Veriff, a global identity verification provider is partnering with Joompay, a social finance app enabling money transfers in Europe. The Joompay app allows people to send and receive money from anyone in an easy and fun way. The app makes opening an account in Europe more straightforward and safer than ever, and with this partnership, Veriff adds an extra layer of safety and security.

Veriff verifies the identity of Joompay users to help the company meet the KYC and AML requirements, while also preventing identity fraud. As a result of COVID-19 pandemic, cash usage has decreased significantly across the globe while the demands for digital banking are higher than ever. People cannot meet in person – at the bank or to exchange cash – as easily as they once could and need alternative ways to send and receive money safely. To meet this growing demand from consumers, Joompay’s P2P payments model provides users with the ability to make simple, fast, and secure transactions across Europe.

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We are glad to provide a reliable and secure identity verification service to prevent online identity fraud as Joompay’s customer base continues to grow around the world”

— Janer Gorohhov

According to Janer Gorohhov, Veriff co-founder and CPO, as businesses move online, people also expect their services to be frictionless, intuitive, and fast. “Innovative fintech companies like Joompay make financial services easily accessible to more people online and provide the great user experience we’ve all come to expect from digital brands . We are glad to provide a reliable and secure identity verification service to prevent online identity fraud as Joompay’s customer base continues to grow around the world.”

“Veriff provides a critical component as we look to instill trust among our customers so they can send and receive money with confidence,” Yuri Alekseev, CEO and co-founder of Joompay said in a statement. “Veriff’s commitment to providing the highest quality identity verification solution gave us great trust in partnering with them.”

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Joompay app users can make transactions, regardless of whether the transfer recipient is Joompay users or not — you only need to know their email or phone number. Joompay connects to any existing debit, credit card, or bank account. Recently Joompay announced its attainment of Visa Principal Member Status, driving the rollout of its new cards across Europe.

With accelerated digitalization, online identity fraud has become a more serious concern for many people and businesses. Meeting KYC and AML requirements do not prevent identity fraud or protect companies from fraudsters. According to Veriff’s recent Fraud Report, the most prevalent type of fraud in fintech is identity fraud where fraudsters try and take the identity of another person. The highest fraud rates in the fintech sector are seen in Europe with Romania taking the lead, followed by the United Kingdom and Spain.