Lithuania-based fraud management service provider iDenfy has partnered with CoinSniper to improve the latter’s KYC onboarding experience. CoinSniper is a digital asset platform that specialises in discovering the latest cryptocurrency projects, tokens, and coins.

Through this partnership, the company aims to put together a seamless identity verification process for its cryptocurrency asset platform while guaranteeing compliance with Anti-Money Laundering (AML) regulations and fostering transparency in the digital asset landscape. The company’s user-first onboarding process requires users to provide some personal information and undergo a quick identity verification procedure powered by iDenfy’s technologies. iDenfy’s fraud prevention measures allow the cryptocurrency platform to reduce the risk of fraudulent activities by closely monitoring transactions and identifying suspicious behaviour.

The integration process did not encounter any technical difficulties. CoinSniper users can complete the new verification process on both mobile and desktop devices. More information about iDenfy’s algorithm iDenfy's algorithm extracts and verifies data from more than 3000 identity documents across more than 200 countries.

To ensure accuracy, the software is complemented by a team of in-house KYC experts who review each verification in real-time. This collaborative approach between human experts and advanced algorithms guarantees the complete accuracy of the verification process. Through this partnership, CoinSniper is now able to accept a broader range of documents from multiple countries.

The company can also remain compliant in all countries it operates in, and it gains the ability to onboard a larger number of users within a shorter time frame. Specifically, the entire identity verification process takes less than 3 minutes according to the official press release. Partnering with iDenfy will also make it easier for CoinSniper’s internal team to maintain a balance between a great user experience and security.

KYC’s role in combating criminal activity The official press release mentions a recent De.Fi report, which revealed that crypto hackers and scammers managed to steal USD 452 million in the first quarter of 2023 alone. iDenfy believes that prioritising and implementing thorough Know Your Customer procedures can help businesses minimise risks while protecting their customers in the crypto space. De.Fi’s report also called for heightened risk management and vigilance when investing in the decentralized finance (DeFi) sector in the context of these recent fraud-related financial losses.

The publication made it clear that investors should educate themselves on potential dangers and implement appropriate measures to protect their investments. For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database. .