The Everset, a New York City-based furniture platform offering furniture rentals and designer-curated furniture packages, has partnered with iDenfy to provide a frictionless onboarding experience for its customers.
iDenfy is a global RegTech startup offering AI-based identity verification and fraud prevention tools. It will be responsible for verifying and onboarding new customers while helping keep their Know Your Customer (KYC) data safe.
The Everset required the capability to verify customer IDs for new orders and store this data. This served as a preventive measure against individuals attempting to manipulate the credit reporting/collections system in the US. The Everset team believed that by mandating the verification of government-issued ID documents during delivery and making customers aware of their stored date of birth (DOB), they could effectively eliminate or significantly decrease such problematic activities.
The Everset aims to fundamentally change what the moving process entails for everyone. Rather than being immersed in the complexities of moving and the decision-making involved in selecting which furniture items to sell, the company assists customers in reducing furniture waste.
When dealing with individuals engaging in malicious activities, the Everset did not store records of government-issued identification. From the time the furniture rental platform was introduced to the general public, the Everset’s team reported that approximately 13% of active accounts were categorized as NPNR (Non-Paying, Non-Returning). Each of these accounts resulted in an average cost to the company of several thousand dollars.
Conventional face-to-face meetings, and the practice of storing customer data through physical paper documents were not suitable choices for The Everset. The company searched the market for a digital, automated, and cost-efficient solution to address security concerns and streamline the process of verifying customer information. The company’s aim was to build a new, fully-automated customer onboarding process that would minimize fraudulent accounts and prevent them from registering on its platform.
It decided to implement iDenfy’s identity verification software as a solution. The Everset partnered with iDenfy due to its solution’s accuracy, easy integration, and, more importantly, ability to prevent fraudulent attempts to buy The Everset’s furniture rental services. Moving forward, iDenfy aims to minimize the Everset's loss of projected recurring revenue. This will be achieved by gathering and securely maintaining customer data in accordance with KYC regulations. Additionally, iDenfy will ensure the verification of each customer during the new account creation process.
iDenfy’s algorithm analyzes different points of the user’s face in real-time, creating a biometric face map that detects deepfakes, altered pictures, face masks, and other fraudulent attempts to pass the identity verification process. Based on the customer’s risk profile, iDenfy offers customization options, meaning that The Everset’s team will be able to adjust the level of friction during the KYC flow, while deterring fraudsters with maximum accuracy rates. Furthermore, iDenfy will assist its new partners in securely storing and protecting personal information. This will be done while ensuring that the Everset retains control over the ability to access and modify policies as required.
"Preventing fraud at the first stage of the customer cycle is paramount,” said iDenfy CEO, Domantas Ciulde. “That said, we're thrilled to support the Everset in welcoming new customers with enhanced security through a robust, automated identity verification system.”
