iDenfy Helps ForexChief Fight Identity Fraud

iDenfy will be helping ForexChief to secure its online trading platform. ForexChief allows account holders to exchange stocks and precious metals, and was searching for a better way to protect the sensitive personal and financial information of its users.

In that regard, iDenfy noted that the average data breach now comes with a $4 million price tag for the affected organization. Any loss of data will affect a company’s bottom line and its reputation with customers, making it doubly important to ensure that those personal records remain safe.

iDenfy, of course, is best known as a provider of compliant identity verification services. The company’s platform streamlines the onboarding process with a combination of face and document recognition, comparing a picture of a photo ID to a selfie to make sure that both are legitimate and belong to the same person. The solution will allow ForexChief to fulfill its Know Your Customer and Anti-Money Laundering requirements, and stop cybercriminals that try to use stolen identity information to create fraudulent accounts on the exchange.

“Today, many companies use a digital workflow that leaves paper-like methods behind,” explained iDenfy CEO Domantas Ciulde. “With identity verification, the principle’s the same – you need to adapt and find new ways to improve security.”

“Identity verification significantly reduces the risk of fraud,” added ForexChief Project Manager Maxim Kuzmin. “Our platform has many customers, and we prioritized searching for safe and quick solutions. We are proud to partner with iDenfy, since now we have a smoother onboarding process.”

iDenfy has previously provided identity verification tech for several other financial institutions, including KogoPAY and the Clearshift money transfer service. The company has taken several steps to improve its platform in the past few months, first with the addition of a new risk screening tool, and then with the introduction of a separate NFC reading utility.

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March 3, 2022 – by Eric Weiss