The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    3.129.73.179

    10 Fraud Signals Every Industry Must Monitor

    blog1

    Gone are the days when businesses paid attention to customer verification only. Today, organizations are moving into a more digital landscape and the trend of remote work is rising.his gives an advantage to fraudsters as digital spaces are prone to fraud attacks. According to The Guardian, in 2020 fraud cost £2.3 billion in the United Kingdom.

    Businesses need to stay vigilant about the early signs of potential frauds and make appropriate efforts to eliminate them or minimize their impact. From financial and healthcare to travel and the real estate sector, every business is at the risk of fraud.Here are the ten fraud signals that every industry should monitor. 

    1- Fake or outdated Data

    Giving false or outdated data to a business is an easy task for fraudsters. While onboarding new customers, businesses take their data to keep a record, but at this step, fraudulent players tend to submit  their fake data, which is an early sign of fraud. Such customers are more likely to commit financial frauds later, although giving fake data is itself a fraud. For instance, a customer can give their false address while checking out from an e-commerce store and then claim false chargeback for not receiving the order. 

    blog3

    In this case, the fraudster ends up buying the products without paying, while the e-commerce store itself is highly affected by the chargeback fraud. According to Payments Dive, frauds in the e-commerce industry are expected to surpass USD 20 billion by 2021.

    2- Suspicious Transactions

    Monitoring customer transactions and reporting suspicious transactions is mandatory for financial institutions, Here are the red flags for suspicious transactions:

    • Payments over a specific value
    • Cross-border transactions surpassing a certain limit
    • Unusual amount or timing of deposits and withdrawals or any other financial activity 

    The Bank Secrecy Act of FinCEN requires financial institutions in the US to file a Suspicious Activity Report (SAR) to regulators for doubtful transactions exceeding USD 10,000.  This is a major sign of money laundering, where a person may be working as a money mule for an Ultimate Beneficial Owner (UBO).

    3- Customers from High-Risk Countries

    High-risk countries are those which are categorized by international financial watchdogs like Financial Action Task Force, to  have a high rate of corruption, recurring money laundering issues, and a weak regulatory compliance framework. Customers from these countries try to open accounts in international financial institutions with the intention of laundering money, while the sources of their funds are not legal. Dealing with these customers can also lead to penalties or sanctions by regulatory authorities. 

    4- Multiple Account of One Customer

    This  scam occurs when one customer creates multiple accounts on one platform, be it e-commerce platform, gaming site or online bank. Scammers give the same data to a platform using different IPs or tweak some parts of the data to make it seem legitimate. Here’s how criminals use multiple accounts to their advantage:

    • E-commerce industry faces misuse of promo codes or discount coupons
    • In social media platforms, these are used for spamming or reaching a wider audience 
    • Through multiple bank accounts, criminal can launder their money
    • Fraudsters use numerous accounts in gaming to manipulate the winning results
    blog2

    5- Facial spoof attacks

    Seeing is not believing, well in the online space this fits the best. This is because the person you communicate with on social media might not exist in real life, or their photo may be synthetic. For those who don’t know what facial spoofing is, it is a method in which a cybercriminal disguises themselves as someone else by using a photo, video, a face mask, or some fraudulent  material.

    Spoof attacks have increased in recent years and are mostly used for creating online bank accounts or applying for loans. It can potentially lead to identity theft, account takeovers, money laundering, and other financial crimes.   

    Most of the facial spoof attacks are done through 2D or 3D objects to deceive facial recognition solutions. In 2D masks, fraudsters use a photograph or flat paper, while in a 3D mask, they use a sculpture or 3D print. These masks are also created using robots or 3D printers which are more accurate and dynamic, creating multiple masks at a time.

    Deepfake is another example of a spoof attack where AI technology is used to create realistic videos of the victim.  

    6- Social Engineering

    In social engineering, fraudsters manipulate people into giving their account credentials and other sensitive information. The most common example is a phishing scam where emails are sent claiming to be from a government authority demanding credit card or bank account password. In August 2021, a warning was issued by the Federal Trade Commission about the SMS phishing attacks where scammers impersonate state agencies. 

    Through a brute force attack or gaining account credentials through phishing, bad actors carry out another type of fraud called account takeover. The hijacked account is later used for buying online goods, illegal transfer of funds or claiming discounts.

    7- Card-not-Present

    The fraud in which a perpetrator uses stolen information of a cardholder (name, billing address and CSV Code) to purchase something over an online platform or telephone where the card is not presented to the merchant. 

    8- Replay Attacks

    The form of digital fraud in which the data transmission is delayed, replayed or repeated between a customer-business interaction is known as replay attack. Through this, the scammer steals sensitive information of the customer and business.

    9- Invoices Under Approval Amount

    This fraud is committed by the employees of an organization who have the idea of a dollar threshold and then create a bill just below that. For instance, if your organization approval level is USD 10,000, and you receive a receipt for USD 9,800. 

    10- No Previous Recorded Data

    During onboarding new employees remotely, if a candidate has no previous record with any other organization or educational institute, it is a trigger that this is potentially synthetic data having no link with an authentic person.

    What Shufti Offers

    Shufti offers Know Your Customer services, in which each user’s data is verified by authenticating their identity documents in real-time. The AI-powered solution helps business ensure secure and smooth onboarding of customers, keeping intact with global regulatory requirements, Shufti’s multi-tier identity verification solution secures online accounts from potential digital fraud.

    Want to know more about how Shufti helps in preventing frauds?

    Related Posts

    Blog

    Top 5 Digital Banking Trends to Look Out for in 2022

    2021 was fundamentally geared towards surviving the pandemic and its aftermaths. The pandemic-acc...

    Top 5 Digital Banking Trends to Look Out for in 2022 Explore More

    Blog

    5 reasons why passwords are no more safe – What’s next?

    Online platforms are using passwords to secure the privacy and data of their users – but ar...

    5 reasons why passwords are no more safe – What’s next? Explore More

    Blog

    A Comprehensive Guide to Choosing a Perfect e-KYC Solution for Businesses

    Most of our processes, including financial and business dealings, have now shifted to online plat...

    A Comprehensive Guide to Choosing a Perfect e-KYC Solution for Businesses Explore More

    Anti Money Laundering, Blog, Financial Crime / AML, Identity & KYC

    Winter is Coming: With a Storm of KYC and AML Regulations

    The ever-evolving regulations are creating challenges and complexities for the financial institut...

    Winter is Coming: With a Storm of KYC and AML Regulations Explore More

    Blog

    Age Verification Service – How Businesses can Identify Underage Visitors in Real Time?

    When it comes online retail, one has to know that in such an age of fast-moving technology and in...

    Age Verification Service – How Businesses can Identify Underage Visitors in Real Time? Explore More

    Blog

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks?

    The eCommerce industry continues to grow rapidly, so are fraudulent activities. According to Stat...

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks? Explore More

    Blog

    The Complete Guide | Identifying Fake Documents

    Many application processes have become easier and faster due to digital transformation. This is b...

    The Complete Guide | Identifying Fake Documents Explore More

    Blog

    The Dark Side of Digital Wallets and the Role of Crypto Monitoring

    Cybercriminals have recently exhibited a keen interest in crypto theft, in some circumstances goi...

    The Dark Side of Digital Wallets and the Role of Crypto Monitoring Explore More

    Blog, Financial Crime / AML

    FSA demands greater AML Compliance from Japanese Crypto Exchanges

    In a recent move, Financial Services Agency (FSA), the Japanese Financial regulator, has demanded...

    FSA demands greater AML Compliance from Japanese Crypto Exchanges Explore More

    Blog

    Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification

    Along with the rise in virtual and remote work, the number of cases of recruitment fraud is incre...

    Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification Explore More

    Blog

    Language Barrier? Challenge Accepted!

    Language Barrier? Challenge Accepted! Explore More

    Blog

    5 Key Questions about Facial Recognition Answered by Experts

    Technology has definitely made life convenient but comes with a gazillion concerns from anyone wh...

    5 Key Questions about Facial Recognition Answered by Experts Explore More

    Blog

    Avoid Non-Compliance Fines with AML Transaction Monitoring

    Cybercriminals in the realm of fraud and financial crime are constantly revising exploitation met...

    Avoid Non-Compliance Fines with AML Transaction Monitoring Explore More

    Blog

    AML Compliance in the Insurance Sector – Red Flags to Look Out For

    The insurance sector commonly faces criminal activities like money laundering and terrorist finan...

    AML Compliance in the Insurance Sector – Red Flags to Look Out For Explore More

    Blog

    5 Industry Leaders Shared Their Insights on the Future of Biometrics

    Modern technology has brought several conveniences to life. From the ease of working at home to s...

    5 Industry Leaders Shared Their Insights on the Future of Biometrics Explore More

    Blog

    Antiquities Market – A Conduit of Money Laundering and Terror Financing

    Money laundering and terror financing through art and antiquities has been a concern of regulator...

    Antiquities Market – A Conduit of Money Laundering and Terror Financing Explore More

    Blog

    Biometric Authentication – A Solution Against Fraud Detection

    Biometrics technology is the way forward for identity verification services as they allow for qui...

    Biometric Authentication – A Solution Against Fraud Detection Explore More

    Anti Money Laundering, Blog, Business Technology, Financial Crime / AML, Identity & KYC

    Global Economies are joining forces with FATF against money laundering

    Financial Action Task Force (FATF) has been very keen on eliminating financial crime (money laund...

    Global Economies are joining forces with FATF against money laundering Explore More

    Blog

    10 Reasons Why Businesses Should Choose Shufti

    Started in 2017, Shufti Ltd. has attained a lot of success. Within three years, we have onboa...

    10 Reasons Why Businesses Should Choose Shufti Explore More

    Blog, Online Marketplace

    How AI is Transforming Fraud Prevention in the Healthcare Industry

    KYC For HealthCare: Fraud is so common that there is hardly any industry that hasn’t had to bear ...

    How AI is Transforming Fraud Prevention in the Healthcare Industry Explore More

    Blog

    Addressing the Challenge of Money Laundering Risks for Payment Service Providers (PSPs)

    During the last few decades, the financial industry has altogether revolutionized, and digital tr...

    Addressing the Challenge of Money Laundering Risks for Payment Service Providers (PSPs) Explore More

    Blog, Financial Crime / AML

    South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance

    South Korea is soon going to adopt regulatory measures to bring in crypto exchanges under regulat...

    South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance Explore More

    Blog

    2 Factor Authentication: Businesses’ Secret Weapon Against Cybercriminals

    Passwords continue to be a low-hanging fruit for cybercriminals.  Approximately 15 million record...

    2 Factor Authentication: Businesses’ Secret Weapon Against Cybercriminals Explore More

    Blog

    International Tax Body to curb Cryptocurrency based Tax Evasion

    Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the U...

    International Tax Body to curb Cryptocurrency based Tax Evasion Explore More

    Blog

    Securing The Digital Landscape with Electronic Identity Verification Services

    With a surge in identity document forgery, the likelihood of onboarding a criminal has grown subs...

    Securing The Digital Landscape with Electronic Identity Verification Services Explore More

    Blog

    From Fraudsters to Artists – The Dire Need of AML Compliance for NFTs

    Over the past few years, NFTs or Non-Fungible Tokens have become popular in the crypto sector. Ac...

    From Fraudsters to Artists – The Dire Need of AML Compliance for NFTs Explore More

    Biometric Technology, Blog

    Biometric Authentication: Applications and Constraints

    Biometric authentication is considered as an advanced way of ensuring Know Your Customer (KYC). T...

    Biometric Authentication: Applications and Constraints Explore More

    Blog

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions

    On September 23rd, the 2021 UK NRA (National Risk Assessment) was published as part of the govern...

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions Explore More

    Blog

    Anti-Smurfing Solutions | Safeguard Your Business Against Money Laundering Risks

    Businesses are under constant threat of financial damage. This is primarily because cybercriminal...

    Anti-Smurfing Solutions | Safeguard Your Business Against Money Laundering Risks Explore More

    Blog

    Video KYC in 2024 | A Step Towards Digital Evolution

    The striking surge in theft and fraud through digitisation is a growing concern for many business...

    Video KYC in 2024 | A Step Towards Digital Evolution Explore More

    Blog

    A Go-To Guide to Proof of Address Verification in 2024

    Customer identity verification is significant in today’s digital world – from buying produc...

    A Go-To Guide to Proof of Address Verification in 2024 Explore More

    Blog, Online Marketplace

    How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace?

    The affliction of cybercrimes and online frauds has reached such high proportions that the cost o...

    How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace? Explore More

    Blog

    Online Identity Verification – How to Secure Online Gaming & Gambling Platforms

    Online gambling is the way to go for betting enthusiasts nowadays and brings both convenience and...

    Online Identity Verification – How to Secure Online Gaming & Gambling Platforms Explore More

    Blog

    May 2023 Recap: Major Security Breaches and Penalties

    May 2023 witnessed several security breaches wreaking havoc on the digital landscape. High-profil...

    May 2023 Recap: Major Security Breaches and Penalties Explore More

    Blog

    UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021

    A dramatic increase in Anti-Money Laundering (AML) fines was seen in 2021 as financial watchdogs ...

    UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021 Explore More

    Blog

    Shufti Celebrates 5 Years of Innovation in the IDV Industry

    October 2022 marks Shufti’s 5th anniversary – five successful years of building trust globall...

    Shufti Celebrates 5 Years of Innovation in the IDV Industry Explore More

    Blog

    Shahid Hanif’s Take on Shufti’s Five-Year Journey of Winning the Fight Against Fraud

    The financial sector constantly faces new and emerging challenges in fighting sophisticated fraud...

    Shahid Hanif’s Take on Shufti’s Five-Year Journey of Winning the Fight Against Fraud Explore More

    Blog

    Leveraging Age Assurance for Data Privacy and User Protection

    Online age verification has gained great attention in recent years since many minors have been se...

    Leveraging Age Assurance for Data Privacy and User Protection Explore More

    Anti Money Laundering, Blog, Reg Tech

    RegTech facilitates effortless AML Compliance

      The latest report by Research and Markets states that RegTech industry is expected to grow...

    RegTech facilitates effortless AML Compliance Explore More

    Blog

    Implementation of AML compliance – Challenges and fundamentals

    With the advancement in security controls, financial businesses are becoming fraud and stress-fre...

    Implementation of AML compliance – Challenges and fundamentals Explore More

    Blog, Fraud Prevention

    ID Verification Trends to Curb Online Frauds

    Automated Identity Verification Can Play a Significant Role in Fraud Management Fraud management ...

    ID Verification Trends to Curb Online Frauds Explore More

    Blog

    The Most Common Use Cases of Identity Document Verification

    As data breaches and other crimes increase, regulators must impose strict rules that corporations...

    The Most Common Use Cases of Identity Document Verification Explore More

    Blog

    Online Age Verification Service: Children’s Digital Privacy amid COVID-19

    The meteoric rise in the adoption of digital technology has influenced every phase of modern huma...

    Online Age Verification Service: Children’s Digital Privacy amid COVID-19 Explore More

    Blog

    Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction

    There is a surging demand for swift and remote identity verification methods in our digital world...

    Optical Character Recognition (OCR) | Pushing the Boundaries of Data Extraction Explore More

    Blog

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman

    About Lisa Kleinman Dr. Lisa Kleinman, Ph.D. is a UX leader, researcher and design strategist who...

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman Explore More

    Blog

    NFC Verification – Making Digital Payments Mainstream from Alternative

    With time, payment methods have evolved from coins to paper-based money, then plastic, and now sm...

    NFC Verification – Making Digital Payments Mainstream from Alternative Explore More

    Blog

    A guide to choosing the right ‘Digital Identity Verification Solution’

    Living in the digital era, everything is now just a click away. From customer onboarding to onlin...

    A guide to choosing the right ‘Digital Identity Verification Solution’ Explore More

    Blog

    KYC Verification – The Significance of Identity Verification in the Telecom Industry

    Increasing smartphone usage throughout the world has accounted for large amounts of data being sh...

    KYC Verification – The Significance of Identity Verification in the Telecom Industry Explore More

    Blog, Fraud Prevention

    Data Breaches in 2019 – A Year in Review

    Stepping into 2020, the year 2019 has been on the rollercoaster in terms of security breaches. Da...

    Data Breaches in 2019 – A Year in Review Explore More

    Blog

    Combating 8 Prevalent Biometric Fraud Through a Single AI Solution

    Considering how criminals are attempting new strategies to “steal a face”, companies are no longe...

    Combating 8 Prevalent Biometric Fraud Through a Single AI Solution Explore More

    Blog

    The Role of Digital Identity in Business-Customer Relationship

    Dealing with any business online have you ever wondered where this relationship would go? We all ...

    The Role of Digital Identity in Business-Customer Relationship Explore More

    Blog

    Biometric Identification revolutionizing the world in 2020

    Every day we come face to face with new technology innovations that leave us awestruck. From the ...

    Biometric Identification revolutionizing the world in 2020 Explore More

    Blog

    What is an OCR Screening and How Does it Work?

    In our digital environment, where automated technology has already taken over corporate processes...

    What is an OCR Screening and How Does it Work? Explore More

    Blog, Financial Crime / AML

    Impact of Bitcoin Addresses’ Sanctions on IDV Providers

    The technology enhancement is being done at an exponential rate around the world. As the tech kee...

    Impact of Bitcoin Addresses’ Sanctions on IDV Providers Explore More

    Blog

    Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry

    With global stock markets skyrocketing, the wealth, asset and investment sector is under growing ...

    Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry Explore More

    Blog

    Estonia’s AML Act Amendments – Securing Virtual Currencies in 2022

    Estonia’s financial institutions are developed and ensure transparency as its laws are well-defin...

    Estonia’s AML Act Amendments – Securing Virtual Currencies in 2022 Explore More

    Blog

    AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering

    Recent inquiries and cases against major Australian casinos have raised questions about the measu...

    AML/CFT Compliance – Why Australia is a Safe Haven for Money Laundering Explore More

    Blog

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help

    Whether you’re an e-commerce store that needs to verify delivery addresses or a bank that has to ...

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help Explore More

    Blog

    Know Your Donor (KYD) for NPOs – Red Flags that Charities Need to Consider

    Like every other sector, non-profit organizations and charities are also vulnerable to financial ...

    Know Your Donor (KYD) for NPOs – Red Flags that Charities Need to Consider Explore More

    Blog

    Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification

    In today’s digital age, businesses must have a robust identity verification system in place...

    Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification Explore More

    Blog

    3 ways to protect your organizations from coronavirus cyber security threat

      Due to the spread of the coronavirus, the world adapts to new ways of working. Cyber criminals ...

    3 ways to protect your organizations from coronavirus cyber security threat Explore More

    Blog

    KYC, KYB & KYT Tying the Loops for Identity Verification

    Digital fraudulent activities are rising with every passing day, businesses are adopting reactive...

    KYC, KYB & KYT Tying the Loops for Identity Verification Explore More

    Blog

    Business Verification: A new line of Defense against Fraudsters

    With the ever-increasing complexities of anti-money laundering (AML) and counter-terrorism financ...

    Business Verification: A new line of Defense against Fraudsters Explore More

    Blog, Fraud Prevention

    Identity Theft Frauds – How can you stay a step ahead?

    Identity theft is ‘a hot potato’ these days. Every day we come across news of online fraud that h...

    Identity Theft Frauds – How can you stay a step ahead? Explore More

    Blog, Business Technology, Fraud Prevention, Identity & KYC

    Face Verification – One Solution for Several Identity Frauds

    Biometrics is the technology that verifies the unique personality traits of a person to identify ...

    Face Verification –  One Solution for Several Identity Frauds Explore More

    Blog

    Dirty Funds & Tax Evasion – Can the Crypto Sector Be Safeguarded?

    2021 has turned out to be another eventful year for the cryptocurrency sector. In just a span of ...

    Dirty Funds & Tax Evasion – Can the Crypto Sector Be Safeguarded? Explore More

    Blog, Online Marketplace

    The Importance of Know Your Customer for Crowd Funding and ID Verification Service

    In today’s world where most business and financial transactions are taking place online, the impo...

    The Importance of Know Your Customer for Crowd Funding and ID Verification Service Explore More

    Blog

    Ensuring KYC/AML Compliance In Cryptocurrency Firms – The Role of Shufti

    With emerging technologies in the financial industry, cryptocurrency is picking up the pace, and ...

    Ensuring KYC/AML Compliance In Cryptocurrency Firms – The Role of Shufti Explore More

    Blog

    The Complete Guide | Transaction Monitoring for Financial Institutions

    With technological advancement, financial criminals have also been given a wider range of tools a...

    The Complete  Guide | Transaction Monitoring for Financial Institutions Explore More

    Blog

    Biometric Authentication: The Importance, Use Cases & Myths

    Today’s business owners rank security among the highest priorities. As hackers continue to ...

    Biometric Authentication: The Importance, Use Cases & Myths Explore More

    Blog

    Establishing a KYC/AML Compliance Regime for the FinTech Sector

    Today, more than 60% of the financial institutions in the market consider Fintech startups to be ...

    Establishing a KYC/AML Compliance Regime for the FinTech Sector Explore More

    Blog

    KYC/AML Compliance – A Safeguard Against Money Laundering in the NFT Market

    The instability in the non-fungible token (NFT) sector can be seen in the record sales of $25 bil...

    KYC/AML Compliance – A Safeguard Against Money Laundering in the NFT Market Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started