Safety Detectives: Please share your company background, how you got started, and your mission.
iDenfy: iDenfy started out in 2017. Our product was rather primitive back then, but the prototype we developed was enough to secure investment and attract our first clients. Human supervision in automated identity verification solutions was rare to non-existent at the time. We recognized the issue with that, as it was not feasible to ensure a 100 % success rate in verification security. We decided to make the identity verification process supervised by a trained professional, and this decision remains the core of our product. Today our primary mission is to make ID verification and fraud prevention tools widely available to companies worldwide.
SD: What is the main service your company offers?
iDenfy: The main service iDenfy provides is AI-powered, human supervised identity verification method which allows our clients to seamlessly comply with all GDPR, AML, and KYC regulations. In addition to that, we offer IP address verification, which significantly improves transparency and allows our clients to fight fraud more effectively.
SD: What is something unique that helps you stay ahead of your competition?
iDenfy: iDenfy began its journey before any regulations were set in place, making us pioneers in enhanced Customer Due Diligence (CDD) processes. We believe cyber safety and security is of uttermost importance in today’s world and strive to remain ahead of the curve in this regard, taking extra precaution in preventing fraud and encouraging our clients to do the same.
In contrast to many other competitors in the market, we charge only for successful identifications rather than all of them, which significantly reduces our service cost.
SD: What do you think are the worst cyberthreats today?
iDenfy: The transition to the digital age has made everyone’s life easier and more comfortable. However, it has also made us more susceptible to data leaks and cyber breaches, as most people’s data now exists in cyberspace. Criminals can then exploit security gaps in various industries to commit financial fraud and identity theft. In addition to money being lost by companies, people whose identities have been stolen (mostly kids) find their credit history in shambles when they apply for their first credits. Even though solutions to fight these frauds exist, they’re not implemented as widely as they should be.