iDenfy helps 7bet enhance security and prevent fraud

The partnership between iDenfy, a Lithuania-based RegTech company, and 7bet, a leading Lithuanian iGaming operator, marks a significant leap forward in the fight against fraudulent activities in the online gaming industry. By integrating iDenfy’s cutting-edge Know Your Customer (KYC) solutions, 7bet aims to enhance user experience while minimizing risks such as multi-accounting, promotional abuse, and underage gaming.

The Rising Threat of Fraud in the iGaming Industry

In recent years, the iGaming industry has experienced a substantial increase in fraudulent activities. In 2024 alone, fraud rates surged by 64%, largely due to the prevalence of duplicate accounts, also known as multi-accounting. According to Domantas Ciulde, CEO of iDenfy, this issue is particularly prevalent in industries like e-commerce and iGaming, where the convenience of online services makes them attractive targets for fraudsters.

Multi-accounting enables malicious actors to exploit welcome bonuses, circumvent bans, and disrupt fair play. Fraudsters often employ sophisticated techniques such as bots and fake identity documents to bypass weak authentication systems. Regions like Western and Central Asia, where promotional offers are highly popular, have seen a noticeable decline in legitimate sign-ups due to the rampant abuse of such systems.

7bet’s Commitment to a Secure Gaming Environment

As a leading name in the iGaming industry, 7bet provides an innovative platform designed for sports betting enthusiasts and online gaming aficionados. However, operating in a high-risk environment poses unique challenges. The platform faced issues such as suspicious registrations, users attempting to bypass KYC checks with fraudulent documents, and automated bot attacks.

To address these challenges, 7bet sought a robust and automated solution capable of detecting and preventing fraudulent activities. This led to their collaboration with iDenfy, whose advanced KYC tools provide scalable and efficient fraud prevention mechanisms.

How iDenfy’s KYC Solutions Transform Player Onboarding

iDenfy’s identity verification software leverages advanced technology to streamline the onboarding process while ensuring compliance with global regulations. Here are the key features that make iDenfy’s solution a game-changer for 7bet:

Comprehensive Document Verification

iDenfy’s system can recognize, verify, and extract data from over 3,000 identity documents across 200 countries and territories. This ensures that users from diverse regions can be onboarded seamlessly while adhering to international compliance standards.

Biometric Authentication

The platform employs advanced biometric algorithms, including facial recognition and 3D liveness detection, to verify user identities. These technologies prevent fraudulent attempts, such as using fake images or 3D masks, providing a secure authentication process.

Passive Liveness Checks

iDenfy’s passive liveness checks enhance the user experience by eliminating the need for additional actions, such as head movements during verification. This frictionless approach reduces onboarding time while ensuring security. It also helps identify underage users attempting to bypass KYC requirements, maintaining a transparent and fair gaming environment.

24/7 Oversight and Error Reduction

With round-the-clock expert oversight, iDenfy’s system minimizes errors and ensures accurate verification. This reduces the reliance on manual reviews, making the onboarding process faster and more efficient.

Enhancing Security and Trust in iGaming

By integrating iDenfy’s technology, 7bet has successfully addressed key pain points in their onboarding process. The advanced KYC tools enable the platform to:

• Detect and block duplicate accounts and fraudulent users.
• Prevent promo abuse and ensure fair play.
• Comply with regulatory requirements effortlessly.
• Improve user experience by reducing friction during the onboarding process.

Testimonials: A Partnership Built on Innovation

Justinas Bakšys, COO of 7bet, emphasized the transformative impact of iDenfy’s solutions: “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.”

Domantas Ciulde, CEO of iDenfy, echoed these sentiments, stating: “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.”

The Future of Fraud Prevention in iGaming

As fraudulent activities continue to evolve, iDenfy’s partnership with 7bet sets a precedent for the industry. The implementation of AI-powered KYC tools demonstrates how technology can address complex challenges, ensuring a secure and engaging environment for players.

Looking ahead, the iGaming sector must remain vigilant, investing in innovative solutions to stay ahead of emerging threats. By prioritizing security and compliance, platforms like 7bet can maintain their reputation and foster trust among users.

Conclusion

The collaboration between iDenfy and 7bet exemplifies how innovative technology can address critical challenges in the iGaming sector. By leveraging AI-powered KYC tools, 7bet has successfully enhanced its onboarding process, minimized fraud, and maintained compliance with global regulations. This partnership not only sets a benchmark for fraud prevention but also underscores the importance of secure, user-friendly solutions in fostering trust and transparency in the industry. As the iGaming sector continues to grow, such advancements will play a pivotal role in shaping a secure and sustainable future.

FAQs

What is iDenfy?
iDenfy is a Lithuania-based RegTech company specializing in AI-powered identity verification and fraud prevention solutions for various industries.

How does iDenfy’s KYC software work?
The software uses advanced technologies such as biometric authentication, 3D liveness detection, and document verification to ensure secure and compliant user onboarding.

What challenges does 7bet face in the iGaming industry?
7bet faces challenges like multi-accounting, promo abuse, and fraudulent registrations, which impact security and compliance.

How does iDenfy’s solution benefit 7bet?
The solution helps 7bet detect and prevent fraud, streamline onboarding, and ensure regulatory compliance while enhancing the user experience.

What is passive liveness detection?
Passive liveness detection is a technology that verifies a user’s identity without requiring additional actions, such as head movements, ensuring a seamless and secure process.

Why is multi-accounting a significant issue in iGaming?
Multi-accounting allows fraudsters to exploit bonuses, circumvent bans, and disrupt fair play, leading to financial losses for platforms.

How does iDenfy’s technology detect fraudulent users?
The technology employs AI, biometric algorithms, and document verification to identify duplicate accounts, fake identities, and other fraudulent activities.

What are the global compliance capabilities of iDenfy?
iDenfy’s software supports over 3,000 identity documents across 200 countries, ensuring adherence to international regulations.

How does iDenfy’s KYC software enhance user experience?
By reducing friction during onboarding with features like passive liveness detection and automated verification, iDenfy improves the user experience while maintaining security.

What role does iDenfy play in combating underage gaming?
iDenfy’s technology detects underage users attempting to bypass KYC checks, ensuring compliance with age restrictions and promoting fair play.