Last Updated on: 21st November 2023, 10:39 pm
iDenfy, the global RegTech startup offering identity verification and fraud prevention tools, has announced its partnership with Artfinder, the international art marketplace for artists and buyers. The identity verification solution from iDenfy will be put to use to help increase safety and regulatory compliance for Artfinder.
For years, the art world has been known for its culture of secrecy and lack of transparency. When verifying the authenticity and origin of a work of art, sellers and auction houses often focus due diligence efforts solely on the piece itself. This makes it difficult to investigate the financial background or origins of the individual buying the art.
iDenfy points out that the same principle applies to the online art market. Criminals can easily create fake accounts with either stolen or false information and disappear without being caught. To combat this, robust authentication systems are essential in the art industry to eliminate the anonymity of buyers or sellers and prevent money laundering.
In recent years, Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have become increasingly stringent for most financial institutions, impacting their processes and transactions. The art scene is only just beginning to adapt to these compliance requirements, with the aim of protecting their companies and reputation by integrating AI-powered fraud prevention tools.
Artfinder is renowned for providing an affordable art marketplace that allows customers to purchase original art directly from artists across the globe. As a D2C (direct-to-consumer) e-commerce platform, the company is committed to promoting accessibility and affordability in the art industry, and is certified as a B Corporation.
To ensure the credibility of both buyers and sellers, Artfinder chose iDenfy’s end-to-end identity verification service. The company believes that this KYC solution will help protect transactions and customers’ data while ensuring regulatory compliance and protection from fraudsters.
The partnership between iDenfy and Artfinder is meant to maintain the growing independent artists’ community while maximizing security. Through iDenfy’s four-step ID verification solution, Artfinder can onboard its users securely, helping them start selling sooner and increasing their online presence as artists.
Liveness detection technology is used to quickly analyze the customer’s face and detect movements, with iDenfy’s software extracting the data and comparing it with the person’s onboarding selfie. This process prevents criminals from passing the verification using deepfakes, face masks, and other fraudulent methods.
Aneta Bukowska, Senior Finance Manager at Artfinder, said: “iDenfy’s identity verification software not only ensures the security of personal data storage for us but also satisfies all regulatory requirements. We appreciate their team’s expertise and responsiveness, which made the integration process seamless.”
Domantas Ciulde, iDenfy’s CEO, added: “Through this partnership, we aim to increase confidence among artists who choose Artfinder’s marketplace to sell their work and become part of a sustainable and responsible community. We’re confident our IDV solution will simplify the signup process for all artists and buyers.”
Recognized as a leading identity verification software in G2’s Winter 2023 report, iDenfy has also won the “Enabler of the Year” category at the Lithuanian Fintech 2023 awards. For more information and business inquiries, please visit www.idenfy.com.
