Another payments service is turning to iDenfy for secure onboarding and identity verification. CyberstarPay is licensed and regulated by the Czech National Bank, and runs a platform that is designed to provide shoppers with a secure way to make purchases online.
In that regard, iDenfy noted that fraud has increased as consumers have migrated to digital retailers during the pandemic. Online card fraud is up 23 percent in the past year, and online payment fraud is still one of the most common types of fraud attacks in 2022.
CyberstarPay believes that its solution can help mitigate the risk of fraud for everyday consumers. The company offers corporate and private bank accounts in addition to virtual cards, and maintains an e-payments service that does not offer any support for certain high-risk industries, including gambling, adult entertainment, weapons sales, and some financial intermediaries.
The partnership with iDenfy, meanwhile, will allow CyberstarPay to improve its onboarding process. iDenfy’s solution is compliant with international Know Your Customer regulations, and is compatible with more than 1,500 different government identity documents. The platform asks users to take a selfie and a picture of their ID, before verifying that the document is authentic and that the face on it matches the face captured in the selfie.
“Even today, high-end businesses struggle with harsh non-compliance fines,” said iDenfy CEO Domantas Ciulde. “We’re constantly updating our identity verification solution to ensure the growing need for trust online.”
“Preventing fraud is vital, especially in the large-scale landscape of online transactions,” added CyberstarPay Managing Director Gabriela Trojnová. “Our partners are experts in digital identity, and we trust them in making our platform a safer space for every user.”
iDenfy supplements its automated identity verification engine with human supervision to achieve an accuracy rate of 98.4 percent. The company has now provided biometric onboarding services for several organizations in the payments industry, including KogoPAY, Monneo, and Paymento Financial SA.