Lithuania-based identity verification company iDenfy has partnered with Latvia-based online gaming company SPINS to support iGaming security. iDenfy specialises in AI-based identity verification and fraud prevention tools, offering an all-in-one solution for secure registration processes.

The collaboration aims to improve SPINS' compliance and security measures by verifying user ID and age. The company press release emphasises the dynamic nature of the iGaming industry, as well as the importance of regulatory adherence. The same source reveals that iDenfy recognises the significance of mitigating the risks associated with non-compliance in the sector.

Specifically, iDenfy officials talked about the challenges faced by iGaming operators in balancing regulatory requirements with the need to attract new players through bonuses, a practice that can potentially lead to various types of fraud. SPINS opted for iDenfy's services due to its comprehensive ID verification solution, addressing regulatory requirements with features such as quick processing, high verification speed, fraud prevention, a diverse global document base, and real-time verification oversight by in-house KYC specialists available 24/7. iDenfy officials also expressed the company's commitment to balancing fraud prevention with a positive user experience, recognising that gaming fraud poses not only a threat to players but also jeopardises the reputation and financial stability of gaming platforms.

In turn, representatives from SPINS brought up the necessity of a customer-centric fraud prevention strategy for a rapidly growing iGaming entity. To streamline user onboarding, SPINS users can sign up by submitting a selfie and a photo of their government-issued ID. iDenfy's identity verification software ensures document authenticity and matches it to the user's face, contributing to a streamlined onboarding process.

More information about iDenfy iDenfy offers AML, KYC, and KYB compliance solutions to various regulated entities, including fintech platforms, iGaming websites, and crypto exchanges. In November 2023, iDenfy joined forces with Kryptowaluty.pl to improve identity verification for the digital onboarding process. Through this collaboration, iDenfy aimed to attract new users to Kryptowaluty.pl with a straightforward onboarding process driven by a fully automated ID verification system.

The partnership followed Kryptowaluty.pl’s management reconfiguration and the company’s interest in investing in digital assets. At the time, the company focused its efforts on the cryptocurrency and fintech sectors in a bid to ensure coverage for a portion or the entirety of potential losses, especially for small investments. For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.

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