california

California’s EDD is Falling Behind in Legitimate Unemployment Claims

According to a report by Calmatters, California’s Employment Development Department is lacking behind in finding legitimate claims for unemployment benefits. They claim that EDD has not played a real role than just thousands of bureaucrats giving out insurance benefits which itself has turned out to be a disaster due to the massive fraudulent activities.

According to a deep analysis of the fraud scandal by the LA Times, “EDD had failed to adopt precautions implemented in other states, including using sophisticated software to identify suspect applications, keeping Social Security Numbers out of official mail and cross-checking benefit claims against personal data on state prison inmates.”

This fraud scandal is extremely embarrassing for the Governor of California as the agency was already in a lot of trouble for failing to operate timely regarding the payments to thousands of legitimate claimants and is still struggling with a huge backlog of claims that are yet to be processed. EDD’s director Sharon Hilliard has been replaced by Rita Saenz.

EDD has halted the payments to stop the fraud that broke out as the result of Congress putting billions of dollars into the system of unemployment insurance for those affected by the COVID-19 pandemic. 

The agency tweeted on Sunday, “As part of ongoing efforts to fight fraud, EDD has suspended payment on claims considered high risk and is informing those affected that their identity will need to be verified starting this week before payments can resume.”

Previously, state Auditor, Elaine Howle, has warned that EDD is exposing the people to the threat of identity theft by placing the SSN number in the mail. However, EDD has ignored all the warnings. In 2020, the state paid up to $100 billion in benefits resulting in more than $20 billion in unemployment funds. EDD projects can end in a negative balance of $50 billion in 2021. The state took years to repay its debt of $10 billion and now it might face a debt of $50 billion. 

fincen

FinCEN Implements Stringent KYC Regulations For Digital Wallet

The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital assets. These regulations are to be strict measures against money laundering and financial crimes. 

FinCEN is developing a post of policy advisor to oversee the implementation of KYC to the digital wallet. The Strategic Policy Officer will have to provide FinCEN with expert advice for virtual currency, cryptocurrency, and rising illegal financial risks and will help FinCEN to develop policies in making the virtual asset more secure. This officer will also assist the stakeholders and provide them guidance regarding the digital currency industry. 

FinCEN has proposed new rules that obligate banks and money service businesses to perform identity verification, keep records, keep reports on the transactions made over 3,000 USD related to digital wallets that are non-hosted. The proposal suggests that service providers must report the name and addresses of all their clients. They should also report the type of virtual currency, its amount, and the legal tender status of the digital assets used in the transaction. Time of the transactions, the value of the transaction in the USD, the name, and address of each party involved in the transaction. Every other information that identifies the transaction, account, the user, and all the parties involved must be provided as well. Forms and registrations regarding the transactions must be signed by the customer. 

The United States Treasury Secretary Steve Mnuchin said, “This rule addresses substantial national security concerns in the CVC market, and aims to close the gaps that malign actors seek to exploit in the recordkeeping and reporting regime.”

This has become one of the most regulatory friendly blockchain projects. BSV wallers are verifying their user’s identities and eliminating the increase in frauds in the digital currency industry. 

shuftipro remote working

Shufti Pro Makes the Remote Working Option Permanent

London UK-  Shufti Pro, an AI-powered identity verification service provider is opening up the option for working-from-home permanently. 

Shufti Pro is one of the leading companies to assist various global business organizations with their KYC and AML regulatory needs. In three years’ time, the company has grown around the world, operating from London, Sweden, Dubai, and Cyprus. Now the employees from all four offices will have the remote working option if they prefer to work from the safety of their homes. 

Shufti Pro moved to remote working amidst the COVID-19 pandemic for the safety of their employees. However, after analyzing the higher productivity level of its employees, the company has opened up the option for remote working permanently.

The company conducted a survey amongst the employees after shifting to remote working and it was discovered that the majority of the employees were in favor of the work-from-home option. 

Earlier this year, CEO of Shufti Pro Victor Fredung expressed his views about a remote working option to Forbes, “the company will therefore stagger teams returning to the office and incorporate work from home policies into normal routines so the company is well prepared for future emergencies.”

The company said that some employees might be required to visit the office locations based on their work requirements. However, they too will have the option to work-from-home on a part-time basis depending on the tasks. Other employees will be allowed to work from home permanently and only visit the office on a special requirement basis. 

Even during the pandemic, if some employees have to visit the office for important work-related tasks, they will be catered to regarding the COVID-19 SOPs and social distancing protocols. The company is always devoted to working towards the safety of its employees and work-from-home not only improves the productivity of the employees but also helps them with their mental health. 

CTO of Shufti Pro Shahid Hanif speaks about this, “Working from home and surrounded by their families gives the employees a more sense of certainty especially in these uncertain times. They feel more secure when they are able to take care of their families and spend time with them.”

Contact sales to onboard now, sales@shuftipro.com

transigio company

Import Financing Company Transigo Joins Hands with Shufti Pro to Verify its Clients

London, (May 2020), Transigo, an import financing company that provides a unique payment mechanism for U.S. importers, will now be using Shufti Pro to enhance its client onboarding process. Shufti Pro will empower Transigo by providing it with its document verification, biometric authentication, and two-factor authentication services.

Shufti Pro is an AI-based identity verification service that helps businesses screen the identity of their customers from any corner of the world. Its KYC screening solutions can verify the identity of a person within seconds, while its KYB screening solution can instantly provide detailed insights on businesses ranging from identification and filings to financial statements. 

These solutions help businesses practice effective fraud prevention and create a seamless user onboarding experience—businesses no longer need to bear the  KYC/AML compliance burden themselves. Now, with Shufti Pro at its side, Transigo will be able to manage its fraud risk by screening the identities of its importer clients.

Transigo provides a novel payment mechanism to U.S importers which source from China, allowing them favourable payment terms of up to 120 credit days. Its business model thus requires that before offering its clients such attractive payment terms, they are thoroughly screened to minimize fraud risks such as importer and identity fraud, which can lead to defaults. Strict fraud prevention protocols are necessary, especially with fraud continuing to be a prevalent risk in the trade and financial industries. 

To that end, Transigo was searching for a reliable and efficient KYC screening partner that could ensure accurate client information and—given its cross-border nature—assist with regulatory compliance. It found the right partner in Shufti Pro.

Transigo chose Shufti Pro because of the speed, accuracy, and cost-effectiveness of its services. Transigo’s plan with Shufti Pro comprises facial and document verification as well as two-factor authentication. With these verifications in place, Transigo will now be able to protect itself by performing strict security screening on its clients without compromising on delivering a seamless onboarding experience.

Expressing his confidence towards this new partnership, Nir Tal, CEO of Transigo, said: 

“As a fast-paced import financing company that provides unparalleled credit terms to importers, we needed a seamless and foolproof KYC method to verify the identity of our clients. With Shufti Pro, we got all that plus excellent customer service—the cherry on top.” 

Shufti Pro is also excited to onboard more diverse clientele. Victor Fredung, CEO of Shufti Pro, said:

“We at Shufti Pro are very happy to onboard yet another great customer. We aim to maintain this partnership for the long term by always providing them with the highest quality of services. Working with diverse businesses such as Transigo is always a great experience and shows just how adaptable our solutions are to a variety of industries.”

About Transigo

Transigo is an innovative import financing company that has developed a unique payment mechanism that allows U.S. businesses importing from China and Hong Kong to import now and pay later. Clients make one easy lump sum repayment after as long as 120 credit days, with zero impact on their credit score. 

About Shufti Pro

Shufti Pro is an identity verification service provider that offers KYC and AML solutions to worldwide clients. Using a hybrid approach of AI and HI technology, Shufti Pro delivers results within 30 seconds with accuracy as high as 98.67%. Having verified users in over 232 countries, Shufti Pro is a pioneer in IDV services and covers a large number of countries.

Contact sales@shuftipro.com to get on board!

 

 

 

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Import Financing Company Transigo Joins Hands with Shufti Pro to Verify its Clients