fraud prevention startup, iDenfy, announced a new collaboration with NeftyBlocks, the leading Trade to Earn marketplace for digital collectables. iDenfy will ensure a frictionless customer journey for NFT enthusiasts with its four-step AI-powered ID verification.
Recent research exposed the damage that scammers do to the industry, marking an average loss of $300,000 per single NFT-related scam. Due to the high level of value linked to today’s NFT market, cybercriminals target digital assets and conduct illicit activities, including stealing or creating fake NFTs, then later selling them as the real thing. According to iDenfy’s officials, that’s not the only scamming method used by fraudsters. Cybercriminals create illegitimate NFT exchanges to capture log-in information. Once that’s crossed out of the list, they use the personal data to steal the other user’s NFT collection.
As the leading platform for the global NFT community, NeftyBlocks is aware of the fraud risks and potential dangers associated with digital assets. For this reason, the company aimed to add another layer of security and improve its security system with an AI-powered ID verification solution. To avoid extra in-house operations, NeftyBlocks chose iDenfy as its full-stack identity verification provider. According to the digital asset experts, the transparent communication, cost-effectiveness, and speedy service offerings fulfilled all requirements and led to the decision to partner with iDenfy.
Since there aren’t enough regulations on the exact user data requirements when selling or buying NFTs, according to iDenfy, cybercriminals can complete such transactions without proper authentication. To de-conceal the true source of funds and remove the anonymity shield of fraudulent users, iDenfy created its most popular service, AI-powered identity verification. Now that NeftyBlocks employed the solution, the NFT platform can easily detect fraud in real time, stopping unwanted users from engaging in transactions and gaining access to the NFT network.
iDenfy’s algorithms quickly extract information from the uploaded ID documents and spot fraudulent attempts to pass the verification in seconds. It takes less than a minute, or four steps, for the user to complete the entire ID verification process. iDenfy also has an in-house KYC specialist team that double-checks each verification and ensures accurate results. This way, the new partnership enables NeftyBlocks to onboard more users in less time while having a seamless onboarding experience, which is the number one priority for NFT markets and their users’ preferences.
“Working in a digital environment means multi-level security and more robust anti-fraud tools for businesses that want to ensure the highest level of security. iDenfy’s ID verification solution helps us achieve this goal and provide much-needed convenience when it comes to a frictionless customer onboarding process.” — expressed Juan Paniagua, Co-Founder of NeftyBlocks.
“We’re happy to partner with NeftyBlocks and help the successful business reach another level security-wise. We’ll continue to support the digital asset landscape by offering swift and secure onboarding, fraud prevention, and compliance solutions.” — added Domantas Ciulde, the CEO of iDenfy.