Kaunas, Lithuania (January 25, 2022) – European identity verification company iDenfy becomes a partner of Placet Group to provide the company with its ID verification.
Financial institutions are often the primary target of fraud. It was recognized back in 2018 that the threat of fraud to the financial industry is on the rise. In a study conducted by Forrester Consulting and commissioned by the credit reporting agency TransUnion, among the 153 financial institutions participants from the U.S., Canada, and India, 94% have experienced some type of fraud. As the industry continues to move forward in doing business remotely, the issue now becomes more serious than ever before.
Customers have also become more demanding in recent years. A company has to maintain a reputation of being responsible and compliant with the latest Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations to gain and maintain the trust of its clients. If the organization also wants to protect itself against fraudulent actors, taking an extra step with regard to safety and security is required. Additionally, time becomes a valuable resource in today’s world, and a company is often valued more if it can swiftly deliver its services.
Placet Group is a company operating in the financial industry providing loans to businesses and private consumers. Fraud protection and KYC regulations have been the primary drivers leading the organization to search for a suitable partner to provide it with an identity verification service.
It wasn’t long before iDenfy was recognized as the partner Placet Group needs. The company’s AI-powered and human-supervised ID verification method at competitive pricing attracted the organization’s attention, and the partnership was proposed. The onboarding process at Placet Group is now swift, effective, and reliable, while the company is protected against fraudulent actors and can leave worries about regulatory compliance behind. It all adheres to its mission of providing fast and convenient loan services.
“The safety of our customers and the protection of their data are very important for us. We believe that we have found a worthy partner in order to protect our clients and ourselves from hyperspace fraud. Thanks to our cooperation with iDenfy, we are able to offer our customers a safe, quality, convenient and fast service,” said Gennadi Krotov, CEO of Placet Group.
“It’s delightful that Placet Group has seen the value of a reliable identity verification method. Clients at Placet Group will enjoy our quick, AI-powered ID verification. At the same time, the company itself can now feel confident in preventing fraud and adhering to various regulations,” said Domantas Ciulde, CEO of iDenfy.