Paynovate confirms partnership with iDenfy to enhance security with identity verification

The digital platform for identity verification, fraud prevention and compliance, iDenfy, started the collaboration with Paynovate, a Belgian provider of simple, secure, reliable and innovative electronic payment solutions. Using the new identity verification service will help Paynovate onboard its customers efficiently and securely.

Today's typical consumer assumes and expects a safe online shopping experience. The global pandemic accelerated e-commerce growth, as more retail stores have gone digital. Such a change gave a wider platform for fraudsters to strike. Recent data shows that 127 million Americans have been the victim of credit card fraud at least once. This growing number is concerning for various industries, especially those companies providing digital payment solutions. Many online fraudsters steal personal details, assume an identity, and then open bank accounts to make fraudulent purchases. For this reason, card fraud is often closely tied with identity theft, making heightened security for personal details critical for online businesses.

As an e-commerce acquirer and payment card issuer Paynovate is well aware of these dangers. With the goal to provide secure daily transactions for customers around the world, Paynovate concentrates on maximizing security using different fraud prevention tools. According to the pre-paid card and payments institute, transparency, compliance, and speedy, cost-effective services are what make businesses successful. When choosing partners, such factors are fundamental and lead Paynovate to join forces with iDenfy.

The constantly changing digital landscape and increasing fraud risks motivate iDenfy to design an accurate identity verification service that detects forged documents and fake identities online. The automated process is carefully reviewed by an in-house team of identity experts to completely eradicate card fraud and unwanted, suspicious registrations during the customer onboarding process. And now, iDenfy is responsible for Paynovate's customers and their safety. The newly implemented authentication process will assure Paynovate's compliance with the latest EU regulations, which of course played an important role in Paynovate's decision to choose iDenfy as their customer identity protection partner.

Domantas Ciulde, the CEO of iDenfy stated that "Our partnership with Paynovate shows a piece of improvement around the identity verification market. More companies choose remote, speedy authentication solutions as one of the main tools for fraud prevention in today's digital world. This is a vital step if you want to ensure your company's safety and reputation."