Lithuania-based fintech startup iDenfy partners with European Merchant Bank, a dynamic digital bank licensed by the European Central Bank.
The opportunities today are vastly different than just decades ago. The technological development we have achieved has paved the way for various industries to grow at a pace never seen before. Additionally, the transition to cyberspace influenced by both the rapid development and COVID pandemic has made it possible for businesses to operate fully remotely. A lack of office space is no longer an issue when working from home became the new norm. At the same time, the demand for various digital services allows many startups to start from scratch without any physical products at their disposal.
However, innovations rarely come hassle-free, and this case is not different. Unfortunately, we do not live in a perfect society. Those with their selfish interests in mind will always look for ways to expose the weaknesses present for their personal gain. Fraudsters exist as long as humans do, and it’s unreasonable to expect the situation to change as we move forward. As the technology progresses, fraudsters use it to enhance their methods and attempt criminal activities more often. The rise of digital service usage due to COVID has also made it even worse.
For example, in 2020, iDenfy registered a 2 % increase in the attempts to use fake personal ID documents for registration. The company also saw a huge rise in AI technology when attempting fraud. So-called „deepfakes“, designed to create life-like images and videos of any person, made up a little over 6 percent of all identifications in 2020, compared to just 0.5 per cent in 2019.
Luckily, the tools at iDenfy’s disposal are safe and reliable, making such fraud attempts fall short when faced with the company’s identity verification solution. Upon realizing just how much the company’s services are needed in the market today, iDenfy established a mission to make identity verification and fraud prevention tools easily accessible to as many businesses as possible.
Since its beginning in 2017, iDenfy has made over 300 partners in various industries worldwide and has become an experienced competitor in the identity verification and fraud prevention market. It was one of the key factors for European Merchant Bank, a digital bank licensed by the European Central Bank, to recognize the company as a potential partner to deal with the issues it faces in today’s banking environment. With iDenfy’s services, EMBank will ensure safety, security, and regulatory compliance at the highest level while maintaining a fast and user-friendly client experience.
“The importance of remote verification systems in today's business models are increasing day by day. We believe that we made the right decision by choosing IDenfy as a business partner with its meticulous and safe business approach. We are confident that our business relationship will continue to develop further.” said Sarp Demiray, CEO of European Merchant Bank
“We are very glad to announce a partnership with European Merchant Bank. The core values they hold - transparency, innovation, cooperation, and trust - resonate very well with our mission as a company. I can predict a long-lasting relationship,” said Domantas Ciulde, CEO of iDenfy.