From now on, Peccala’s customers will be securely onboarded through iDenfy’s full-stack 4-step ID verification procedure.

As security remains challenging, governments and regulators continue to create laws guiding companies towards a clear fraud prevention strategy. Stricter laws have the potential to safeguard long-term investors and prevent criminal activity within the crypto landscape. Keeping that in mind, with high net fraud rate numbers, the crypto market is known for its identity fraud issues.

According to recent findings by PYMNTS Intelligence, identity fraud makes up 44% of the incidents in the crypto sector. On top of that, iDenfy claims that purchasing crypto anonymously poses security risks, as anonymity can become a critical tool for money laundering. For this reason, as per iDenfy, Know Your Customer (KYC) obligations should be valid for the crypto industry, requiring all customers to verify their identity before or when transacting.

The growing community of crypto lovers, large high-value transaction numbers, and increasing fraud risks motivate financial institutions to search for secure digital identity verification solutions. Consequently, Peccala is no exception. While Peccala is still growing, the crypto company explained that finding ways to adhere to compliance standards as significant players in the industry can be challenging. Despite that, the company found a way to overcome this challenge by partnering with iDenfy.

Peccala is a fully automated crypto investment platform for anyone who doesn’t want to deal with the complexities of the crypto landscape, claiming to operate at the crossroads of the Fintech and Crypto industries. The company focuses on bringing everything needed for crypto investing into an all-in-one platform. Pecalla’s platform offers actively managed investment strategies allowing users to easily choose a risk level that they are comfortable with.

According to Peccala, when the business was choosing new ID verification suppliers, a few main factors that determined their decision were efficiency, security, and easy integration. iDenfy was able to tick all of the boxes.

The company’s AI-powered identity verification process consists of four steps: selecting the document’s country and type, capturing a photo of the ID or passport, then taking a selfie. The onboarding process for Pecalla’s customers now takes less than a few minutes, making it a user-friendly experience.

iDenfy’s newly integrated ID verification solution prevents unwanted registrations and suspicious identities from entering the crypto investment platform. iDenfy’s biometric ID verification is powered by 3D liveness detection, which creates a face map of the user, which can be later used to blacklist clients or to find duplicates. iDenfy’s facial recognition system detects masks, deep-fakes, and other fraudulent attempts to pass the identity verification process. The KYC business is certified by ISO/IEC 27001 standard, guaranteeing data security and a smooth onboarding process for Peccala’s customers.

“Our biggest priority right now is to grow our user base. We believe that a fast and smooth onboarding process is one of the key components to achieving this goal. That’s why our team is happy to partner with iDenfy, a trustworthy, transparent company that fulfills all of our requirements regarding a secure identity verification process.” said Laura Arcade, the Co-founder of Peccala.

“Our new partner shares the same values regarding compliance and security. For this reason, we’re thrilled to start this long-term collaboration with Peccala.” added Domantas Ciulde, the CEO of iDenfy.