ForexChief's partnership with iDenfy - safe trades and a quick verification process
March 10, 2022 (PRLEAP.COM) Technology NewsForexChief, a broker-dealer in finance, partners up with iDenfy. The Lithuanian-based ID verification, compliance and fraud prevention business will provide identity verification service for customers who are interested in Foreign Exchange transactions.
Today's digital sphere has new dangers which are preserved in the trading sector where cyber threats present potential risks. Cybercriminals' goal is to conceal their identity during financial transactions, especially online. Despite many businesses being exposed to identity theft and similar cybercrimes, companies don't take security as their main priority. For example, in the first half of 2021, according to FintechGlobal's report, a total of $937.7m has been issued in fines for not sticking to the law. This goes to show that fines for non-compliance with Anti-Money Laundering (AML) or Know Your Customer (KYC) regulations continue to rise, and some businesses do not understand the seriousness of this issue.
This alarming narrative increases the need for extra protection, and ForexChief raises awareness for the complexity of this matter. The company's services are directed to the finance and blockchain niche, providing a secure space for traders and investors online who trade metals, stock indexes, and participate in Foreign Exchange transactions. According to ForexChief, cybersecurity is the company's core value. Due to the rapidly growing number of its customers online, the business started to pay even more attention to regulatory laws. This factor led the global trading service to search for new, reliable identity verification partners who could help safely onboard its clients online.
Understanding the importance of minimizing fraud while trading online, iDenfy's mission is to be responsible for the partner's security and compliance. The business runs as a combined platform of identity verification and fraud prevention. Its identity verification software scans the data from personal documents, running an AI-powered in-depth analysis of whether the customer is legitimate or not. This way, with the company's user-friendly 4-step system, the forex trading business enhanced its customer onboarding - the secure process has become quicker and easier to use. According to ForexChief, the new identity verification procedure helps the company stay compliant with KYC and AML regulations and decreases the number of fake identities that can be detected during its clients' registration. iDenfy's assistance to prevent fraud with ID verification allows ForexChief to provide a smooth and secure service for its customers.
"Our community is getting bigger, and with this growing number, there are certain challenges. We care about the company's security and our customers' data deeply, so partnering with iDenfy has helped us decrease fraud and detect fake identities." - expressed Maxim Kuzmin - a Project Manager of ForexChief.
According to iDenfy's CEO, Domantas Ciulde, "The global pandemic changed consumers' relationships with digital identity. While online verification solutions are in high demand, users expect quick and safe onboarding solutions. I'm proud to form this partnership, especially since both businesses are on the same path towards raising awareness for the importance of cybersecurity."