iDenfy's eIDV Boosts Verification In Fintech & More

Lithuania-based RegTech iDenfy, announced the launch of its new electronic identity verification solution (eIDV), designed to streamline a fast multi-layered Know Your Customer (KYC) process that works across multiple industries.

iDenfy’s new system provides instant verification using cross-matching results from official US databases, making it easier than ever for businesses to onboard users without delays or complex, cumbersome processes.

US regulatory standards

Four-step process boosts the security system and ensures compliance with US regulatory standards

iDenfy introduces its new electronic identity verification (eIDV), also known as the  “2+2” verification or “Soft KYC”, which is a robust system that cross-references information from at least two official databases, such as social security, credit, or identity graph data, to confirm a user's identity.

This four-step process strengthens the security system and ensures compliance with US regulatory standards for businesses across various industries, such as huge emerging markets in fintech, iGaming, cryptocurrency, and the traditional financial sphere.

Databases for verification 

“The eIDV process is more user-centric compared to traditional KYC methods,” comments Domantas Ciulde, the CEO of iDenfy. “We created this solution specifically for high-risk industries that still require proper KYC checks but don’t want to lose the user experience aspect of it.”

With the new iDenfy’s technology, businesses can easily select the most relevant databases for verification, enter the user’s personal data such as name, age, and address, and instantly access results indicating whether this information is a match, partial match, or no match, compared to the database. This automated approach allows companies to make quick, confident decisions, preventing fraud before it occurs while maintaining a fully compliant KYC flow that doesn’t negatively affect the end user.

iDenfy’s eIDV solution

iDenfy’s software offers the ability to customize the verification flow, adding both copy-proof

For industries requiring more stringent verification methods, iDenfy’s eIDV solution takes security further. iDenfy’s software offers the ability to customize the verification flow, adding both document verification and selfie verification, where the user is asked to upload their government-issued ID, passport, or driver’s license and then upload a selfie.

With the new eIDV approach, another layer of defense can be added, which is the part where the system cross-matches user data with government databases to confirm their existence, helping businesses mitigate the risk of identity fraud.

iDenfy’s eIDV system

According to Domantas Ciulde, the new service is particularly designed for the US market, where the 2+2 verification standard mandates cross-checking information from multiple independent sources, ensuring regulatory compliance while offering superior security.

The versatility of iDenfy’s eIDV system makes it ideal for a wide range of sectors. In the online gaming industry, for instance, users can quickly register with an ID number, while a more thorough verification process is triggered when they request withdrawals.

Instant and reliable verification

iDenfy’s solution ensures compliance by cross-referencing SSN data with official sources

In banking, where Social Security Number (SSN) verification is mandatory, iDenfy’s solution ensures compliance by cross-referencing SSN data with official sources. 

It can be easily integrated into existing business platforms, whether for initial onboarding or as an additional layer of verification for already existing users. This flexibility allows companies to implement the system at any customer journey stage, offering instant and reliable verification without disrupting the user experience. 

Security-sensitive sectors

Similarly, industries such as adult services and car-sharing require accurate name and date of birth checks for legal and safety reasons — something iDenfy’s eIDV solution provides with speed and precision. 

In more security-sensitive sectors, such as fintech, law, crypto, real estate, and e-commerce, businesses can enhance their standard identity checks by verifying both name and address, ensuring their users are who they claim to be.

Counterfeit identification documents

Identity fraud has become a notable concern, mainly when criminals are able to pay counterfeit

Domantas Ciulde, CEO of iDenfy, further emphasizes the importance of staying ahead of increasingly sophisticated fraud techniques: “Traditional identity verification methods are no longer sufficient to combat today’s high-level fraudsters. That’s why we developed our new verification solution, which combines advanced cross-matching technology with official data sources, ensuring maximum security for businesses and their users.”

It’s worth mentioning that in the rapidly evolving digital landscape, identity fraud has become a significant concern, especially when criminals are able to produce counterfeit identification documents that are nearly indistinguishable from the real ones.

iDenfy’s recent findings

According to iDenfy’s recent findings, such fake ID documents, especially when using generative AI, are often 73% identical to legitimate documents and can easily slip through simple identity checks, allowing malicious actors to access platforms and services. Recognizing this growing threat, iDenfy’s new eIDV verification solution ensures that only genuine users are onboarded and granted access to different platforms. 

Domantas Ciulde, the CEO of iDenfy, believes that this eIDV solution is a game-changer for industries that handle large transaction volumes and face fraud risks: “With the rise of fraud and financial crime, our eIDV system secures companies against fraud and offers a seamless, hassle-free experience for the real users. It’s a win-win solution for both businesses and their customers.”