iDenfy, a global RegTech startup offering AI-based identity verification and fraud prevention tools, joined forces with a New York City-based furniture platform offering furniture rentals and designer-curated furniture packages without the burden of ownership. iDenfy will be responsible for verifying and onboarding new customers while helping keep their KYC data safe for the Everset. 

The Everset required the capability to verify customer IDs for new orders and store this data. This served as a preventive measure against individuals attempting to manipulate the credit reporting/collections system in the US. The Everset team believed that by mandating the verification of government-issued ID documents during delivery and making customers aware of their stored date of birth (DOB), they could effectively eliminate or significantly decrease such problematic activities.

Currently, the Everset aims to fundamentally change what the moving process entails for everyone. Rather than being immersed in the complexities of moving and the decision-making involved in selecting which furniture items to sell, the company assists customers in reducing furniture waste. This innovative concept has garnered substantial attention, enabling the business to rapidly expand its customer community and establish a novel security benchmark in the realm of furniture rental services.

When dealing with individuals engaging in malicious activities, the Everset did not store records of government-issued identification. From the time the furniture rental platform was introduced to the general public, the Everset’s team reported that approximately 13% of active accounts were categorized as NPNR (Non-Paying, Non-Returning). These accounts resulted in the company's average cost of several thousand dollars each.

Conventional face-to-face meetings and the practice of storing customer data through physical paper documents were not suitable choices for The Everset. The company searched the market for a digital, automated, and cost-efficient solution to address security concerns and streamline the process of verifying customer information. According to the company, the goal was to build a new, fully automated customer onboarding process that would minimize fraudulent accounts and prevent them from registering on their platform. 

They decided to implement iDenfy’s AI-powered identity verification software as a solution. The Everset partnered with iDenfy due to its solution’s accuracy, easy integration, and, more importantly, ability to prevent fraudulent attempts to purchase The Everset’s furniture rental services. Moving forward, iDenfy aims to minimize the Everset's loss of projected recurring revenue. This will be achieved by gathering and securely maintaining customer data in accordance with Know Your Customer (KYC) regulations. Additionally, iDenfy will ensure the verification of each customer during the new account creation process. 

iDenfy’s algorithm analyzes different points of the user’s face in real time, creating a biometric face map that detects deep fakes, altered pictures, face masks, and other fraudulent attempts to pass the identity verification process. Based on the customer’s risk profile, iDenfy offers customization options, meaning that the Everset’s team will be able to adjust the level of friction during the KYC flow while deterring fraudsters with maximum accuracy rates. Furthermore, iDenfy will assist its new partners in securely storing and protecting personal information. This will be done while ensuring that the Everset retains control over the ability to access and modify policies as required.

"Preventing fraud at the first stage of the customer cycle is paramount. That said, we're thrilled to support the Everset in welcoming new customers with enhanced security through a robust, automated identity verification system,” — commented Domantas Ciulde, the CEO of iDenfy.