Lithuania-based regtech solution provider iDenfy has entered into a collaborative agreement with Confindo to increase security and manage loan fraud. By joining forces, iDenfy is set to support Confindo in managing third-party risks and ensuring optimised fraud and breach prevention procedures whilst creating a simplified and secure verification experience.

The decision to partner can be attributed to the current environment, where the substantial expansion in digital transactions made security measures more critical for companies. In addition, the many security difficulties present in the financial and lending industries, including forged documents and synthetic identities, pushed firms to seek augmented solutions to better safeguard their customers. Confindo’s partnership with iDenfy As a participant in the consumer lending market, Confindo recognised the significance of security platforms against potential threats and, considering that the firm experienced increased volumes of requests and new registrations, it required a new Know Your Customer (KYC) vendor to protect its operations, particularly during its expansion stage across Europe.

Confindo chose iDenfy as its identity verification provider due to its efficient solutions, with the company’s software allowing convenient integration with existing systems and offering a comprehensive global document base for more effective expansion into additional markets. Furthermore, iDenfy’s ID verification service was developed to automatically recognise, verify, and extract information from over 3,000 documents across 200 countries and territories. Through this approach, Confindo is set to be able to ensure that all possible safety procedures are in place to prevent fraudulent loans. When commenting on the announcement, representatives from Confindo underlined that, in addition to iDenfy’s solution being trusted and tested, it aligns with their company’s commitment to guaranteeing increased levels of security for its customers. At the same time, officials from iDenfy mentioned that their firm plans to support Confindo in their objective to optimise security within the consumer lending space.

The current news follows iDenfy’s several other collaborations with industry participants, including Frank, Gopher, and Proxyrack. Additionally, the company recently launched a new face authentication service intended to detect fraudulent biometrics. The technology was developed to identify fraudulent biometrics and upgrade security without negatively affecting the user experience.

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