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

    85.208.96.208

    6 Digital Solutions for Banks to Help with KYC

    Digital Kyc

    Digital KYC: For banks, streamlining the customer onboarding is essential. The manual way of entering client information into the system is redundant and time-consuming. In this age of ‘do it now’, banks need a tech-based approach for onboarding customers.

    Also, technology alone can’t solve these problems. Its implementation needs to be strategic, logical and customer oriented. For example, banks need to comply with regulations such as know your customer (KYC), and the customers want swift and easy interaction with the banking system. AI-based digital solutions can help both the banks and the customers.

    Read How Digital KYC Solutions Work in 60 Seconds

    Problems Banks Currently Face in Onboarding

    According to a KPMG report, a tier 1 bank could easily be spending about $100 million annually on onboarding clients. Despite spending this much, this manual process is error-prone, slow, risky (due to lack of regulatory compliance) and does not enhance the client experience. 

    The majority of the problems associated with client onboarding are related to the outmoded manual onboarding. For example;

    1. Manual form filling and questioning are time-consuming.
    2. There is an ever-increasing demand for transparency by the regulators. Keeping up with these demands is arduous.
    3. The process is complicated and slow from the customer’s perspective.

    The solution to such problems should consider three main factors; the business side, regulatory compliance, and modern technology. Coordination among these three pillars will exhibit the benefits of digital KYC. 

    Here are 6 Digital Solutions to help with KYC

    • Face Verification

    Simply put, the user takes a selfie with their smartphone or with a webcam. The software (digital KYC solution provider) ascertains the physical presence of the individual. AI-based methods can differentiate between a picture and a live face using 3D depth perception and color texture. This prevents spoofing attacks. Contemporary solution providers use micro expressions for verification as well.

    • Document Verification

    With the camera of a smartphone or computer, the software scans documents for verification. Normally this includes verifying government-issued ID cards, passports, or driver’s license. Smart solutions determine the authenticity of documents and ensure that they are not tampered with. They also check for the format to assure that the document is original. For example, besides checking the apparent format of the passport it checks the machine readable zone (MRZ), which is usually located at the bottom of the identity page.

    •  Address Verification  

    Verifying the physical address is a crucial part of the customer’s identity. It acts as a solid deterrence against identity theft. By ‘reading’ the government-issued documents such as ID cards, digital KYC solutions authenticate that the document is genuine, and the address mentioned on it is not forged or tampered with. The best services offer hybrid solutions; first, the document is verified by the machine, then, a trained person ensures that the verification is error free.

    • Two Factor Authentication

    The combination of phone and internet is used in the two-factor authentication. The user simply enters their phone number into the app or software, then, a code is sent to their phone. The user is then requested to enter that code into the web interface to authenticate.

    • Anti Money Laundering (AML) Screening 

    Banks not only have to ‘know their customers’ but they also have to perform due diligence before they doing any form of business with them. They need to screen them to ensure that they are not listed on the anti-money laundering watch list. This service is also available to banks in a digital form. The best solutions out there update their database every few minutes, so that when they screen, it cross-checks with the most recent data. 

    • Knowing Customers through Customized Documents

    Smart digital solutions are capable of reading handwritten notes and custom documents. This is achieved through optical character recognition, which is powered by AI and machine learning. Digital KYC verification is an impetus for comprehensive due diligence. 

    Despite the various benefits, tech-based solutions alone are not enough. The integration needs to make business sense for banks. KYC – digital or manual – needs to be in compliance with the regulations. The majority of banks spend huge sums of money on compliance but still, come short on many fronts. Third party services are a cost-effective and feasible option; compliance is met and customers get fast and easy communication with the banks.

    Find more relevant resources:

    6 Digital Solutions for Banks to Help with KYC

    Related Posts

    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

    Understanding and Implementing Age Verification Requirements in Accordance with the FDA Deeming Rule

    Youth is considered the most valuable asset for any country, and it is the government’s responsib...

    Understanding and Implementing Age Verification Requirements in Accordance with the FDA Deeming Rule Explore More

    Blog

    Enhancing Trust in eCommerce with AI-powered Identity Verification

    eCommerce in today’s world involves utilizing evolving technologies to ensure convenience for cus...

    Enhancing Trust in eCommerce with AI-powered Identity Verification 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

    Which KYC Solution is Right for Your Business?

    KYC solutions are vital for assessing consumer risk and a legal necessity for complying with Anti...

    Which KYC Solution is Right for Your Business? Explore More

    Blog

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications

    The Financial industry is introducing a digital revolution globally. The term Fintech corresponds...

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications Explore More

    Blog

    Third-party Due Diligence – Red Flags, Regulations and 5 Ways to Enhance It

    The majority of businesses depend upon a third-party in one way or the other. Contractors, suppli...

    Third-party Due Diligence – Red Flags, Regulations and 5 Ways to Enhance It Explore More

    Blog, Fraud Prevention

    4 Fraud prevention tips that you must follow this Holiday Season

    The holiday season is around the corner and it is the time of the year when online shopping and m...

    4 Fraud prevention tips that you must follow this Holiday Season Explore More

    Blog

    China’s Data Protection and Privacy Laws | 2023 Update

    China has witnessed massive growth in the last few decades. However, the rise of the digital econ...

    China’s Data Protection and Privacy Laws | 2023 Update Explore More

    Blog

    Know Your Donor – Securing NPOs and Charities Through KYD/AML Solution

    Emerging technologies and growing digitization have increased financial crime risks in Non-Profit...

    Know Your Donor – Securing NPOs and Charities Through KYD/AML Solution Explore More

    Blog, Reg Tech

    3 Reasons why RegTech is the Future of Innovation?

    Regulatory Technologies, commonly referred to as RegTech, is an innovative use case of Financial ...

    3 Reasons why RegTech is the Future of Innovation? Explore More

    Blog

    Transforming the KYC Experience Using Automated Document Verification Checks

    In 2021, reported fraud losses were $5.8 billion, a more than 70% rise in a single year. As ident...

    Transforming the KYC Experience Using Automated Document Verification Checks Explore More

    Blog

    Louisiana Age Verification Compliance Updates 2024

     Age verification is crucial for online tasks like purchases and communication. The inte...

    Louisiana Age Verification Compliance Updates 2024 Explore More

    Blog

    Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference?

     Often, people confuse CIP and KYC and think both are the same. Customer Identification ...

    Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference? Explore More

    Blog

    KYC and AML: The Key to Secure BNPL Services in 2023

    Seems like Buy Now Pay Later (BNPL) services have taken the world by storm, with 360 million user...

    KYC and AML: The Key to Secure BNPL Services in 2023 Explore More

    Blog

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes

    Bitcoin, Ethereum, Dogecoin, and Tether along with thousands of other cryptocurrencies are rising...

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes 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

    A Detailed Insight Into Australia’s Gaming and Gambling Regulations

    In recent years, the online gaming and gambling industry has experienced significant growth as te...

    A Detailed Insight Into Australia’s Gaming and Gambling Regulations Explore More

    Blog

    A Detailed Insight Into Canadian Gambling Industry [2022 Update]

    Even though Canada is not among the world’s gambling capitals, this business thrives there. The c...

    A Detailed Insight Into Canadian Gambling Industry [2022 Update] Explore More

    Blog

    CBN Regulatory Regime – New KYC/AML Requirements Payment Services Banks

    With the increased risk of financial crime, banks and other financial institutions within a state...

    CBN Regulatory Regime – New KYC/AML Requirements Payment Services Banks Explore More

    Blog, Identity & KYC

    Age Verification – Ultimate Online Protection for Minors

    The rapid increase in the use of the internet is raising some major concerns for parents regardin...

    Age Verification – Ultimate Online Protection for Minors Explore More

    Blog

    Customer Due Diligence – Risk Scoring of Fraudsters to Prevent Crimes

    As per the research of The Journal of Accountancy, fraudsters carry out crimes for two reasons: n...

    Customer Due Diligence – Risk Scoring of Fraudsters to Prevent Crimes 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

    From Crypto to Fiat Currency – Secure Exchanges with Transaction Monitoring Solutions

    Transaction processes today are launching innovative possibilities for users across the economic ...

    From Crypto to Fiat Currency – Secure Exchanges with Transaction Monitoring Solutions Explore More

    Blog, Business Technology, Financial Crime / AML, Identity & KYC, Online Marketplace

    Know Your Business: The Next Step in Identity Verification

    The complex regulatory environment and increased exposure to illegal activities indicate that bus...

    Know Your Business: The Next Step in Identity Verification Explore More

    Blog

    Top 5 Cryptocurrency Trends to Look Out for in 2023

    2022 has been one of the most turbulent years for the cryptocurrency sector. For starters, Bitcoi...

    Top 5 Cryptocurrency Trends to Look Out for in 2023 Explore More

    Blog

    Breaking the KYC Remediation Cycle through a Risk-based Approach

    Banks have paid more than USD 30 billion over the past few years due to ineffective policies to c...

    Breaking the KYC Remediation Cycle through a Risk-based Approach Explore More

    Blog

    The Role of Biometrics in Combating Money Laundering and Identity Fraud

    The fast-paced growth of biometric technology and its widespread adoption in the financial and he...

    The Role of Biometrics in Combating Money Laundering and Identity Fraud Explore More

    Blog

    KYC Checks in Crypto | A Key to Secure Digital Assets

    In the last thirteen years, the crypto industry has redefined the financial sector. At the same t...

    KYC Checks in Crypto | A Key to Secure Digital Assets Explore More

    Blog

    Digital KYC – Protecting All Generations from ID Fraud

    From baby boomers to Gen Z, identity fraud is the problem of all generations. Studies suggest tha...

    Digital KYC  – Protecting All Generations from ID Fraud Explore More

    Blog

    Shufti to Revamp Customer Experience with Enhanced Video KYC UX

    Would you ever want to use a product that is hard to understand? A McKinsey Report revealed that ...

    Shufti to Revamp Customer Experience with Enhanced Video KYC UX Explore More

    Blog

    The Emerging Threat of DeepFakes and the Role of Video KYC

    With technological advancement, cybercriminals are revising their strategies to commit fraud. Cri...

    The Emerging Threat of DeepFakes and the Role of Video KYC Explore More

    Blog

    Instant Client Onboarding with E-KYC Screening

    Technological Advancement and its Influence The world needs to constantly evolve in order to surv...

    Instant Client Onboarding with E-KYC Screening Explore More

    Blog

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs)

    Identifying UBOs and their control over a business is crucial for financial firms to meet regulat...

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs) Explore More

    Blog

    Know Your Patient (KYP) – the next big thing in health care

    Its high time the hospital industry must think beyond providing just giving medical assistance to...

    Know Your Patient (KYP) – the next big thing in health care Explore More

    Blog

    Covid Report Verification: New Restriction for Airports

    The Covid-19 cases have drastically increased over time and as of February 6, 2021, 18,262 new ca...

    Covid Report Verification: New Restriction for Airports Explore More

    Blog

    Enhancing Trust in eCommerce with AI-powered Identity Verification

    eCommerce in today’s world involves utilizing evolving technologies to ensure convenience for cus...

    Enhancing Trust in eCommerce with AI-powered Identity Verification Explore More

    Blog

    KYC and AML For Fintech | A Comprehensive Guide to Fraud Prevention

    Since governments worldwide are increasing the pressure to regulate, compliance has become a key ...

    KYC and AML For Fintech | A Comprehensive Guide to Fraud Prevention Explore More

    Blog

    Compliance and conversions don’t have to be at odds

    Compliance and conversions don’t have to be at odds Explore More

    Blog

    Shufti’s Bug Bounty Programme: Strengthening Security Via Ethical Hacking

    With the avalanche of security vulnerabilities in the verification industry, Shufti is launch...

    Shufti’s Bug Bounty Programme: Strengthening Security Via Ethical Hacking Explore More

    Blog

    How Multi-Factor Authentication Is Playing An Important Role In Combating Rising Online Business Fraud

    The advent of online businesses has brought a lot of convenience for customers using modern techn...

    How Multi-Factor Authentication Is Playing An Important Role In Combating Rising Online Business Fraud Explore More

    Blog

    AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering

    Cryptocurrency has been notoriously criticised for money laundering and other illicit activities ...

    AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering 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

    Blog

    Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay

    With almost 70% of the world’s population interacting through social media platforms, businesses ...

    Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay Explore More

    Blog

    How ID Verification can Help you Boost your Revenue in 2019?

    For years now banks have been using laid back and inconvenient methods for ID verification of cus...

    How ID Verification can Help you Boost your Revenue in 2019? Explore More

    Blog

    AML Screening – Identifying and Overcoming Challenger Banks’ Weaknesses

    There are approximately 77 challenger banks in Europe alone, the best range amongst the other reg...

    AML Screening – Identifying and Overcoming Challenger Banks’ Weaknesses Explore More

    Blog, Fraud Prevention

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season

    With the holiday shopping season in full swing, e-commerce fraud risk is a glaring reality that n...

    4 Fraud Prevention Tips For Your E-commerce Business this Holiday Season 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 and KYC Regulations in China – New Requirements to Secure Financial Industry

    China’s financial system is undergoing a pivotal transformation. The country is limiting sharehol...

    AML and KYC Regulations in China – New Requirements to Secure Financial Industry Explore More

    Blog, Identity & KYC, Online Marketplace

    How KYC for ICOs can Make Cryptocurrency Great Again?

    Give people a mode of money transaction free from banks. That was the thought behind cryptocurren...

    How KYC for ICOs can Make Cryptocurrency Great Again? Explore More

    Blog

    AML Compliance and Digital Banks – Understanding the Evolving Regulatory Landscape

    The emergence of new technologies in FinTech, increasing use of digital currencies, and alternati...

    AML Compliance and Digital Banks – Understanding the Evolving Regulatory Landscape Explore More

    Blog

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution

    Historically, the measures to curb money laundering and terrorist financing had only been only im...

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution 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, Online Marketplace

    Secure Online Merchandises with e-KYC and Digital ID Verification

    Selling and purchasing online has its own advantages, both for the seller and the buyer. Online m...

    Secure Online Merchandises with e-KYC and Digital ID Verification Explore More

    Blog

    AML Compliance – Global Watchlists that Businesses Need to Consider

    Coordinated sanctions after the Russian invasion of Ukraine have made the headlines due to their ...

    AML Compliance – Global Watchlists that Businesses Need to Consider Explore More

    Blog

    EDD: Safeguarding Business Interests with Comprehensive Risk Mitigation

    Traditional due diligence practices may not provide sufficient insights into higher-risk business...

    EDD: Safeguarding Business Interests with Comprehensive Risk Mitigation Explore More

    Blog, Online Marketplace

    Industrial significance of KYC / AML Compliance in 2019

    As the type and amount of fraudulent activities have increased over the years, governments and re...

    Industrial significance of KYC / AML Compliance in 2019 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

    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

    Top 5 Cryptocurrency Trends to Look Out for in 2023

    2022 has been one of the most turbulent years for the cryptocurrency sector. For starters, Bitcoi...

    Top 5 Cryptocurrency Trends to Look Out for in 2023 Explore More

    Blog

    April 2023 Recap: Major AML Fines and Key Events

    With the world embracing digital transformation, scammers have adopted sophisticated strategies t...

    April 2023 Recap: Major AML Fines and Key Events Explore More

    Blog

    Divergent AML/CFT Rules and Cross-border Payment Challenges – What FATF Has to Say?

    While addressing AML/CFT requirements for cross-border payments, the global financial watchdog, F...

    Divergent AML/CFT Rules and Cross-border Payment Challenges – What FATF Has to Say? Explore More

    Blog

    AML and KYC Regulations in China – New Requirements to Secure Financial Industry

    China’s financial system is undergoing a pivotal transformation. The country is limiting sharehol...

    AML and KYC Regulations in China – New Requirements to Secure Financial Industry Explore More

    Biometric Technology, Blog, Identity & KYC

    ID Verification API – Smooth Integration With Online Systems

    The financial services (FS) sector has the highest ever recorded abandonment rate of 83.6% amongs...

    ID Verification API – Smooth Integration With Online Systems Explore More

    Blog

    FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities

    The rise in money laundering, terror financing and other financial crime has encouraged regulator...

    FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities Explore More

    Blog

    Stablecoin Market and the Role of AML in Safeguarding Digital Finance

    With the rapid expansion of the cryptocurrency market, stablecoins have swiftly emerged as a popu...

    Stablecoin Market and the Role of AML in Safeguarding Digital Finance Explore More

    Blog

    7 Best KYC and Fraud Prevention Tips for Online Businesses

    With the explosion of internet and web applications, the online interaction between consumers and...

    7 Best KYC and Fraud Prevention Tips for Online Businesses 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

    E-KYC – The Next Step in the Evolution of KYC Verification

    As the world shifts to digital applications, financial operations are being automated for added c...

    E-KYC – The Next Step in the Evolution of KYC Verification Explore More

    Blog

    Top 5 Cybersecurity Trends to Look Out for in 2022

    With 2022 just around the corner, new developments in cybersecurity are already beginning to take...

    Top 5 Cybersecurity Trends to Look Out for in 2022 Explore More

    Blog, Business Technology, Financial Crime / AML, Identity & KYC

    AML Technology Eradicating the Perils of Money Laundering

    In the past few years, we have seen a substantial increase in the number of legislations regardin...

    AML Technology Eradicating the Perils of Money Laundering Explore More

    Blog

    Identity Verification – Addressing the Challenge of Fraud in the Telecommunications Sector

    Transforming technology, growing digitization, and increased use of online transactions have acco...

    Identity Verification – Addressing the Challenge of Fraud in the Telecommunications Sector 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