iDenfy, a Lithuania-based identity verification, compliance, and fraud prevention hub, announced partnering with Inventyv, a global web and mobile application service provider, best known for its professional tax solution, MyTAXPrepOffice. iDenfy’s full-stack KYC software will guarantee an efficient and secure onboarding process for MyTAXPrepOffice’s users who are looking for fast and straightforward tax preparation processes.

To combat the rising issue of tax-related identity theft, companies have recently started to implement fraud prevention and monitor tax returns for signs of fraud. According to iDenfy, a common tax-related scam involves criminals using someone's name and Social Security Number (SSN) to file a fraudulent return and steal a tax refund. However, the ID verification and fraud prevention company explains that it’s possible to identify a potentially fraudulent return by requesting ID verification from an individual whose name and address are associated with the return. In addition to the increased level of security, from the end user’s perspective, iDenfy claims that it’s essential to build a seamless identity verification process that would live up to their expectations. At the same time, ensure that the users’ funds are secure and their data is protected.

Inventyv is aligned with this approach and strongly emphasizes the necessity for robust security and anti-fraud measures. As the company's user and client base expanded, the need arose for a robust ID verification solution capable of handling large volumes of verifications accurately and swiftly. iDenfy's solution proved to be an excellent fit due to its extensive global data coverage and user-friendly dashboard. Currently, Inventyv maintains multiple offices worldwide, where teams are dedicated to developing advanced web and mobile applications using cutting-edge technologies. 

While the company remains focused on delivering high-quality services to assist clients in achieving their business objectives, it is also experiencing significant growth in its tax service solution, MyTAXPrepOffice. This platform equips businesses with essential tools for remote work, enabling users to prepare their taxes conveniently from any location and on any device at any time. It's important to highlight that MyTAXPrepOffice has earned a top rating among professional tax preparation software programs in the industry, according to CPA Practice Advisors. This recognition underscores its role in enabling businesses to establish an employee-friendly environment that fosters flexibility, stability, and growth for employees at various levels.

By adopting iDenfy’s four-step ID verification software, Inventyv emphasizes the importance of Know Your Customer (KYC) compliance in safeguarding taxpayers and their sensitive information. The company further plans to expand its ongoing efforts to enhance security with the new verification process designed to maximize online application security. iDenfy explains that its solution will increase accessibility, making it possible for more MyTAXPrepOffice users to access financial information in less time. According to the KYC provider, this adjustment for Inventyv will benefit taxpayers and the tax community by streamlining tax services and facilitating secure online execution of standard routine tasks.

With this partnership, iDenfy’s goal is to ensure taxpayer information is exclusively accessible to individuals with a legal right to access MyTAXPrepOffice’s services. iDenfy’s IDV software will also verify the user's physical presence, ensuring that only genuine faces and not static photos are accepted during the onboarding process. This approach gives Inventyv confidence that fraudulent attempts to pass the verification will be effectively rejected.

"As a dedicated ID verification service provider, our goal is to support Inventyv in developing a solution that can effectively address the increasing demands of customers, ensuring bullet-proof security and user experience,” noted Domantas Ciulde, iDenfy’s CEO. “Our team is committed to helping Inventyv, onboard more users and accelerate the expansion of its MyTAXPrepOffice solution."