iDenfy has partnered with SPINS to deliver identity verification. It is providing a secure registration process by verifying user ID and age for compliance and security. The partnership comes as regulators tighten up age controls across multiple industries.
Domantas Ciulde, CEO, Idenfy, said, “At iDenfy, our goal is to minimize the hassle to our customers and our partners, which means we must find the balance between complete fraud prevention and excellent user experience.
“We’re excited to partner with a responsible, user-centric iGaming platform SPINS and ensure that all age-verified users are swiftly approved to start their gaming experience without the unwanted hassle an automated ID verification solution that would help the platform expand with additional games and functionalities while bringing more users without the heightened risk of fraud..”
Identity verification to prevent fraud and meet compliance
In addition to compliance demands for age verification around iGaming, there are security challenges for iGaming companies. As the market grows, companies are offering a range of incentives, such as bonuses, in order to attract new users.
As money can be cashed out through the platform, that increases the risk of fraud and other crimes. According to the press release, that includes bonus abuse, chargebacks, or account takeover (ATO) fraud.
iDenfy already provides KYC services to a number of companies globally. It has support for identity documents from more than 190 countries and territories around the world. Its automated verification process is backed up by in-house KYC specialists who check all verification results in real-time.
For an iGaming platform, fast KYC is a critical part of the customer experience. The process has been made simple. Customers take a selfie and then a photo of a government-issued ID. The verification software then checks the authenticity of the document to ensure it is not a forgery. It is then matched to the selfie taken by the user. The response times of the process also work to prevent fraud by using cached data.
Enterprise Times: What does this mean?
Regulators are cracking down on online platforms, be they for eCommerce, pornography, iGaming or other uses. Age verification is a key tool that is being mandated, and that requires organisations to have a solid KYC process in place.
For iDenfy, this regulatory crackdown is driving business its way and justifies the efforts it has made to be a global identity player. For its customers such as SPINS, it means they can show regulators that they are using a best-of-breed solution.
