In a world where online gaming is both popular and vulnerable to fraudulent activities, ensuring secure and compliant operations is crucial. This is where iDenfy, a RegTech startup specializing in identity verification and anti-fraud tools, steps in.
They recently announced partnering with SoftGenius, a Malta-based software development company with expertise in creating iGaming solutions tailored for businesses in the online entertainment industry. iDenfy’s ID verification and AML screening solutions will help SoftGenius assess risks, meet regulatory requirements, and easily prevent fraud.
The Rise of Online Gaming Fraud and iDenfy’s Impactful Partnership
The online gaming industry, while exciting, is often a target for money laundering, identity theft, and fraud. Reports indicate a 71% increase in promo abuse and unauthorized access to customer payment details in this sector.
SoftGenius, known for its iGaming solutions, realized the need for robust KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance solutions to tackle these challenges.
To combat fraud effectively, SoftGenius integrated iDenfy’s cutting-edge fraud prevention software. This integration focuses on enhancing user experience and ensuring compliance with regulatory standards.
iDenfy’s solutions allow for streamlined onboarding processes, making it easier for SoftGenius to adhere to KYC and AML regulations while maintaining a smooth customer journey.
The Role of iDenfy’s Solutions
#1: Tailored Identity Verification
iDenfy stresses the importance of aligning identity verification processes with local KYC regulations. Their approach involves customizing verification based on customer risk profiles, ensuring a hassle-free experience for low-risk users while intensifying scrutiny for high-risk cases.
SoftGenius, by implementing iDenfy’s KYC and AML screening solutions, aims to proactively prevent fraud and minimize manual interventions, paving the way for business expansion.
#2: Customized Fraud Prevention
iDenfy’s approach goes beyond standard procedures. Their solution allows for the tailoring of KYC verification processes based on customer risk profiles. This strategy ensures a seamless experience for low-risk customers while providing rigorous checks for higher-risk individuals, striking a balance between security and user convenience.
#3: Enhancing User Experience
A significant part of this partnership is ensuring that identity verification integrates seamlessly into the user journey. iDenfy worked closely with SoftGenius to create a user-friendly, branded verification process. This approach ensures that customers don’t feel disconnected during identity verification and minimizes any unnecessary steps, enhancing overall ease of use.
#4: Advanced Technology for Security
iDenfy employs AI technology for rapid identity verification, capable of completing checks in under a minute. It supports over 3000 document types and uses facial biometrics for enhanced security. This technology is designed to detect and block fraudulent attempts, including deepfakes and mask use, ensuring that only legitimate users gain access.
#5: Customized Workflows for Enhanced Protection
iDenfy offers customizable KYC workflows to fit the specific needs of SoftGenius. These workflows include automated AML screenings, checks against sanctions lists, PEPs, and various global and local watchlists. This flexibility ensures a quick and seamless verification process without disrupting the user experience.
Positive Feedback from Leaders
Kati Holasz, CTO of SoftGenius, expressed excitement about the partnership, recognizing the significant enhancement it brings to their operations.
Similarly, Domantas Ciulde, CEO of iDenfy, highlighted the importance of seamless KYC processes in online casinos and the role their team plays in enhancing SoftGenius’ operations.
Final Note
The collaboration between iDenfy and SoftGenius is more than just a business deal; it’s a forward-looking strategy aimed at reshaping the iGaming industry.
By prioritizing user experience, compliance, and advanced technological solutions, this partnership sets a new standard in online gaming security and reliability. They are setting new standards in secure and compliant online gaming operations.