Online trading service ForexChief has entered a joint project with fraud prevention firm iDenfy.

The partnership is seeking to bring an updated customer journey to the firm, which will see newcomers complete a short verification process when registering. 

Domantas Ciulde, the CEO of iDenfy stated: “Today, many companies use a digital workflow. That leaves paper-like methods behind. 

“With identity verification, the principle is the same – you need to adapt and find new ways to improve security. Our team is very excited to partner up with a company that understands values, cybersecurity and its importance.”

The collaboration lands at a pivotal time, as according to IBM’s 2021 report, the average global cost of a data breach has reached over $4 million. 

Maxim Kuzmin, ForexChief’s Project Manager, commented: “Identity verification significantly reduces the risk of fraud. Our platform has many customers, and we prioritised searching for safe and quick solutions.”

He added: “We are proud to partner with iDenfy, since now we have a smoother onboarding process.”