Lithuanian RegTech vendor iDenfy has partnered with Turkey-based ByNoGame to create a secure sales platform for gaming products. The companies claim that iDenfy’s verification solution will eliminate fraud in real-time on the ByNoGame platform.
Domantas Ciulde, CEO, iDenfy, commented, “We aim to support ByNoGame’s secure and efficient audience growth, enabling real-time fraud detection and onboarding of legitimate users. Our identity verification software will enhance trust and safety while facilitating ByNoGame’s global user expansion.”
Dealing with ATO and identity theft
iDenfy quoted from the Sift Q3 Digital Trust & Safety index saying that Account Takeover (ATO) attacks saw a 354% year-over-year increase. In the US, 22% of US adults have fallen victim to ATO fraud. The consequences are not just confined to the affected individual, according to iDenfy. It goes on to say, “the consequences are worse for the online platform itself since ATO can compromise the trust and safety of the entire marketplace.”
To solve this problem, the ByNoGame platform is improving its Know Your Customer (KYC) practices with the assistance of iDenfy. These will enable it to spot known fraudsters, their location and meet compliance demands. It will also use ID verification with integrated liveness detection technology and biometric authentication from iDenfy. It will enable it to spot fraudsters using deepfakes or synthetic IDs.
ByNoGame is to use iDenfy’s full-stack identity verification solution. Its real-time protection and ability to detect document authenticity to prevent forgery or alteration were important. Equally important for ByNoGame is that this prevents it from using a manual process, and it will support users worldwide. That support is built on iDenfy’s extensive global coverage of +190 countries and territories.
Enterprise Times: What does this mean?
Cybercrime is a constant problem for all online platforms. It is not just about the theft of data and identities but also the ability to execute fraud on a global scale. KYC demands from regulators are increasing, and any organisation that has an online platform for selling or buying needs to have robust mechanisms in place.
For ByNoGame, iDenfy is an ideal partner as it looks to scale worldwide and deliver better KYC compliance.