iDenfy, a global identity verification and fraud prevention service provider, announced joining forces with Investors Club, a private acquisition marketplace for online businesses. iDenfy will conduct ID verification checks while helping onboard sellers and buyers onto the fastly growing Investors Club platform. 

Being an online trading platform, according to iDenfy, there is a possibility that some users might attempt to use fraudulent payment methods or misrepresent the businesses they are selling. Investors Club conducts thorough security checks on the services being sold to prevent this. Additionally, the company decided to enhance security and implemented iDenfy’s AI-powered identity verification solution. 

Investors Club facilitates the trade of viable online businesses through its platform that connects buyers and sellers. The private marketplace for online companies stands out in its niche by providing comprehensive transaction services, including conducting exhaustive due diligence on all businesses listed on the platform, offering escrow services, verifying the authenticity of buyers and sellers, and providing complete site migration services from seller to buyer upon a successful sale.

However, with rapid growth comes an increased risk of fraud. Investors Club recognized the need to reduce these risks while providing its services at scale without compromising the user experience. For this reason, the platform had manual internal verification checks designed to verify buyers and sellers to reduce the risk for both sides participating in a transaction and to have a high-quality pool of participants on the Investors Club platform. 

Before using iDenfy, Investors Club's internal team carried out verification checks through various means. Since the company’s buyers and sellers are worldwide, verifying identities for multiple countries was a big challenge, claimed Investors Club officials, especially considering the various identity documents in each country and state. That’s when the online platform started looking for a user-friendly ID verification solution to verify its users quickly without needing manual internal document reviews. 

According to the online marketplace, the goal of this new partnership was to save time on identity verifications while improving the quality and credibility of its Know Your Customer (KYC) process. iDenfy offered a privacy-first approach to ensure that all data on the Investors Club platform was securely stored. In addition, the ID verification provider facilitated a seamless integration process, minimizing the complexity of integrating its KYC solution to meet the specific needs of the Investors Club platform. 

Investors Club aims to reduce verification processing times and focus on addressing other business needs by implementing the biometric ID verification service. iDenfy’s AI and machine-learning algorithms safeguard Investors Club against document fraud while ensuring the owner is physically present and alive.

According to iDenfy, the partnership will enable Investors Club to maintain low operating costs while facilitating platform growth. Currently, iDenfy prevents unwanted registrations during the customer onboarding process. Its full-stack identity verification solution is certified by ISO/IEC 27001 standards guaranteeing that Investors Club data is handled with the highest security protocols. 

“Our new partnership has increased security for our users, as iDenfy only handles the data they submit for verification and is only viewed by selected personnel on our team. Our verification process has become more fluid and has improved the experience for our users,”  — commented Daniel Buetler, Managing Partner at Investors Club. 

Domantas Ciulde, the CEO of iDenfy, added: “We are proud to assist Investors Club in ensuring that both buyers and sellers have confidence in the safety and security of their transactions with a robust, compliant ID verification system.”