Digital security firm iDenfy has announced that it has agreed to upgrade the ID verification process of e-bank Paynovate.

Paynovate shared that integrating iDenfy’s proprietary solution would not only bolster onboarding security for customers, but it would also help the e-money institution in maintaining full compliance with evolving regulatory frameworks.

Furthermore, iDenfy’s partnership has also contributed to Paynovate’s alleviation of onboarding costs by increasing the speed of the user registration and verification process.

CEO of iDenfy Domantas Ciulde commented: “The digital life of a company can be disrupted very easily. Card fraud and identity theft are common crimes, but due to artificial intelligence and technology in general, such risks can be managed properly.”

The move comes as Paynovate recognises the increasing threat of finance-related criminal activity. The 2020 Nilson Report highlights the extent to which credit card fraud has grown – expected to reach $12.5b losses just in the US by 2025. Some telling signs of a credit card being targeted by criminals may be spotted in bank statements in the form of small, unrecognisable charges, often testing the grounds for a major theft later in time.

Paynovate’s way of tackling such fraud attempts is by offering customers prepaid cards with additional integrations for debit, credit, and corporate needs. Collaborating with iDenfy aims to increase security for those customers, adding more protective layers against online crimes, which in fact have risen to an all-time high during the pandemic.

Ciulde concluded: “Our partnership with Paynovate overcomes such dangers, and we’re happy to help secure the company’s data with a safe ID verification process.”