iDenfy’s full-stack ID verification solution helps Watchdreamer onboard genuine accounts for verified and secure luxury item purchases
Kaunas, Lithuania (May 00, 2024) — iDenfy, a pioneer in RegTech solutions based in Lithuania, announced its partnership with Watchdreamer, a widely recognized online luxury watch e-commerce marketplace in Switzerland. iDenfy’s Know Your Customer (KYC) software will ensure the authenticity of all Watchdreamer’s customers while helping the platform build a simple onboarding process for a secure yet quick purchasing experience.
The luxury watch market has become increasingly challenging, especially navigating via the complicated internet world of fraud and scams. Because of the thriving illegal markets on the dark web, criminals are using innovative methods to launder money generated from illicit activities. Authorized watch retailers are at the risk of unknowingly being involved in business relations with fraudulent people.
This problem can be worse by the anonymity of internet transactions, which may keep retailers in the dark concerning the source of the money used to buy timepieces. The usage of advanced techniques for money launderers hiding money transfer history used by shell corporations, particularly with the checks, makes it harder for vendors to differentiate between legitimate and fraudulent buyers. For these reasons, it is more important than ever to have strong security measures in place to protect not only retailers but also other buyers and sellers from any fraud.
Recognizing these issues, Watchdreamer wanted to add an extra layer of security to its luxury watch marketplace and wanted to automate the user registration process by implementing a streamlined ID verification solution. Currently, the online e-commerce platform is known for its wide assortment of high-end watches. As the biggest online luxury watch e-commerce marketplace in Switzerland, Watchdreamer offers excellent customer experiences and provides long-term financing at 0%. It is a well-respected brand not only nationally but also in international markets.
As a way to strengthen its platform’s security, Watchdreamer looked for a way to establish a comprehensive Know Your Customer (KYC) system. This necessary measure was taken in order to verify the identity of every user who has registered on the platform and comply with legal requirements to reduce the risks related to illegal activity and increase transparency.
To overcome these obstacles, Watchdreamer formed a strategic partnership with iDenfy and chose their advanced identity verification solution, which is widely recognized for its stability, effectiveness, and intuitive UI. The collaboration marked the beginning of an era of improved security protocols, expedited customer onboarding procedures, and constant adherence to legal requirements.
By utilizing complex biometric and facial recognition algorithms, iDenfy’s technology guarantees that only legitimate faces are carefully analyzed, thereby avoiding attempts to utilize 3D masks or fake photos. Moreover, with an amazing 99.99% identity verification success record, the automatic recognition, verification, and extraction capabilities include more than 3000 identity papers in more than 200 countries. Notable is iDenfy’s distinctive cost covering for rejected ID verifications, which makes sure Watchdreamer only pays for successful ID verifications and removes the financial burden of doubtful registrations.
Ronan Pensivy, the COO of Watchdreamer, emphasized, “Since we operate in a high-risk industry, our top priority is to ensure compliance and, more importantly, an exceptional client experience for those looking for exquisite watch pieces in the Swiss market. With iDenfy’s ID verification, we guarantee that everyone has the most reliable online shopping journey experience.”
Domantas Ciulde, the CEO of iDenfy, commented, “Partnering with Watchdreamer underscores our collective dedication to delivering a world-class shopping experience. Our identity verification solution is precisely designed to empower businesses like Watchdreamer to navigate the digital landscape securely and efficiently.”
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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 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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