Kaunas, Lithuania (November 3, 2022) – iDenfy, the AI-powered identity verification and fraud prevention software provider, announced that it will join forces with MGID, a global advertising platform. With iDenfy’s IDV solution, MGID will ensure a secure onboarding process for its growing customer base.
An excellent first impression is essential when it comes to successful customer onboarding. According to iDenfy, what is crucial is ensuring that the onboarding process is user-friendly and secure. IBM reports that last year the United States topped the list for having the highest average data breach costs, at $9.05 million. The fraud prevention startup claims that identity verification helps maximize security while increasing business value and securing loyal customers.
MGID agrees with iDenfy’s approach, explaining that security and compliance during customer onboarding are essential. The advertising platform searched for Know Your Customer (KYC) service providers and ultimately partnered with iDenfy. MGID helps brands reach unique local audiences at scale. Using privacy-first, AI-based technology, MGID serves clients with high-quality, relevant ad opportunities in brand-safe environments. According to company representatives, iDenfy now helps them ensure that MGID complies with Anti-Money Laundering (AML) regulations.
iDenfy’s platform assists MGID in automating customer due diligence. In addition, MGID has implemented iDenfy’s identity verification service to verify individual advertisers. iDenfy’s in-house team reviews each verification check manually in real time, guaranteeing quick results with an accuracy rate of 98%. The company’s IDV software is also known for its 3D liveness check, which assures that the user is physically present during the verification procedure. According to iDenfy, the startup helps MGID prevent fraudulent accounts from accessing its network.
When asked about the benefits of using iDenfy’s services, MGID highlighted its easy integration and intuitive interface. As claimed by advertising experts, iDenfy was able to offer comprehensive geographic document coverage with the option to personalize the identity verification flow. Currently, iDenfy supports over 2000 documents from over 200 countries and territories. With the added risk assessment from iDenfy, MGID has added an extra layer of security, now offering complete compliance and security for advertisers worldwide.
“KYC practices, once strictly used in financial institutions, are standards now adopted by industries outside the financial sector. At MGID, we’re implementing identity verification to ensure an effective tracking system for suspicious activities and transactions,” said Oleksandr Nazarenko, Head of the Fraud Protection Department at MGID.
Domantas Ciulde, CEO of iDenfy, added: “Our goal is to help platforms like MGID focus on other processes while we handle identity verification applications. When it comes to secure and successful customer onboarding, extensive manual ID verification procedures are a no-go, especially in today’s digital environment. Our team is glad to continue to assist our partners in the ongoing battle against fraud.”
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About 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 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.