iDenfy’s advanced KYC tools will help streamline the onboarding process for 7bet’s gaming platform, minimizing multi-accounting or promo abuse rates

iDenfy, a Lithuania-based RegTech company specializing in AI-powered ID verification and fraud prevention solutions, partnered with 7bet, a leading Lithuanian iGaming operator offering sports betting and iGaming services. iDenfy’s Know Your Customer (KYC) software will help 7bet’s gamers access the platform quicker while ensuring legal compliance and minimizing fraudulent accounts, such as those who abuse the bonus system or want to overcome bans using multi-accounting.

In 2024, the iGaming industry witnessed a significant surge in fraudulent activities, with overall fraud increasing by 64% compared to previous years. Much of this fraud is due to duplicate accounts, commonly known as multi-accounting. According to Domantas Ciulde, the CEO of iDenfy, e-commerce marketplaces and iGaming establishments are the leading industries for multiple account fraud. This is part of the convenient nature of such services: you can access games or shop multiple items easily online.

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However, D. Ciulde stresses that from a business perspective, this results in major financial losses, especially since fraud rings use bots and other techniques to bypass weak authentication measures. In regions like Western and Central Asia, sign-up and welcome bonuses are usually prevalent, which caused a decline rate in new signups due to fraudsters attempting to exploit these promotions through multiple accounts.

iDenfy’s newest partner, 7bet, offers a dynamic platform for sports betting and online gaming, focusing on providing a secure and engaging environment for users. Operating in a high-risk sector, 7bet faced challenges managing suspicious registrations, including users who are attempting to bypass KYC checks with duplicate accounts, fraudulent documentation, or automated bots. To detect multiple accounts, blocklisted users, or simply players who are abusing the promo system more efficiently, the iGaming business understood they needed a fully automated solution. As a result, by integrating iDenfy’s innovative solutions, 7bet has implemented a highly scalable and automated player onboarding process that helps to fully reduce the reliance on manual reviews and boost verification accuracy.

By integrating iDenfy’s identity verification software, 7bet benefits from an innovative system that is capable of recognizing, verifying and extracting data from over 3,000 identity documents across 200 countries and territories. This technology supports global compliance while providing 24/7 expert oversight to minimize fraud and system errors. Additionally, advanced biometric algorithms, including facial recognition and 3D liveness detection, ensure that only legitimate users are granted access. The system prevents attempts to use fake images, 3D masks, or other forgeries in the verification process, offering bulletproof authentication and security.

In addition to that, with iDenfy’s passive liveness checks, the company now ensures a frictionless onboarding experience, reducing duplicate account rates as the innovation evaluates the validity of a user’s selfie without requiring them to perform additional actions, such as turning their head. This dual approach, coupled with document verification, not only saves time for the user but also obscures security processes, deterring potential fraudsters from accessing exploitable information. According to iDenfy, this also works as a way to spot underage users who are trying to bypass KYC checks. “Our solution ensures that only age-appropriate, legitimate players access their beloved games, which is the key to maintaining transparent and fair play in this age-restricted sector,” said Domantas Ciulde, the CEO of iDenfy.

Justinas Bakšys, the COO of 7bet, highlighted, “Working with iDenfy has revolutionized our KYC procedure, allowing us to onboard consumers easily while guaranteeing regulatory compliance. Specifically, the passive liveness feature has lowered onboarding friction, giving our users a seamless and safe experience while safeguarding the platform against fraud.”

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Domantas Ciulde, the CEO of iDenfy, added: “We’re thrilled to work with 7bet and bring up-to-date ID verification technology to their platform. Our goal is to deliver secure and user-friendly solutions that build trust while safeguarding the integrity of iGaming operations.”

Genome (UAB Maneuver LT) has introduced SEPA Instant Transfers for all its clients. Companies can now make instant euro payments within seconds to optimize cash flow and improve operational efficiency across the Eurozone.
Additionally, SEPA Instant Transfers can be used for batch Transfers, making mass payments even more effective for companies, particularly the iGaming businesses.

“SEPA Instant Transfers enable quick payments in the Eurozone, improving cash flow and scheduling flexibility for business partners – a very crucial feature for modern-day companies that conduct operations online,” explained Genome’s CEO, Daumantas Barauskas.

SEPA Instant Transfers will be priced the same as regular SEPA Credit Transfers, ensuring users enjoy the convenience of instant transactions without any additional costs.

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The feature has gone live shortly before the SiGMA Europe conference that Genome’s team will be attending. Businesses can learn more about SEPA Instant Transfers and other iGaming services Genome provides at booth #3102 or by booking a meeting.

“SEPA Instant Transfers is not the only service Genome offers iGaming companies. For one, they can streamline their financial operations with our API for mass payouts and B2C2B payments. We are currently developing the incoming payment notifications service via API (API for pay-ins). This feature will notify iGaming companies about client pay-ins in real-time. We also provide contactless physical and virtual Visa Business cards for media buying and other corporate expenses, with the added convenience of Google Pay, Apple Pay, and Garmin Pay compatibility. Additionally, a dedicated IBAN account simplifies B2B transactions, and the Genome iOS and Android apps ensure real-time financial management anytime, anywhere,” concluded Daumantas Barauskas.

iDenfy, an AI-powered identity verification, compliance and fraud prevention solutions provider, has partnered with Confindo, a leading provider of IT solutions specialising in customer relationship management (CRM) tools for group companies and external partners. This collaboration will help Confindo manage third-party risks and ensure proper fraud and breach prevention while building a seamless and secure verification experience.

The rise in digital transactions has made robust security measures more critical than ever. With security challenges like forged documents and synthetic identities, particularly in the financial and lending sectors, companies increasingly seek advanced solutions to protect their customers. Spending on information security and risk management products and services is expected to grow by 14.3% this year, reaching more than $215 billion. However, many companies operating in the financial sector see fraud as a top priority on the list, where even a single breach can have significant legal and reputational consequences.

Confindo, a dominant player in the consumer lending market since 2018, recognised the importance of securing its platforms against potential threats. Brands under the “Confindo” name, like Lenders, Bancovo, Comparar Prestamos mainly serve as intermediaries for consumer lending services. Consequently, the business is best known for representing over 20 banks and creditors in Lithuania and processing more than 10,000 inquiries monthly. As the business experienced a high volume of requests and new registrations, it required a new trusted Know Your Customer (KYC) vendor to help safeguard its operations, especially in this expansion stage across Europe.

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According to Confindo, its recent operations in Latvia and upcoming launches in two new markets also showed a need for extra automation measures in its customer onboarding process. Before partnering with iDenfy, the IT and financial service provider aimed to build a conversion-optimised verification workflow that could remove the hassle around the application onboarding process. Among several identity verification providers, Confindo selected iDenfy for its reliable and efficient identification verification solution. The new software, already trusted by other platforms under Confindo’s management, stood out for its smooth integration with existing systems and provided a comprehensive global document base for more efficient scaling into new markets.

iDenfy’s ID verification solution is designed to automatically recognise, verify and extract information from over 3000 identity documents across 200 countries and territories. This comprehensive approach helps Confindo ensure that all possible safety measures are in place to prevent fraudulent loans, a key concern in the rapidly growing consumer lending sector.

It is worth mentioning that iDenfy is ranked as the top 1 identity verification solution in customer satisfaction on G2, boasting an average of 4.9 stars and over 70 reviews in 2024. This recognition underscores iDenfy’s commitment to providing high-quality, reliable services and prioritizes online user identification security.

“We chose iDenfy because their solution is not only trusted and tested but also perfectly aligns with our commitment to ensuring the highest level of security for our customers,” said Eitautas Bartuškevičius, CEO of Confindo.

Domantas Ciulde, CEO of iDenfy, said: “We’re thrilled to collaborate with Confindo in their mission to enhance security within the consumer lending space. By integrating our ID verification solution, we’re helping them create a safer, more reliable platform for their users across multiple countries.”

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