Today we have selected Domantas Ciulde to take his interview. He is the Co-Founder of iDenfy.
First of all, how are you and your team doing in these COVID-19 times?
We have adapted pretty well to the current conditions. Most of our employees work remotely at the moment and have little to no issues concerning work itself. Although, the lack of live contact has certainly made it a bit more difficult to solve problems on the fly. Also, as the team gets along very well, seeing each other through a computer screen rather than face-to-face has made most of us miss and crave social interactions even more.
Tell us about you, your career, how you founded or joined this company?
The birth of the idea behind iDenfy date’s back to 2015. Back then, I worked as a general manager of a company offering internet security services. My friends and I have recognized that illicit transactions using stolen cards were more relevant than the issue of cyber breaches. Hours of studying the subject have led us to conclude that a reliable identity verification system would be the best way to stop this fraud. Our computer vision and machine learning expertise allowed us to realize the idea, marking the beginning of iDenfy.
How does your company innovate?
The key part of our innovation is to react to the evolving marketplace and the issues that surface alongside. We believe that innovations have to solve emerging problems, and we try to recognize those as soon as they arise. Then the issue dictates the modern solution we should be focusing on next.
How the Coronavirus pandemic affects your business, and how are you Coping?
The pandemic marked the beginning of the rapid growth of fraud in many industries, especially banking. We saw a considerable increase in the attempts to trick our identity verification system. Additionally, we recognized that the demand for fraud prevention services had risen significantly, which led us to develop additional tools that will be easily accessible to as many industries and businesses as possible.
Did you have to make difficult choices and the lessons learned?
We faced many difficult choices when the company was still young. Almost every decision we made back then was not easy as we knew it would shape what the organization would become in the future. Despite many obstacles we faced throughout the years, we have never doubted ourselves, which proved vital for iDenfy’s success. We learned to trust our capabilities as a team, even when facing enormous challenges.
What specific tools, software, and management skills are you using to navigate this crisis?
As I’ve already mentioned, the rise of fraud is among the sorest issues in the post-COVID world. The transition to digital services has caught many companies off-guard as they were not prepared to protect themselves against fraudsters. To combat the issue, we have developed a variety of tools to lower the risk of fraud significantly:
- Proxy Detection service identifies the usage of anonymous IP addresses.
- Fraud Scoring, Phone Verification, and PEP Screening allow our clients to allocate resources more effectively and focus on potential fraudsters.
- AI-powered Identity Verification allows for fast, safe, and reliable customer onboarding.
- Liveness Detection prevents fraudsters from using photos „deep fakes“and other methods to trick our biometric system.
Communication and working hand-in-hand allow our team to stay focused and solve problems as they arise.
Who are your competitors? And how do you plan to stay in the game?
Companies offer similar services to the ones we do. The marketplace has no shortage of identity verification and fraud prevention solutions. However, we stand out among our competition by offering attractive pricing (we only charge for successful identity verifications), fast and reliable customer support, and 24/7 human supervision. Additionally, we improve our product regularly and enhance it with additional services, which allows our clients to receive a full packet of fraud prevention tools offered by a single company. Lastly, our motto is to stay a step ahead of the curve and develop innovations further to enhance the safety and security of our partners.
Your final thoughts
I think it’s important to note that, more often than not, fulfilling international and other regulations to the bare minimum is not enough to prevent fraud, and the conditions created by COVID proved it to be true. It is vital for companies, especially in the finance industry, to be responsible and recognize the issue for what it is as they are at the forefront in the fight against fraud. It is crucial to take a step further and do a little more in fraud prevention. The effort may not be noticed in earnings, but its lack will reveal itself in the losses.
- Spokesperson: Domantas Ciulde
- Company: iDenfy
- Website link: https://www.idenfy.com/