iDenfy’s KYC solution will help CardDepot.com reduce fraudulent attempts to purchase gift cards online
Kaunas, Lithuania (September 21, 2023) — iDenfy, a RegTech startup offering identity verification and compliance services, joined forces with CardDepot.com, an online platform that specializes in offering discounted gift cards, catering to US shoppers who are mindful of their budgets. iDenfy’s ID verification software will assist CardDepot.com in detecting and preventing fraudulent activities on its platform, such as fake identities, stolen credit cards, and other deceptive attempts.
Persistence Market Research projects that gift card sales will reach $698 million by 2024. However, this increase in sales also brings along negative consequences. Gift cards have become a tool for bad actors to engage in fraudulent activities, scams, and other illicit actions. iDenfy officials explain that any requests involving gift card transactions beyond their intended use should be treated with suspicion. Fraudsters can exploit gift cards to easily convert them into cash or merchandise or conduct smaller, often untraceable transactions. For instance, complex fraud schemes may involve creating fake subscriptions and applications to launder money through applications and online store vouchers.
iDenfy further explains that gift cards have gained a reputation as a preferred tool for illicit activities because they lack personal information and make it challenging for businesses to trace fraudulent transactions. The primary victims of such activities are usually customers, leading to chargebacks for merchants once disputes come into the picture. If not properly managed, this can result in high chargeback rates, leading to revenue losses and potentially damaging the merchant’s reputation. CardDepot.com decided to enhance its security system with a new identity verification solution to prevent such consequences and reduce the risk of fraud.
Currently, CardDepot.com offers a digital platform for users to access discounted gift cards, providing budget-conscious shoppers with up to 35% savings. The platform features a wide range of discounted gift cards from leading brands and retailers, including Home Depot, Lowes, Walmart, Target, iTunes, and Starbucks. CardDepot.com’s team looked for an AI-powered identity verification solution for a speedy KYC process via web or mobile, aiming to enhance account recovery and prevent fraud, which had recently increased due to attempts to use stolen credit cards for gift card purchases on their platform. iDenfy became the best fit due to its software’s accuracy, user experience, and ability to detect fraud in real-time.
CardDepot.com effortlessly implemented iDenfy’s identity verification hosted flow without needing heavy engineering or design input, allowing the company to allocate its resources to its core business. With the ability to customize iDenfy’s user interface to align with their brand, CardDepot.com’s users will now be able to complete the full verification process in four easy steps. iDenfy’s software is backed with 3D liveness detection technology, which ensures the user is physically present during the verification process, removing any phishing attacks in real-time.
Furthermore, CardDepot.com plans to enhance data security by utilizing iDenfy’s user-friendly dashboard. It enables easy access and monitoring of customer verification data, including the option to generate identification sessions manually. According to the KYC startup, partnering with them will enhance trust in CardDepot.com’s gift card marketplace, ultimately resulting in faster onboarding and smoother checkout experiences. It’s important to highlight that iDenfy’s KYC software integrates seamlessly with over 70 national government registries. This integration enables thorough cross-checks for accuracy and facilitates efficient and precise identity document analysis on a global scale.
CardDepot.com’s CEO, Fred Doctorovich, expressed the company’s unwavering dedication to delivering exceptional value to its clientele, which caters to its priority of ensuring the utmost security for all transactions and customer data.
“By incorporating iDenfy’s identity verification, we’ve established an industry benchmark, ensuring that customers partake in a seamless and gratifying KYC experience. This allows us to balance out effective fraud prevention and a good purchasing journey for the end user,” said Doctorovich.
iDenfy’s CEO, Domantas Ciulde, added: “Our paramount goal at iDenfy is to redefine the standards of trust and security within the industry. Our team is excited to help CardDepot.com reduce fraud and build a scalable onboarding process with minimal developer resources.”
About iDenfy
iDenfy is a RegTech startup that provides AML, KYC, and KYB compliance solutions to businesses of all sizes. The company has been recognized as a leading identity verification software in G2’s Winter and Spring 2023 reports. iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards.
For more information and business inquiries, please visit www.idenfy.com.
Contact:
Eva Azaraviciute
Phone: +37066673822
Email: eva.azaraviciute@idenfy.com