Saturday, May 18, 2024

    Biometric ID verification adds extra layer of security to trading platforms

    iDenfy, a digital fraud prevention and identity verification startup, broke down the news about a partnership with Coinmerce, a user-friendly trading platform offering to build a crypto income. The duo will ensure a safe environment for new users on Coinmerce, who’ll be asked to complete quick ID verification at registration.

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    If we went a few years back, many members of the digital asset community strongly opposed the idea of putting stricter regulations on the cryptocurrency sector. Since then, a lot has changed, making Ponzi schemes and other crypto scams a thing of the past.

    Let’s look at the recent data from the Federal Trade Commission (FTC): cybercriminals stole over $1 billion in crypto assets, affecting more than 46 thousand people last year. While the added security controls in crypto regulations help prevent fraud, iDenfy argues that security measures, such as identity verification, are vital for crypto platforms to avoid online crime.

    Agreeing with this approach, Coinmerce sees a positive change in developing clear regulations in the crypto industry. The European trading platform offers an accessible, quick, and safe environment to buy, sell, swap, and store hundreds of cryptocurrencies with multiple payment methods. According to Coinmerce, it strives to be the most comprehensive platform to build a passive crypto income by offering Europe’s highest Staking and Earn percentages for a wide range of assets.

    With various transaction funds flowing on the crypto platform, according to Coinmerce, it’s become more challenging to manage large amounts of data safely, leading the company to search for new, more efficient ways to protect its customers via identity verification. This is where iDenfy comes in handy with its AI-powered, four-step biometric identity verification solution. Now, the company is responsible for ensuring a secure and frictionless customer onboarding experience while guaranteeing Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance for Coinmerce.

    iDenfy’s mission is to minimize the abandonment rate during the new account registration process and, this way, help Coinmerce scale easier, keeping better registration rates and more revenue. As claimed by iDenfy, authenticating customers through biometric ID verification helps Coinmerce gain confidence and reach maximum security potential. Currently, it takes a few steps to complete the registration on the crypto platform, and iDenfy provides a smooth and secure verification journey backed with 3D liveness detection.

    The technology validates a user’s physical presence, ensuring that only real faces and not static photos are accepted during the onboarding. This way, Coinmerce can rest assured that fraudulent attempts to pass the verification will be rejected. The decision to partner with iDenfy enabled a seamless ID verification workflow, lowering the barriers for Coinmerce to welcome new customers faster. According to the crypto platform, the newly implemented ID verification is what crypto users expect when registering to Coinmerce.

    “Our team is very excited to team up with a business that understands the value of security and convenience,” notes Luc Smits van Oyen, the co-founder of Coinmerce. “From now on, iDenfy helps us maintain a secure, hassle-free account opening process for every user without compromising their experience. For that, we’re grateful,” adds Domantas Ciulde, the CEO of iDenfy. “Having a proper identity verification system minimizes the chances of fraudulent break-in attempts. Using biometric identity verification brings confidence, ensuring fraud is out of the picture. That’s why we’re happy to partner with Coinmerce and help maintain a safe environment for its crypto community.”

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