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

    12 Ways Identity Verification Services Helping Online Businesses

    Identity verification services

    The online marketplace has a culminating presence in the business world. Worldwide e-commerce sales are expected to reach an astounding $4.8 trillion by the end of 2021. Additionally, the cumulative number of online shoppers reaching over 2.1 billion. Moreover, recent studies have reported a 277% increase in global e-commerce sales over the past few years. Online merchants must fight to maintain their competitive advantage when stakes are this high. An automated Know Your Customer (KYC) verification solution can enable them to build a seamless experience. Here are 15 ways in which online businesses can enjoy identity verification services.

    Ways in Which it Enhances Security

     

    • Clamping Down the Potential for Fraud

    Online businesses, in particular, are more prone as well as vulnerable to fraud. Cases of identity theft and credit card fraud are common in e-commerce stores. Businesses often receive requests for refunds when a fraudulent transaction made. An identity proofing solution helps in curbing the potential for fraud by verifying users remotely. This results in the reduction of chargebacks and an increase in profits.

     

    • Protect Your Reputation in the Market

    Online stores that are vulnerable to data breaches and has shoddy cybersecurity systems tend to build up a bad reputation in the online market space. Similarly, when a company incurs one too many chargebacks, it tends to lose its goodwill amongst its customers. This can be remedied by implementing an identity authentication method that can verify consumer identities within seconds. By fixing the loopholes in their security structures, businesses can protect their user data as well as protect their reputations in the market and among customers.

     

    • Shield Customers From Inflated Prices

    Online frauds including identity theft and credit card fraud end up increasing chargebacks and fines for businesses. This, in turn, makes a dent in the company’s bottom line and thus forces them to increase their prices to cover these costs. Retailers can protect customers from price increases that are uncalled for. With a sound KYC system in place, businesses can eliminate the threat of fraud in the first place.

     

    • Avoid Costly Lawsuits and Fines

    Frequent cases of credit card fraud and identity theft in a business can lead to questions about its online security. It can, therefore, lead to elaborate lawsuits from victims affected by identity fraud. On top of that, credit card companies also tend to sanction merchants who do not observe better fraud prevention measures. Additionally, there are businesses that offer age sensitive products or services. They are legally bound to verify the age of their users. All these problems can be easily addressed by an identity verification system such as Shufti that offers an AI-based solution for Identity verification services that also include age verification services along with facial recognition and ID authentication.

     

    • Protect Your Customers

    The foremost advantage an identity authentication system presents for businesses is that it enables them to protect their customers from the fallout of fraudulent transactions. Identity fraud can go unnoticed for weeks, even months on end, allowing the perpetrator to accumulate charges on a person’s credit card. Online ID verification instantly detects a fraudulent user and blocks his/her access before they can cause any significant damage.

    How Identity Verification Services Can Improve Sales and Conversions?

     

    • Enhancing the Purchase Process

    Over 13% of online customers abandon their purchases due to poor and lengthy customer verification procedures. A number of online websites have complicated purchase processes that require elaborate information from customers in order for them to proceed with their purchase. Sometimes customers are even asked to enter details more than once, thus increasing their frustration. This eventually leads to higher purchase abandonment levels which ultimately drives down sales. An efficient identity proofing system for customers can make life easier on both sides.

    With a system like Shufti businesses can implement OCR (Optical Character Recognition) to extract data from a user’s documents verifying their identities at the same time. It significantly reduces the time for data entry and allows for increased accuracy, thereby reducing human error. Automated KYC systems have therefore made the purchase process easier for both the customers as well as retailers and has consequently resulted in increased sales.

     

    • Reducing the Cost of Online Fraud

    As the rate of online frauds decreases with a more efficient user verification process, the resultant costs naturally fall. The reduced costs ultimately lead to increased profits creating a win-win situation for online retailers. It also reduces the number of chargebacks and fines for companies, ultimately leading to an increase in their revenues.

     

    • Personalising Offers for Customers

    Once a customer’s details are obtained through a verification system, a company can make use of them to identify returning customers. This also enables marketing teams to personalise products or services for customers and target them in a more efficient manner. This practice can significantly impact customer experience, making them feel more valued, resulting in their prolonged lifetime value.

     

    • Complying With Global Regulations

    One of the biggest incentives for businesses to implement an effective KYC system is to comply with global compliance regulations. Regulatory authorities – both national and international – Identity verification services have been highly active over the past couple of years to curb money laundering activities. In an attempt to make sure that businesses comply with regulatory requirements, authorities have started sanctioning banking institutions. Over the past decade, the financial sector has faced nearly $26 billion in fines.

    KYC services enable businesses to comply with worldwide regulatory requirements effectively by identifying and verifying clients more accurately. Service providers like Shufti also offer AML screening services that allow businesses to screen high-risk individuals through global sanction lists to identify Politically Exposed Persons (PEPs). Online identity verification, therefore, makes complying with global regulations easier for businesses.

     

    • Building Trust Among Customers

    When online businesses take active measures to prevent fraud and comply with legal and ethical obligations, they tend to build trust amongst customers. Merchants that experience little or no cases of credit card fraud tend to have a good reputation amongst customers and end up acquiring customers for life.

     

    • Providing a Seamless Customer Experience

    Another advantage of online identity authentication services is that it reduces a significant amount of hassle for customers. It tends to reduce the time it takes for the customers to enter their details. It further reduces the time it takes them to verify themselves and their credentials through facial recognition and document verification. With verification time reduced to under a minute, customers are able to complete the purchase within minutes. KYC service providers like Shufti are able to provide the sort of seamless experience for businesses and their users that can enable them to reduce cut down their purchase abandonment rates.

     

    • Reduce Errors in Shipping

    Manual data entry methods are prone to errors – both on part of the merchant as well as the customer. With digital identity verification, e-retailers can reduce these errors through a service like instant capture from Shufti. The service uses OCR to extract data from a user’s document in addition to verifying them. This reduces both the time and number of errors for e-commerce retailers.

     

    Try Out Shufti Identity Verification Services 

    Related Posts

    Blog, Online Marketplace

    What do NGOs have to gain from Identity Verification Services?

    Identity Verification services are quickly becoming the cornerstone of NGO-related activities acr...

    What do NGOs have to gain from Identity Verification Services? Explore More

    Blog

    Top 13 Cybersecurity Predictions for 2020

    Cybersecurity threats are ostensibly ubiquitous in this internetworking infrastructure. Internet-...

    Top 13 Cybersecurity Predictions for 2020 Explore More

    Blog

    Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services

    Cryptocurrencies have been around for a decade and investors have found a feasible option for inv...

    Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services Explore More

    Blog

    How to protect your online gaming platform from ID frauds?

    Gone are the days when online gaming was only restricted to LAN parties. With the development of ...

    How to protect your online gaming platform from ID frauds? Explore More

    Blog

    Understanding AML Sanction Lists: Key Global Regimes and their Importance

    Sanction lists are expanding regularly and sanctions imposed by different authorities do not alwa...

    Understanding AML Sanction Lists: Key Global Regimes and their Importance Explore More

    Blog

    A Brief Insight into AML Regulations for the Art Market

    While the banking sector faces increased scrutiny to prevent illicit financial flows, a significa...

    A Brief Insight into AML Regulations for the Art Market Explore More

    Blog, Financial Crime / AML, Reg Tech

    AML Checks: An Emerging Frontier in RegTech Revolution

    The Anti Money Laundering (AML) landscape has been around since the signing of BSA (Bank Secrecy ...

    AML Checks: An Emerging Frontier in RegTech Revolution Explore More

    Blog

    Safeguarding Financial Operations with Transaction Monitoring and AML Screening

    To enhance the power of anti-money laundering regulation, transaction monitoring systems have evo...

    Safeguarding Financial Operations with Transaction Monitoring and AML Screening Explore More

    Blog

    Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks

    Spoofing attacks are not limited to just emails and fake websites. Hackers and cybercriminals hav...

    Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks Explore More

    Blog

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer

    From the world’s glitziest gaming development to betting shops on the high streets, the global ga...

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer Explore More

    Blog

    Money Laundering & Cybercrime on DeFi Platforms – Ensuring KYC/AML Compliance

    As a result of rapid digitization and the emergence of decentralized services, the financial mark...

    Money Laundering & Cybercrime on DeFi Platforms – Ensuring KYC/AML Compliance Explore More

    Blog

    AML Screening – Revealing the True Identities of Ultimate Beneficial Owners in Businesses

    Hiding the Ultimate Beneficial Owners (UBOs) behind a business is never a good sign. However, som...

    AML Screening – Revealing the True Identities of Ultimate Beneficial Owners in Businesses 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

    Periodic to Perpetual KYC — The Changing Landscape in Banks

    The employment of effective Know Your Customer (KYC) procedures has long been a challenge for fin...

    Periodic to Perpetual KYC — The Changing Landscape in Banks 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

    Top 5 Trends for the Government Sector in 2022

    With the emergence of the new variant of COVID-19 “Omicron” in South Africa, it is possible that ...

    Top 5 Trends for the Government Sector in 2022 Explore More

    Blog

    Know Your Patient – Balancing Security, Customer Experience and Compliance in the Healthcare Sector

    As the healthcare industry continues to offer life-critical services while making efforts to impr...

    Know Your Patient – Balancing Security, Customer Experience and Compliance  in the Healthcare Sector Explore More

    Blog

    What to expect from Booming Identity Verification Market in 2020?

    Technologies hatched by fourth industrial revolution such as the Internet of Things (IoT), roboti...

    What to expect from Booming Identity Verification Market in 2020? Explore More

    Blog, Financial Crime / AML

    AMLD5 Amendments in Prepaid Cards Transaction Threshold

    In July 2018, the European Commission came into effect the 5th Anti-Money Laundering Directive (A...

    AMLD5 Amendments in Prepaid Cards Transaction Threshold Explore More

    Blog

    4 Reasons why KYB is Inevitable for your Business

    When it comes to corporate collaborations, Know Your Business (KYB) is the ultimate source of sec...

    4 Reasons why KYB is Inevitable for your Business Explore More

    Blog

    August 2023 Recap: Major Violations and How AML Screening Can Help

    With technological advancement, scammers are revising their strategies to bypass verification sol...

    August 2023 Recap: Major Violations and How AML Screening Can Help Explore More

    Blog, Financial Crime / AML, Identity & KYC

    5AMLD: Implications for Cryptocurrency

    What is 5AMLD? As part of the Action Plan against terrorism, the 5th Anti-Money Laundering Direct...

    5AMLD: Implications for Cryptocurrency Explore More

    Blog

    5 Tech Upgrades That Can Revamp Your Customer Onboarding Process

    When businesses brainstorm ways to scale, they generally think about focusing more on sales. Howe...

    5 Tech Upgrades That Can Revamp Your Customer Onboarding Process Explore More

    Blog, Online Marketplace

    How API-based Technologies Can Transform the Future of Online Marketplace

    API Based Technologies: Application Programming Interfaces (APIs) are giving advanced ways of dig...

    How API-based Technologies Can Transform the Future of Online Marketplace Explore More

    Blog

    CCPA Compliance Checklist – Is your business ready?

    With the world moving towards digitization, organizations have a customer base from all around th...

    CCPA Compliance Checklist – Is your business ready? Explore More

    Blog

    The Future Of the Financial Sector in the Gulf Region

    Digital transformation, that has undoubtedly disrupted numerous industries worldwide, has reached...

    The Future Of the Financial Sector in the Gulf Region Explore More

    Anti Money Laundering, Blog, Financial Crime / AML, Reg Tech

    EU’s Sixth Anti-Money Laundering Directive (AMLD6)

    Summary: Sixth Anti-Money Laundering Directive (AMLD6) highlights a stringent framework to combat...

    EU’s Sixth Anti-Money Laundering Directive (AMLD6) Explore More

    Blog

    Anti-Money Laundering Compliance for Crypto Exchanges [2021 Update]

    Anti-Money Laundering compliance solutions are gaining popularity in all corners of the world. Un...

    Anti-Money Laundering Compliance for Crypto Exchanges [2021 Update] Explore More

    Blog, Online Marketplace

    Why Millennials don’t care about Conventional Banking Services?

    Millennials are different from the baby boomer generation. They earn less than what the previous ...

    Why Millennials don’t care about Conventional Banking Services? Explore More

    Blog

    Know Your Players: Why KYC is Necessary for Gaming and Gambling

    The post-COVID-19 era has witnessed a remarkable surge in the e-sports and gaming sectors. This t...

    Know Your Players: Why KYC is Necessary for Gaming and Gambling Explore More

    Blog, Identity & KYC

    4 Know Your Customer (KYC) Strategies to adopt in 2019

    Digital fraud haunted the cyberspace in 2018 with the majority of online frauds originating from ...

    4 Know Your Customer (KYC) Strategies to adopt in 2019 Explore More

    Blog

    Top 5 Ways to Improve Transaction Monitoring in Fintech

    Fintech is a fast-growing sector that combines finance and technology to assist businesses and cu...

    Top 5 Ways to Improve Transaction Monitoring in Fintech Explore More

    Blog

    4 Ways How Technology Can Simplify KYC and AML Workflow Management

    While the terms AML and KYC are used interchangeably, there is a huge difference between the two....

    4 Ways How Technology Can Simplify KYC and AML Workflow Management Explore More

    Blog

    An Insight into the US Regulations for the Art Art & Antiquities Sector

    Billions of dollars worth of art and antiquities are traded throughout the world without checks t...

    An Insight into the US Regulations for the Art  Art & Antiquities Sector Explore More

    Blog

    Know Your Patient (KYP) – Effective Way to Prevent Identity Fraud and Safeguard Health Care Services

    Like other industries, the medicare industry is also experiencing digitization. However, the heal...

    Know Your Patient (KYP) – Effective Way to Prevent Identity Fraud and Safeguard Health Care Services Explore More

    Blog

    Jobs in the frame for money laundering

    How banks can detect money mules? Remote jobs are trending but not every job is legitimate. Some ...

    Jobs in the frame for money laundering Explore More

    Blog

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution

    Telecommunication technology in the healthcare industry is already widely used and is expanding t...

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution Explore More

    Blog

    FATF October 2019 Plenary – Here is What You Need to Know

    Financial Action Task Force (FATF) President Xiangmin Liu, chaired the first meeting from 16-18 O...

    FATF October 2019 Plenary – Here is What You Need to Know Explore More

    Blog

    Digital Age Verification replacing Age Gates for better compliance

    Age verification is one of the trending snd sensitive topics these days, especially in the busine...

    Digital Age Verification replacing Age Gates for better compliance Explore More

    Blog, Identity & KYC

    User as Owner: Why KYC Software Needs to Respect Privacy Laws?

    User as Owner is a simplistic concept that stipulates that all the data of any user collected by ...

    User as Owner: Why KYC Software Needs to Respect Privacy Laws? 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

    Transaction Monitoring – Establishing A Defense Mechanism Against Financial Crime

    With the rapid increase in the global volume of monetary transactions, money laundering methods a...

    Transaction Monitoring – Establishing A  Defense  Mechanism Against Financial Crime Explore More

    Blog

    Securing Identities with Photo ID Verification

    ID verification has seen unprecedented growth not only in the processes but also in the crime com...

    Securing Identities with Photo ID Verification Explore More

    Blog

    Digital customer onboarding – Revamping onboarding process in banks

    The first impression is what counts most when it comes to customer-oriented services. Banks and f...

    Digital customer onboarding – Revamping onboarding process in banks Explore More

    Blog

    The 10 Biggest DeFi Hacks of 2022 and How Can KYC/AML Compliance Help

    The crypto industry witnessed a challenging year in 2022, marked by numerous hacks and scams, hig...

    The 10 Biggest DeFi Hacks of 2022 and How Can KYC/AML Compliance Help Explore More

    Blog

    The Top 10 Benefits of the Know Your Customer Lifecycle

    In this digital age, where transactions occur remotely and identity theft is rising, establishing...

    The Top 10 Benefits of the Know Your Customer Lifecycle Explore More

    Blog

    Top 5 Industries that AI will Transform in 2021

    Artificial intelligence is becoming a comprehensive and encyclopedic term to describe any innovat...

    Top 5 Industries that AI will Transform in 2021 Explore More

    Blog

    How to Design an Effective Client Lifecycle Management (CLM) System with ID Verification

    The customer journey with a business is very comprehensive. It does not end once the customer is ...

    How to Design an Effective Client Lifecycle Management (CLM) System with ID Verification 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

    6AMLD of EU – A detailed insight

    European union’s another anti-money laundering directive is in the pipeline. And this time the un...

    6AMLD of EU – A detailed insight Explore More

    Blog

    Customer Risk Assessment – A Landmark Approach to Fight Identity Fraud

    Identity theft is the most prominent cybercrime which has raised alarms for global law enforcemen...

    Customer Risk Assessment – A Landmark Approach to Fight Identity Fraud Explore More

    Blog

    Crypto Regulations 2021 – The Updated Compliance Regime in France

    Within the last two years, France’ cryptocurrency landscape has experienced significant milestone...

    Crypto Regulations 2021 – The Updated Compliance Regime in France Explore More

    Blog

    What To Consider When Implementing Forensic Document Verification Services

    As the demand for digital products and services has skyrocketed, so does the need for verificatio...

    What To Consider When Implementing Forensic Document Verification Services Explore More

    Blog, Identity & KYC

    Facial Recognition Technology – Behind The Curtains

    Business competition has made security technology critical. There are many innovative security te...

    Facial Recognition Technology – Behind The Curtains Explore More

    Blog

    Trade based money laundering – Challenges, detection and prevention

    Back in 2006, Financial Action Task Force (FATF) emphasised on new measures and strategies for ba...

    Trade based money laundering  – Challenges, detection and prevention Explore More

    Blog

    Ensure Digital Security with e-KYC Solutions

    In today’s world where the distances have been reduced considerably with the advancement of techn...

    Ensure Digital Security with e-KYC Solutions Explore More

    Blog

    Money Laundering Through Cryptocurrency: Red Flags and AML Risks

    As the use of virtual assets becomes widespread, crypto firms have a major dilemma to deal with &...

    Money Laundering Through Cryptocurrency: Red Flags and AML Risks Explore More

    Blog

    Five Things you Need to Know About Shufti’s Digital Identity Verification

    The growing digital fraud, stringent KYC and AML regulations put in place, and the increasing bur...

    Five Things you Need to Know About Shufti’s Digital Identity Verification Explore More

    Blog

    5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti

    Last year, Shufti’s AI-powered identity verification system captured a 3.36% increase in iden...

    5 Types of ID Fraud Skyrocketed in the First Half of 2021 – Shufti Explore More

    Blog

    Travel Industry – Trends, Scams, and a Solution to Combat Fraud

    The modern world is filled with surprises for everyone nowadays. Be it individuals or enterprises...

    Travel Industry – Trends, Scams, and a Solution to Combat Fraud Explore More

    Blog

    Video KYC – Answer to Digital Revolution in the Gulf Region & UAE

    The digital revolution in the Gulf region and UAE has been a hot topic these days. The economic d...

    Video KYC – Answer to Digital Revolution in the Gulf Region & UAE Explore More

    Blog

    Securing Public Facilities with Touchless ID Verification Kiosks

    Due to the coronavirus pandemic, social distancing became the utmost need of the hour. Given the ...

    Securing Public Facilities with Touchless ID Verification Kiosks Explore More

    Blog, Financial Crime / AML

    Global AML Regimes – Tightening Reins on Money Launderers

    Money laundering is a global menace. Money laundering and terrorist financing are the major targe...

    Global AML Regimes – Tightening Reins on Money Launderers 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

    FinTech and FinCrime – The Global Regulatory Landscape

    Also known as financial technology, FinTech is now among the fastest-growing industries. This sec...

    FinTech and FinCrime – The Global Regulatory Landscape Explore More

    Artificial Intelligence, Blog

    How Augmented Intelligence is next stop in ID Verification Services?

    Augmented intelligence (AI), also referred to as intelligence augmentation (IA) and cognitive aug...

    How Augmented Intelligence is next stop in ID Verification Services? Explore More

    Blog

    Know Your Customer (KYC) vs Customer Due Diligence (CDD): What’s the Difference?

     Ensuring robust identity verification processes is necessary with the ever-increasing n...

    Know Your Customer (KYC) vs Customer Due Diligence (CDD): What’s the Difference? Explore More

    Blog

    The Crucial Role of Know Your Customer (KYC) in Gaming

    The gaming sector has grown exponentially since the first arcade games of the 70s. Surpassing mus...

    The Crucial Role of Know Your Customer (KYC) in Gaming Explore More

    Blog

    Know Your Players: Why KYC is Necessary for Gaming and Gambling

    The post-COVID-19 era has witnessed a remarkable surge in the e-sports and gaming sectors. This t...

    Know Your Players: Why KYC is Necessary for Gaming and Gambling Explore More

    Blog

    Document Verification Checks: Streamlining the Onboarding Process for New Customers

    Verifying documents is critical to regulatory compliance, risk assessment, and many organisations...

    Document Verification Checks: Streamlining the Onboarding Process for New Customers Explore More

    Blog

    Anti Money Laundering – What is AML compliance and why is it important?

    Anti-money laundering compliance is vital for obliged entities and being conversant with AML comp...

    Anti Money Laundering – What is AML compliance and why is it important? Explore More

    Blog

    Case Study: Enhancing Security in Live-Streaming with Fast ID

    A global social media company faced a critical challenge: preventing the misuse of its live-strea...

    Case Study: Enhancing Security in Live-Streaming with Fast ID 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