iDenfy, a global RegTech startup offering AI-based identity verification and fraud prevention solutions, announced partnering with LeakIX, a cybersecurity platform that collects and analyzes Internet data, helping organizations mitigate security risks. To enhance payment fraud detection and prevent fake accounts from subscribing to LeakIX services, the company integrated iDenfy’s ID verification solution. 

According to the latest IBM Global Financial Fraud Impact report, each US citizen's average annual cost of fraudulent card transactions and digital payments was $265. Additionally, it revealed that 39% of Americans experienced some type of financial security breach. Being a prominent player in the Internet scanning industry with a global presence and a leading position in Europe, LeakIX also encountered challenges related to counterfeit accounts and fraudulent payments, significantly burdening its internal KYC team.

Certain businesses may find it sufficient to request new users to verify their email addresses or phone number by clicking on a verification link or entering a code sent to them. iDenfy highlights that this isn't enough, and incorporating user identity verification as an integral part of the user account creation process can greatly reduce the prevalence of fraudulent accounts for businesses. Despite that, many organizations still rely on human intervention and manual KYC checks that allow a certain degree of error. LeakIX agrees with this zero-risk approach, explaining that as a cybersecurity company, they needed a more stringent verification process. 

To improve its fraud prevention system and optimize the customer onboarding process, LeakIX looked for an AI-powered identity verification vendor to automate the KYC checks. The goal was to save time and focus on other operational tasks. Consequently, by leveraging the new KYC solution, LeakIX successfully lightened the workload on its internal KYC team, enabling the company to focus on business growth initiatives. LeakIX reported a remarkable reduction in disputed payments on the platform, nearly eliminating them altogether, as a direct outcome of this partnership.

LeakIX chose iDenfy based on its strong customer support, compliance measures, security features, and simple API integration seamlessly integrated with its internal systems and platform infrastructure. iDenfy's solutions offered the necessary features that LeakIX required, and the accuracy and efficiency of the new KYC software aligned perfectly with their organizational needs. As a result, LeakIX's customers can now enjoy a user-friendly and streamlined verification process, which enhances the overall user experience and improves the conversion rate.

By leveraging advanced biometric and face recognition algorithms, iDenfy ensures a highly accurate and efficient verification process. Currently, LeakIX users simply upload their identification documents and perform a quick selfie scan, allowing iDenfy's software to compare facial features and document details for verification. This cutting-edge software guarantees a comprehensive and secure verification experience, giving LeakIX the confidence they need to prevent fraud, maintain compliance, and protect their customers' identities. 

LeakIX is a cybersecurity company specializing in providing businesses with comprehensive visibility into their internet-facing assets. The company aims to be the Internet Red team, trying to make it a safer place. LeakIX’s platform collects and analyzes data on IP addresses, domains, and other network assets to help organizations identify and mitigate security risks, including exposed databases, misconfigured servers, and vulnerable software.

Asked about the partnership, Danny Willems, the CEO of LeakIX, commented: “As part of our subscription process, we’re happy to use iDenfy's identity verification solution. Introducing a KYC process to our platform is essential for business expansion while maintaining alignment with our mission to safeguard the Internet.” 

"We're thrilled to extend the adoption of our identity verification solution and support our partners at LeakIX in reducing friction during the KYC process," said Domantas Ciulde, the CEO of iDenfy. He also emphasized the value of their partnership with LeakIX, as they collaborated on developing an official open-source library to facilitate seamless integration of iDenfy's verification solution for future developers. This initiative aims to provide a more accessible and efficient means of incorporating iDenfy's solution into various applications.