iDenfy, a Lithuania-based RegTech firm specializing in identity verification and fraud prevention solutions, announced a new collaboration with bestshopping.com, a leading Italian e-commerce brand operating in the online retail space. This partnership aims to take security measures to the next level, protecting bestshopping.com from potential fraudulent activities and ensuring a safer online shopping experience for its users.
The global landscape has witnessed a surge in online payment fraud over the past few years. In 2022, the estimated global losses to e-commerce fraud reached a staggering 41 billion U.S. dollars. By 2023, Statista has reported that this figure escalated to an alarming 48 billion U.S. dollars. According to iDenfy, such growth is expected to be fueled by the increasing use of alternative payment methods, such as digital wallets and the Buy-Now-Pay-Later model, which introduced new avenues for fraud risks in the e-commerce industry. Bestshopping.com, with platforms targeting Italy and Germany, has become a trusted provider of reliable cashback experiences for over 600,000 users. The e-commerce site, known for its innovative approach, relies on in-house technologies, seamless integration into partner platforms, and growth strategies involving apps and browser extensions. Despite its successful growth, the rise in e-commerce fraud prompted the company to seek professional verification services.
According to the e-commerce platform officials, before the partnership, the goal was to find a new solution to identify and mitigate potential fraud risks proactively. The decision to partner with iDenfy was driven by the necessity to enhance security measures and protect users from evolving internet attacks by unknown entities. iDenfy’s reputation for robust identity verification solutions, particularly in the Know Your Customer (KYC) process, made it the ideal choice for Bestshopping.
The e-commerce professionals now use iDenfy’s KYC verification to strengthen the platform’s anti-fraud measures and improve the efficiency of user verification processes. This partnership empowers bestshopping.com to identify potentially illegitimate customers, reducing the risk of financial fraud and creating a secure online environment for its users. Additionally, the robust ID verification solution accepts more global documents, helping the platform scale and onboard more users in less time. According to bestshopping.com, with iDenfy’s biometric verification solution, the users benefit from a simple, user-friendly KYC process, which is crucial for minimizing cart abandonment rates.
At the same time, iDenfy acknowledges the critical importance of applying advanced biometric identification technology and consistently enhancing and expanding its RegTech solutions. As part of the collaboration with bestshopping.com, iDenfy is committed to further monitoring and analyzing emerging trends and threats in the evolving regulatory landscape.
“Our collaboration with Pointer Srl aligns with our mission to empower e-commerce businesses with innovative identity verification solutions. Together, we look forward to driving efficiency for a simpler and better online shopping experience,” — commented Domantas Ciulde, the CEO of iDenfy.
