Lithuanian Regtech iDenfy Partners with German Online Marketplace Quoka for Enhanced Identity Verification and Fraud Prevention

Lithuania’s regtech company, iDenfy, has formed a partnership with Germany’s online marketplace, Quoka, to streamline the identity verification process.

Key points of the partnership:

• iDenfy’s biometric verification solution will bolster Quoka’s security by deterring fraudsters and ensuring smooth onboarding for legitimate users.
• iDenfy will manage Quoka’s verification requests, aiding the marketplace’s expansion and compliance efforts.
• Quoka sought an AI-powered identity verification solution to enhance security and streamline internal processes. The goal was to combat fraud, boost trust in digital transactions, and safeguard data.
• iDenfy’s ID verification system will protect Quoka’s marketplace by allowing only genuine buyers and sellers. It detects malicious attempts, such as deepfakes or masks, to manipulate the Know Your Customer (KYC) process in real-time.
• The solution supports over 3,000 document types and matches users’ facial biometrics with their documents, ensuring high-security levels.
• iDenfy’s KYC specialist team manually reviews each verification result, supporting Quoka’s verification expansion.
• The partnership facilitated a fully automated customer onboarding process, simplifying testing and implementation. High-risk users will undergo a comprehensive four-step verification process on the Quoka platform.
• The automated solution will prevent duplicate KYC accounts, discouraging users from registering multiple times.

In a broader context:

• iDenfy highlights that failing to address marketplace fraud can lead to significant financial losses. Projections indicate that ecommerce fraud losses could reach $48 billion by the end of 2023, a 16% year-over-year increase.
• Neglecting fraud prevention measures can result in data breaches, substantial fines for non-compliance, and long-term financial burdens for marketplaces.
• Online marketplaces create an environment where fraudsters can operate discreetly due to the high volume of transactions. Manual monitoring and identity verification can strain internal resources. iDenfy tailored its KYC compliance tool to fit ecommerce workflows, offering a blend of automation and accuracy.
• Quoka chose iDenfy as its identity verification software provider to address these challenges and enhance its fraud prevention efforts.

This partnership underscores the growing importance of robust identity verification solutions in the digital marketplace to combat fraud and protect both businesses and consumers.