Simplified identity verification for traders - ForexChief chooses iDenfy as its partner

The trading business steps up its security game with the new identity verification.

13:19 16 March 2022

The online trading platform, ForexChief, partners up with iDenfy, the Lithuanian-based identity verification and fraud prevention business. The duo’s goal is to smoothly onboard newly registered customers and detect fraud risks with identity verification.

Today’s typical internet user expects fast results with a few effortless clicks. If we take a look at the 20th century, the only option to engage in a stock market was to pick up the phone and call the stockbroker. Now, taking a step forward, the digitalized era improved and found a way to make trading or any financial transaction more convenient. With benefits in online trading come security risks that are universal for every financial transaction. Based on Retarus' report, while data breach crimes are on the rise, cybercrime is projected to cost $10.5 trillion annually by 2025. This alarming tendency shows that some companies don’t take the right precautions. In 2020, only 57% of businesses chose to conduct a data security risk assessment.

 

Understanding the risks of data breaches, taking effective security precautions are the main priorities for ForexChief. The business is responsible for ️Metal and Stock exchanges online. The broker company also created MetaTrader 4/5- a popular trading platform for Foreign Exchange (Forex) trading. ForexChief’s goal is to provide a safe experience for its clients. By paying special attention to the technical aspects, the business ensures smooth trading operations and stable servers. Despite that, with a growing community of online traders, fraudsters have a bigger platform for scams, so they find new ways for clever and more sophisticated cyber-attacks. According to the company, keeping sensitive information is crucial even with well-developed software. Recently, ForexChief has experienced an increase in new customers, which required an effective solution to manage their data and provide a quick onboarding process.

 

Handling customers’ data isn’t an easy task. iDenfy agrees with the complexity of cybercrime, prioritizing the need to minimize risks and taking precautions online. That’s why iDenfy created a simple identity verification process known for its speed and accuracy. This procedure is vital - without the verification part, it would be hard to determine if the person is who they’re claiming to be. Otherwise, dangers of unauthorized transactions, false identities and fraud in general come into the picture. According to ForexChief, its newly formed partnership with iDenfy sped up the identity verification process alongside ensuring compliance with AML and KYC regulations. After submitting their identity document, newly registered traders complete the user-friendly automated verification procedure. This quick step keeps the clients’ data safe and helps fight fraudulent activity.

 

“We understand the effects of data breach and share the same values with our partners. Maximizing security needs to be prioritized; otherwise, you’re putting the business at risk by opening a door for more vulnerabilities. With iDenfy, we’ve achieved this goal and upgraded to a seamless identity verification process” - states Maxim Kuzmin, a Project Manager of ForexChief,

 

According to iDenfy’s CEO, Domantas Ciulde, “Scams are a widespread issue and a complex system to combat. Our mission is to tackle fraud online, but of course, that requires taking the right precautions.This is exactly why we’re excited to help our partners at ForexChief.”