Lithuania-based regtech company iDenfy has entered a collaboration with BlueMonks to improve security standards in response to the current increase in financial fraud. As per the information detailed in the press release, iDenfy’s partnership with BlueMonks focuses on elevating security standards considering the rise in the frequency of financial fraud.

As in the past decade, there was a significant increase in Anti-Money Laundering (AML) breaches, with 16,150 cases registered globally. The majority of cases were recorded in the US, with 11,472 incidents per capita, which equals 3.5 events for every 100,000 individuals. Additionally, the Netherlands also faced 17 recorded AML events, being in the top 12 nations dealing with this issue.

iDenfy – BlueMonks collaboration objectives BlueMonks, a Netherlands-based anti-financial crime company, proactively responded to the current situation by solidifying its Know Your Customer (KYC) operations to minimise potential risks occurring from suspicious business activities that could lead to financial fraud. The collaboration with iDenfy further supports BlueMonks’ commitment to enhancing the safety of its business clients and improving its overall performance. As part of their partnership, BlueMonks employs iDenfy’s ID verification solution, which allows global legal services and businesses to identify valid identities, prevent fraudulent registrations, and reduce cyber attacks.

Additionally, BlueMonks’ registration process currently consists of a few steps, with iDenfy having simplified the KYC process and efficiently managing administrative tasks. The collaboration also focuses on ensuring a secure and convenient identity verification experience for BlueMonks’ clients, improved via 3D liveness detection technology. Furthermore, by joining forces with iDenfy, BlueMonks can leverage the company’s extensive range of accepted ID documents, while allowing simple integration with its internal system and white-label services for the KYC solution. The partnership supports both companies in addressing immediate concerns posed by AML events and anticipating and eliminating upcoming threats, assisting the development of the overall financial technology.

Acknowledging the importance of securing financial transactions and safeguarding sensitive customer information, BlueMonks entered the partnership with iDenfy to support its commitment to delivering increased security that addresses current and future issues. According to BlueMonks’ officials, the strategic decision to partner with iDenfy enables the company to leverage the company’s knowledge in KYC and AML solutions and improve its security infrastructure to reduce the expanding difficulties posed by financial cyber threats. Representatives from iDenfy underlined that the collaboration with BlueMonks solidifies its commitment to fortify financial cybersecurity. Both companies intend to provide enhanced security measures that meet current challenges and anticipate future threats in the dynamic landscape of financial technology.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database. .