SCOPE and iDenfy Revolutionize Fraud Prevention in Fintech: AI-Powered ID Verification Partnership

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Lithuania’s iDenfy partners with Netherlands’ SCOPE FinTech, enhancing fintech security amid European market expansion and rising financial fraud threats

iDenfy aids SCOPE in streamlining identity verification across diverse jurisdictions via simple, standardized ID scrutiny. Per iDenfy, this automated process will expedite SCOPE’s growth while prioritizing user experience and adherence to regulations.

Focusing on supporting clients in due diligence and risk evaluation, SCOPE acknowledges the pivotal role of the EU’s Anti-Money Laundering Directives (AMLDs) and evolving compliance demands. SCOPE notes that despite robust measures in its anti-money laundering (AML) framework—such as vetting international databases and employing practical risk assessment tools—the absence of automated identity verification poses challenges in accurately verifying new users and complying with Know Your Customer (KYC) regulations.

SCOPE required a fully automated process to verify the identities of current and potential customers using its services, ensuring regulatory compliance while optimizing the conversion rate. In a quest to comply with regulatory requirements and automate customer onboarding, SCOPE looked for a reliable KYC solution that could seamlessly integrate into its existing software and offer the same to its fast-growing fintech client list.

Consequently, SCOPE has enlisted iDenfy’s identity verification, integrating 3D liveness detection fueled by advanced AI. This enhanced tool empowers SCOPE to harness state-of-the-art facial recognition algorithms, effectively thwarting fraudulent attempts to breach the company’s platform. Additionally, SCOPE has embraced iDenfy’s KYC software to streamline the verification procedure. This software autonomously extracts data from users’ ID documents and cross-references it with their account details, ensuring the legitimacy of individuals accessing SCOPE’s services.

The partnership with iDenfy allows SCOPE to provide a comprehensive onboarding solution by seamlessly integrating the verification process into their Data Outreach module. This automates the entire procedure for a more streamlined end-user experience, aligning with the company’s overarching mission to furnish its clientele with secure, user-centric, and innovative AML solutions.

According to SCOPE, before iDenfy, securing a reliable KYC provider posed a challenge, particularly amidst the evolving landscape of emerging threats such as mobile application fraud, highlighting the imperative need for robust fraud prevention measures.

Together with iDenfy, we highlight our commitment to delivering innovative fintech solutions that meet the evolving needs of compliance-bound entities. The new ID verification solution has already helped us automate client onboarding while focusing on what matters most — compliance and efficiency.

commented Fred van ‘t Hoff, CEO at SCOPE.

SCOPE’s dedication to innovative fintech compliance solutions aligns perfectly with our mission. That’s why our team is very excited to support SCOPE’s efforts to mitigate the risk of fraudulent activities through robust practices, including identity verification.

added Domantas Ciulde, the CEO of iDenfy.