iDenfy’s advanced verification technology guarantees compliance and user protection against fraud on the BetHub platform
Kaunas, Lithuania (June 00, 2024) — iDenfy, a Lithuanian-based RegTech company offering full-stack ID verification and fraud prevention solutions, announced a new partnership with BetHub, a leading licensed online gaming operator in Bulgaria. This collaboration aims to enhance verification accuracy and KYC compliance to protect the platform against unwanted users, including duplicate accounts or underage gamers.
In the highly regulated iGaming, sports betting, or online casino industry, ensuring robust identity verification is crucial. Operating in such a higher-risk sector, BetHub understands various risks and constantly searches for new, automated ways to improve user experience, and, at the same time, ensure proper fraud prevention. The company faced a major challenge in managing suspicious new users, such as those using blocklisted IP addresses, creating duplicate accounts, or employing bots to access gaming apps. Without a fully automated Know Your Customer (KYC) process, handling these registrations was time-consuming and posed a risk to the business’s reputation.
BetHub offers online sport events and casino games and aims to provide a secure and dynamic environment for age-appropriate users to place real-time bets. Committed to enhancing platform safety as well as ensuring client protection against fraud, BetHub has just integrated iDenfy’s biometric ID verification solution. As a result, instead of using its internal KYC review team’s resources for monitoring duplicate sign-ups, BetHub chose a more scalable approach. According to Bulgaria’s leading iGaming platform, the partnership with iDenfy aligns with its mission to offer secure, swift, and cost-effective services to the increasing number of players.
Currently, iDenfy’s identity verification technology brings several key benefits to BetHub’s operations. By automating the verification process, iDenfy helps to save valuable time and human resources, allowing the team to focus on other business activities. This automation not only speeds up the whole KYC process but also enhances its accuracy, ensuring that clients’ identities are genuine. By extracting data from government-issued ID documents and automatically assessing if the user isn’t using any fraudulent attempts to bypass the verification, extra selfie checks from iDenfy help BetHub adjust the KYC flow based on its preferences, onboarding only legal, age-appropriate residents in their local and global markets.
In general, iDenfy’s verification software utilizes advanced biometric and face recognition algorithms to ensure high accuracy in verifying user identities. This technology prevents the use of fake images, 3D masks, and other fraudulent attempts. With the ability to recognize, verify, and extract information from over 3,000 identity documents across 200 countries and territories, iDenfy ensures comprehensive and precise identity document analysis with a 99.99% success rate and 24/7 oversight by expert reviewers, guaranteeing accuracy and compliance while minimizing system errors and fraud attempts. So, by partnering with iDenfy, BetHub can offer clients a superior experience with confidence that the system is protected, legit, and they can bet safely.
It’s worth mentioning that iDenfy is dedicated to maintaining the highest standards of security and compliance. Their mission is to foster a secure digital environment by offering advanced, reliable, and user-friendly identity verification technologies. The KYC experts aim to help businesses like BetHub enhance their verification processes, reduce fraud, and build trust with their users.
“Partnering with iDenfy has resolved several key challenges, including the time-consuming identification activities and need to follow latest regulatory compliance. So, it’s safe to say that the new technology has significantly increased the accuracy and reliability of our verifications, ensuring a speedy registration process for all gamers online,” said Kiril Naldzhiev, the CEO of BetHub.
“We’re excited to partner with BetHub. Our automated ID verification solution will help to streamline the iGaming platform’s KYC processes, enhance user trust, and ensure compliance with the industry standards. Together, we are committed to promoting a secure and efficient environment for all users,” said 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 Spring 2023 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