FXnCO Breaking News
Identity verification platform iDenfy has rolled out a new Bank Card Verification feature integrated directly into its software dashboard, the company announced today. The Lithuania-based compliance solution provider is adding the card verification tool to its existing suite of identity verification and fraud prevention services used by financial institutions and fintech companies globally.
The new platform allows businesses to verify bank card authenticity and ownership in real-time, addressing rising concerns over payment fraud and card-not-present transactions. Financial services firms using iDenfy’s infrastructure can now access card verification alongside existing KYC and AML compliance tools within a single dashboard, streamlining onboarding and transaction monitoring processes.
The move comes as payment fraud continues escalating across digital channels, forcing fintechs and traditional banks to strengthen verification protocols. Brokers and payment processors relying on card-based funding methods should see reduced chargeback risks and faster customer approval times.
FXnCO Insight
Firms processing card payments should evaluate integrated verification solutions now to stay ahead of evolving fraud patterns and regulatory scrutiny around payment authentication.
Source: Finextra