iDenfy will integrate an AI-powered verification system in place for Viainvest to ward off high risk fraudsters as Peer-to-Peer (P2P) lending has seen a major increase, thus making it a potential avenue for financial criminals.
The security firm highlights that lending platforms such as Viainvest are less restrictive than banks and other financial institutions when pertaining to high-level security tools in place.
iDenfy suggests against P2P lending as an investment opportunity due to some platforms hiding behind fraudulent activities. This can come in the form of fake replica investment sites to cash flow distribution schemes.
As a result of the heightened risks, Viainvest chose iDenfy as its security and verification partner as the firm improves its “operational efficiencies”, along with the five years of experience to build upon their planned fraud prevention and compliance strategy.
“We joined forces with iDenfy to comply with the latest standards while offering customers a seamless onboarding and investing experience. iDenfy helps us grow faster while, at the same time, improving on operational efficiencies,” commented Aleksandrs Puzdrans, Viainvest Platform Lead.
According to Statista, the global P2P lending market was valued at $3.5bn in 2013 and, since then, has reached $68bn with estimations believing to evaluate it at $558bn by 2027.
iDenfy believes that the surging market attracting new customers year-on-year will need a less complicated app procedure which helps create a competitive advantage over traditional banks.
Domantas Ciulde, CEO of iDenfy, added: “Reducing fraud risks is the key element that helps businesses protect their customers and reputation. We’re extremely proud to partner with Viainvest, a company that values security and transparency by building trusted relationships through identity verification.”
