FinTech BENEFIT launches IDV feature to enhance security

By Delisha Fernandes

BENEFIT, a FinTech and electronic financial transactions service provider, has announced the launch of its new Identity Verification (IDV) feature for BenefitPay.

This technology represents a significant advancement in security protocols, empowering BenefitPay users with enhanced protection and ensuring a frictionless payment journey.

The IDV feature brings substantial advantages for both BENEFIT and its users by employing a robust two-step authentication process to validate the authenticity of BenefitPay users. This process entails cross-referencing government-issued identification documents with a live selfie captured by the user’s device. Moreover, there are no additional charges for utilizing IDV, ensuring seamless security without any extra financial burden for users.

By verifying user documentation through cross-referencing, IDV serves as a formidable barrier against fraud, effectively preventing unauthorized access to BenefitPay accounts and safeguarding sensitive financial data. This two-step verification process not only confirms the identity of the account holder but also fortifies security by preventing unauthorized individuals from accessing BenefitPay accounts, even if they possess login credentials.

Ahmed AlMahri, Assistant General Manager – Business Development & Services – BENEFIT, said, “At BENEFIT, the security and trust of our customers are of utmost importance to us. The introduction of IDV for BenefitPay underscores this dedication. In the unfortunate event of a scammer acquiring a user’s one-time password (OTP), the IDV feature acts as an extra layer of authentication. This resilient defence mechanism plays a crucial role in deterring and preventing unauthorized access to user wallets, thereby securing their financial information. This innovative feature adds a powerful layer of protection to user accounts and financial information, empowering them to navigate their payment journeys with complete confidence.”