iDenfy will prevent fraudulent attempts to pass verification on the real-estate auction platform
Kaunas, Lithuania (February 7, 2023) — iDenfy, the tech company providing AI-based identity verification and fraud prevention services, announced a new partnership with Residenture, the Switzerland-based startup best known for its real-estate auction platform. iDenfy will be responsible for onboarding all auction applicants through its AI-powered ID verification.
Money laundering takes many forms and occurs in different settings, making any business and industry subject to fraud risks. iDenfy officials claim that real-estate deals involving high-risk transactions must be protected with proper due diligence measures, including Know Your Customer (KYC) tools. Residenture agrees with this approach, adding that a robust risk assessment program is essential to prevent financial crime.
According to the enterprise, bringing transparency and trust is essential, especially in the auction area of the business. For this reason, Residenture aimed to automate compliance and attract more participants to the real-estate platform. The company prioritized user experience and decided to partner with iDenfy.
Before partnering with iDenfy, Residenture searched for an AI-powered identity verification solution to continue its digitization and transparency to the Swiss and the European real-estate landscape. Currently, the platform is best known for its fully automated, real-time property auctions. It enables users to put up property sales online and accept bids from anywhere in the world.
For Residenture, ensuring a smooth onboarding experience was a vi when looking for IDV providers. The real-estate service provider explained that iDenfy was able to offer a user-friendly verification solution, helping Residenture gain a competitive advantage in the property auction market.
Based on communication, easy implementation, and iDenfy’s reputation, the ID verification provider ticked all boxes and met the requirements of a reliable provider for Residenture. As global KYC experts, iDenfy’s number-one solution is its four-step biometric identity verification. The service has built-in liveness detection and facial recognition technology, which help detect spoofing, altered images, face masks, and deepfakes during the verification process.
iDenfy’s technology inspects the physical presence of the users, ensuring that only real users and not static pictures are accepted as legitimate users during the customer onboarding process. This way, Residenture can be assured that all applicants are real and that fraudulent attempts to join the real-estate auctions are rejected. To guarantee accurate results, the IDV provider has an in-house expert team responsible for double-checking each verification result in real time.
Due to this new partnership, Residenture automated the identity verification process and simplified the administrative work. iDenfy is now responsible for keeping the real-estate platform and its users’ data safe.
The decision to join forces with iDenfy allowed Residenture to create a seamless ID verification workflow, lowering the barriers for those who want to join the auction faster. According to the real-estate business, this is what today’s users look for this when registering for its auctions.
“iDenfy’s verification solution helps us ensure a smooth customer experience from the start. We must ensure that every potential buyer and property seller is legitimate. The new process is simple, swift, and secure, leading us to have more competition and better results in our auctions,” — said Armin Topic, the Co-Founder of Residenture.
“Residenture is taking a modern approach to the real-estate business. Undoubtedly, technology and its solutions, such as identity verification, play a key role in digitizing real-estate. Our team is happy to partner with a responsible business that values compliance and transparency,” — commented 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.