iDenfy Increases Security for Online Marketplace Users at ByNoGame

  • Authentication Technology
  • 24.11.2023 02:15 pm

iDenfy, a Lithuania-based RegTech company offering identity verification and fraud prevention tools, announced a new partnership with ByNoGame, a Turkey-based online marketplace business, providing its customers with a fast and secure way to sell and buy gaming products. iDenfy’s ID verification solution will ensure that all platform users have access to a safe marketplace by eliminating fraud in real-time through a quick onboarding process.

ATO fraud and identity theft pose significant dangers for online marketplaces, jeopardizing user privacy and causing financial losses. This year, ATO attacks saw a 354% year-over-year increase, as reported in Sift's Q3 2023 Digital Trust & Safety Index, revealing that 22% of US adults, which is equivalent to 24 million households, have fallen victim to ATO fraud. According to iDenfy, unauthorized access to a user's account can lead to serious consequences, such as privacy breaches and financial losses for the victim. However, iDenfy highlights that in cases of fraud, the consequences are worse for the online platform itself since ATO can compromise the trust and safety of the entire marketplace.

According to iDenfy, the primary defense against such attacks is identity verification, with robust Know Your Customer (KYC) practices providing insights into users, including risk factors like their location and presence on global sanctions lists. However, iDenfy emphasizes the importance of selecting an ID verification provider with integrated liveness detection technology and biometric authentication, as fraudsters increasingly use deepfakes or synthetic IDs, combining false information with real documents to evade KYC checks more effectively. In addition, iDenfy explains that ID verification helps prevent multiple accounts and bots from being used for fraudulent schemes on platforms like ByNoGame. Consequently, Turkey's largest gamer-friendly marketplace opted to adopt a new identity verification solution by partnering with iDenfy.

With the goal to scale faster, maintain compliance with evolving regulations, and upgrade its fraud prevention system, ByNoGame found iDenfy to be the best fit for its marketplace. The company will use iDenfy's full-stack identity verification solution, which rapidly extracts and verifies user data, ensuring document authenticity and protection against forgery or alteration. Notably, iDenfy stood out in the market due to its all-encompassing KYC software, featuring real-time manual verification by in-house specialists, various document analysis tools, including liveness detection for anti-spoofing measures, and a user-friendly dashboard for efficient process management and monitoring.

ByNoGame didn’t see a highly manual process in identifying and eliminating fraud as an option for its platform. With that in mind, the company wanted to improve its design considerations for trust and safety investigations. Currently, ByNoGame will be able to onboard users from diverse countries worldwide in a seamless, user-friendly manner. iDenfy’s extensive global coverage of +190 countries and territories will ensure that the nationality of ByNoGame users is not a hindrance to the verification process, assuring the authenticity of all marketplace users.

Due to this partnership, ByNoGame users will experience a swift and efficient ID verification process, which will take less than two minutes on average to complete. According to iDenfy, the switch to a fully automated KYC workflow will contribute to the marketplace’s consistent conversion rates. Moreover, iDenfy claims that this partnership will enhance ByNoGame’s fraud detection strategy by helping detect potential risks early in the user cycle. As a result, his proactive approach will not only minimize fraud but also reinforce the whole user experience on the ByNoGame marketplace. 

"We aim to support ByNoGame's secure and efficient audience growth, enabling real-time fraud detection and onboarding of legitimate users. Our identity verification software will enhance trust and safety while facilitating ByNoGame's global user expansion.” — commented Domantas Ciulde, the CEO of iDenfy.


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