safe during the account creation process while guaranteeing that only legitimate users access the streaming network.
During the sign-up, Today’s Crypto content creators are asked to verify their identities by uploading a photo of their ID document and capturing an onboarding selfie. iDenfy’s algorithm scans the user’s face and extracts the data from the document in seconds, helping Today’s Crypto mitigate fraud in a safe and timely manner. As claimed by the streaming company, iDenfy’s integration has helped build a straightforward onboarding flow, which was one of the priorities when looking for a new IDV provider.
According to Today’s Crypto, the platform offers a seamless customer onboarding experience for its customers and partners, resulting in better regulatory risk protection. With the new partnership, iDenfy aims to continue minimizing friction for Today’s Crypto users while reducing fraud rates and providing the right level of trust in the identity verification process.
“It’s important that the identity verification we offer our creators is intuitive and easy to use. After reviewing our options, iDenfy’s solution ticked all of the boxes. We’re happy to have a responsible partner helping us create a simple yet secure and compliant onboarding experience,” — commented Luke Harte, the CEO of Today’s Crypto.
“Digital identity verification reduces KYC costs while efficiently restricting bad actors from creating unnecessary fraud and compliance risks to both the platform and its users. We’re happy to see our partners choose a proactive approach to fraud prevention,” — added Domantas Ciulde, the CEO of iDenfy.
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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 Winter 2023 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com.