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

    2a03:2880:f800:18::

    7 Best KYC and Fraud Prevention Tips for Online Businesses

    7 Best KYC and Fraud Prevention Tips for Online Businesses

    With the explosion of internet and web applications, the online interaction between consumers and businesses is continuously increasing. The digitization of business operations is raising the demand for advanced technological solutions to deal with the growing digital fraud and create trust among consumers to stay ahead of competitors in the market.

    With every passing year, the fraud cases are growing eventually resulting in great losses for businesses and individuals. As per the study conducted in 2018, 63% of the business have experienced either the same or increased number of digital frauds. This increased ratio in online frauds is intensifying the need for quick and effective verification processes.

    As we are approaching the data-driven market, customer experience is equally important for secure business growth. As per the study by Experian 2018, 75% of the business expressed their interest in acquiring the security measures and authentication processes that have an impact on customer experience as well. No matter what the business domain is, every digital enterprise needs to maintain an effective and compliant KYC (Know your customer) onboarding process.

    Understand the Onboarding Process Thoroughly

    An effective customer onboarding process plays a significant role in developing a strong and long-lasting relationships with new clients. The streamlined onboarding of clients facilitates businesses in filtering the good clients from suspicious and fraudulent ones. But in order to do so, it is essential to understand the KYC onboarding process in detail. 

    The process is not much complicated and contains almost the same steps. The foremost is to gather relevant data and identification documents. The collected data and documents are authenticated through in-depth background checks linked to previous employment history, financial transactions, and other activities. The authentication doesn’t end here, further investigation is carried out to get a clear history of the client in terms of fraudulent or criminal activities.

    KYC Verification also includes the mapping of client data against fraud prevention and anti-money laundering (AML) protocols to figure out any red flags. Moreover, the customer is also investigated for involvement with Counter Financing Terrorism (CFT). Lastly, based on the findings and resulting information, the businesses assign clients risk rating i.e. low, medium or high. 

    Once you completely streamline the onboarding process, it would be very easy to meet the regulatory compliance while building a secure customer base.

    Collect Extensive data

    Know your customer (KYC) and know your business (KYB) processes are specifically designed to curb fraud and financial crimes like terrorist funding and money laundering. Meeting the KYC requirement not only facilitates your business in risk management but also increases overall security and compliance with CFT and AML regulations.

    To ensure comprehensive KYC compliance, the collection of relevant data is essential. When you will have inclusive information regarding the client it would be more productive to carry the KYC process seamlessly.

    Use Third-Party Identity Verification Services

    Digital problems need digital solutions. Manual KYC and verification processes are prone to error, time-consuming, and costly. Multiple SaaS companies are coming up with enhanced digital security measures and services. Outsourcing your identity verification and authentication processes to some third party is quite an effective, convenient and affordable solution.

    The security requirements often vary from business to business depending on the type of risks associated. For instance, in the case of financial institutes, the monetary fraud risks are higher as compared to other industries. Various digital identity verification solutions and KYC services decrease the likelihood of online businesses from being targeted meanwhile complying with KYC/AML regulations. 

    Enhancing Authentication Checks

    In online businesses, account takeover fraud and identity theft are significantly cultivating frauds. To prevent such frauds, the best way is to enhance your authentication processes. Cybercriminals and fraudsters have become sophisticated in exploiting user credentials – which means simple password protection is no more reliable. Implementing biometric and multi-factor authentication in your business can keep the attackers at bay.

    These technologies verify and authenticate the identities on the basis of their unique biometric features which are nearly impossible to steal or exploit. Moreover, as per Visa Study 2017, 71% of the respondents think biometrics are easier than passwords and 46% find biometrics more secure.

    Exercise Common KYC Tests to Combat Identity Fraud

    Identity theft is a major concern for online businesses these days. According to the Federal Trade Commission’s (FTC) report, around 1.4 million identity theft fraud reports were processed in 2018 with a total loss of around $1.48 billion. To prevent these frauds, your business can use some common KYC practices every now and then. 

    These checks are quite imperative for every type of online business. There can be some other tests as well that you can design in a similar way to curb identity theft.

    Ensure secure Payment Methods

    For the startups, managing a few transactions a day is no big deal. But as you scale to hundreds of transactions per day, throwing caution to the wind can land you in big problem. Whether your organization accepts credit cards, PayPal or Skrill payments, it is essential to be aware of their security policies that are likely to impact your business.

    According to Statista 2018 report, US merchants lost around $6.4 billion due to payment card frauds. Among the victims, small businesses suffered most – i.e. an estimated loss of $155,000.

    To familiarize yourself with your payment service providers’ policies and applying security measures to secure the payment methods is a great business practice. Doing so prevents fraud while tightening reins on cybercriminals and imposters.

    Fight against Chargebacks

    Chargebacks are becoming a major issue for online businesses. They are mostly the result of consumer fraud contrary to identity fraud – occurred due to unauthorized payments from customers’ accounts or cards. Different credit card companies have different chargeback policies, so it’s better to go through them thoroughly. 

    It is better to take precautionary measures than suffer chargeback loss. You can always track your payments. It helps you to claim your proof against chargebacks. By providing the delivery receipts and invoices, you can have the case in your favor and prevent financial loss. 

    Related Posts

    Blog

    5 Predictions on the Future of Digital KYC and eKYC

    It’s 2023. Welcome to the day and age of digital KYC verification. From multiple copies of ID car...

    5 Predictions on the Future of Digital KYC and eKYC 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

    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

    E-Signature Verification | Why Businesses Should Consider Adopting It

    Physical paperwork is a thing of the past now. It is a time and labour-intensive task that requir...

    E-Signature Verification | Why Businesses Should Consider Adopting It Explore More

    Blog, Online Marketplace

    KYC Services and AML Compliance Services for Forex Industry

    Forex Industry stands to benefit a lot by incorporating KYC services in addition to AML Complianc...

    KYC Services and AML Compliance Services for Forex Industry Explore More

    Blog

    Brazil’s Updated Regulatory AML Guidelines for 2023

    Money laundering, corruption, and drug trafficking are prevalent issues in Brazil, the world’s se...

    Brazil’s Updated Regulatory AML Guidelines for 2023 Explore More

    Blog

    AML Screening – Securing Alternative Payment Market and Overcoming Prevailing Risk of Crimes

    Escalating demand for innovative, new, and robust alternative payment options across the world is...

    AML Screening – Securing Alternative Payment Market and Overcoming Prevailing Risk of Crimes Explore More

    Blog

    Top 5 Non-banking Industries in the Crosshairs of Financial Criminals

    The first half of 2021 saw significant disruption in the financial world as traditional criminal ...

    Top 5 Non-banking Industries in the Crosshairs of Financial Criminals Explore More

    Blog, Fraud Prevention

    Identity Theft – One Fraud Multiple Facets

    Identity theft is a global crime. All types of identities, including the financial, medical and b...

    Identity Theft – One Fraud Multiple Facets Explore More

    Blog

    The Most Frequently Asked Questions about Video KYC

    In today’s digital era, the escalating prevalence of identity theft poses a significant con...

    The Most Frequently Asked Questions about Video KYC Explore More

    Blog

    What is KYC and Why is it Important for Crypto Exchanges?

     Cryptocurrencies are causing significant disruptions in the financial world. Cryptograp...

    What is KYC and Why is it Important for Crypto Exchanges? Explore More

    Blog

    Panama Moves Forward With New Crypto Bill – A Step Towards Legalizing Digital Assets

    Cryptocurrencies have been around for a decade now. As new technologies are emerging, criminals a...

    Panama Moves Forward With New Crypto Bill – A Step Towards Legalizing Digital Assets 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, Identity & KYC, Online Marketplace

    Age Verification – Does Your Business Need It?

    Several businesses are unaware of the significance that age verification holds for their business...

    Age Verification –  Does Your Business Need It? 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

    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, Online Marketplace

    Verify ID For a Secure Travel Experience

    Since we are using the Internet for a great many things including shopping to online booking of f...

    Verify ID For a Secure Travel Experience Explore More

    Blog

    Anti-Money Laundering (AML) Screening | Combat Online Gambling Scams Effectively

    Online gambling has seen significant adoption in the past few years because of the convenience, v...

    Anti-Money Laundering (AML) Screening | Combat Online Gambling Scams Effectively Explore More

    Blog

    Money Laundering in the Metaverse – NFTs, DeFi, and the Role of Shufti’s AML Solutions

    For more than a decade, the metaverse concept has been picking up pace, and the world is preparin...

    Money Laundering in the Metaverse – NFTs, DeFi,  and the Role of Shufti’s AML Solutions Explore More

    Artificial Intelligence, Blog, Identity & KYC

    How Biometric Technology is Shaping Up for 2020

    The verification of individuals for security measures has become remarkably important for organiz...

    How Biometric Technology is Shaping Up for 2020 Explore More

    Blog

    Protecting Crypto Ecosystem with Effective Compliance Measures and Robust AML Screening

    In November 2021, the market capacity of the cryptocurrency went over $3 trillion. With the incre...

    Protecting Crypto Ecosystem with Effective Compliance Measures and Robust AML Screening Explore More

    Blog

    Top 5 FinTech Trends to Keep an Eye on in 2023

    From the lingering effects of the COVID-19 pandemic to the sudden cryptocurrency market crash, 20...

    Top 5 FinTech Trends to Keep an Eye on in 2023 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

    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

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023

    Customer onboarding and business relationships always come with associated risks that must be han...

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023 Explore More

    Blog

    Online Video KYC: Eliminate the Risks of Identity Theft

    The growing danger of cybercrime and data breaches has heightened the demand for effective verifi...

    Online Video KYC: Eliminate the Risks of Identity Theft Explore More

    Blog

    5 Things Businesses Should Know about PEP Screening

    Regulators levy penalties when compliance programs fail or companies have insufficient compliance...

    5 Things Businesses Should Know about PEP Screening Explore More

    Blog

    Analyzing the UK and US Gambling Industry by Numbers

    Businesses and people in the gambling sector are aware of the risks involved and what are their p...

    Analyzing the UK and US Gambling Industry by Numbers 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

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks

    Today, money laundering has permeated almost every regulated market and has become the most occur...

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks Explore More

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

    AML Compliance in EU Member States and Risks of Businesses

    Making regulations is just the first step, the true game starts when it comes to implementation, ...

    AML Compliance in EU Member States and Risks of Businesses Explore More

    Blog

    Fraud Prevention – Challenges, Strategies, Best Practices, and Technologies

    The twenty-first century is by far the most revolutionary time in the history of humans in terms ...

    Fraud Prevention – Challenges, Strategies, Best Practices, and Technologies 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, Online Marketplace

    The Urgency for Know Your Customer’s Customer (KYCC) in Businesses

    It is not just the financial services sector that is required to comply with anti-money launderin...

    The Urgency for Know Your Customer’s Customer (KYCC) in Businesses Explore More

    Blog, Online Marketplace

    How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue?

    The travel industry is a unique business category servicing clients from various destinations and...

    How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue? Explore More

    Blog

    AML Screening – Identifying and Eliminating the Risks of Money Laundering in Businesses

    Eliminating the risks of financial crime in businesses has never been easy and has been identifie...

    AML Screening – Identifying and Eliminating the Risks of Money Laundering in Businesses Explore More

    Blog

    Top 10 Technology Trends in the Travel Industry to watch for in 2022

    The travel industry is one of the worst-hit sectors from the coronavirus outbreak, which disturbe...

    Top 10 Technology Trends in the Travel Industry to watch for in 2022 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

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill

    Being the largest economy in Southeast Asia, Indonesia is experiencing enormous growth in the dig...

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill Explore More

    Blog

    Europol launches European Financial and Economic Crime Center (EFECC)

    Financial and economic crimes are today the leading threats that are affecting millions of EU cit...

    Europol launches European Financial and Economic Crime Center (EFECC) Explore More

    Blog

    The Importance of KYC and AML Compliance in the APAC Region

    According to recent studies, over the past three years, more than ever, sanctions have been impos...

    The Importance of KYC and AML Compliance in the APAC Region Explore More

    Blog

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks

    Today, money laundering has permeated almost every regulated market and has become the most occur...

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks 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

    6 Ways Identity Verification Will Unlock Digital Transformation in Airlines

    Airlines were particularly negatively impacted by the Covid-19 pandemic, and the situation was fu...

    6 Ways Identity Verification Will Unlock Digital Transformation in Airlines Explore More

    Blog

    5 Frauds in the Education Sector and How They Can be Prevented

    Educational institutions have become an attractive target for cybercrime attacks in recent years....

    5 Frauds in the Education Sector and How They Can be Prevented Explore More

    Blog

    How FinTech can Leverage on FINMA Blockchain Initiative?

    Swiss Financial Markets Supervisory Authority (FINMA) has taken a revolutionary step in the histo...

    How FinTech can Leverage on FINMA Blockchain Initiative? Explore More

    Blog

    Fintech Compliance – Boogeyman for Trillion Dollar Industry?

    Fintech industry is flexing its muscle by bringing onboard more and more customers and innovating...

    Fintech Compliance – Boogeyman for Trillion Dollar Industry? Explore More

    Blog

    7 Fascinating Facts about Face Verification Technology

    Technology is a fundamental part of our day-to-day lives, from checking the weather and connectin...

    7 Fascinating Facts about Face Verification Technology Explore More

    Blog

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans

    Shufti Ltd. began operations in 2017 and within three years, the company has onboarded more t...

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans 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

    The Shufti Difference: Speed, Security, and Fairness Without Compromise

    With over 100 fraud and identity companies operating worldwide, you might assume that something l...

    The Shufti Difference: Speed, Security, and Fairness Without Compromise 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

    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

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes

    Emerging technologies and digitization are transforming the investment sector, creating opportuni...

    Prevalent Crimes in Forex Industry – How Shufti Can Help in Mitigating Financial Crimes Explore More

    Blog

    The Worldwide Response on Covid Vaccine Passports – A Brief Insight

    One question that is being asked around the world with great urgency is, would freedom be granted...

    The Worldwide Response on Covid Vaccine Passports – A Brief Insight Explore More

    Blog

    5 AML Compliance Trends for 2023 – New Regulations and Technological Advancements

    From digital payments to new regulations on preventing fraud and FINRA’s guidelines on penalising...

    5 AML Compliance Trends for 2023 – New Regulations and Technological Advancements Explore More

    Blog

    Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks

    With emerging technologies, financial services are witnessing a digital revolution that is changi...

    Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks Explore More

    Blog

    DoorDash Falls in the pit of Data Breach – Affects 4.9 Million Users

    Security breaches are increasing in number with every passing day. This keeps on happening. It wo...

    DoorDash Falls in the pit of Data Breach – Affects 4.9 Million Users Explore More

    Blog

    A Brief Insight into Netherlands’ Cryptocurrency Regulations

    Just like other European countries, the Netherlands is also a notable financial center making it ...

    A Brief Insight into Netherlands’ Cryptocurrency Regulations Explore More

    Blog

    KYC/AML Compliance – Eliminating Financial Crime in Challenger Banks

    Challenger banks have emerged in the financial services paradigm by bringing digital innovations ...

    KYC/AML Compliance – Eliminating Financial Crime in Challenger Banks Explore More

    Blog

    Customer Risk Assessment: Strengthening Security in the Digital Age

    Business partners, vendors, and third parties play essential roles in daily operations, contribut...

    Customer Risk Assessment: Strengthening Security in the Digital Age Explore More

    Blog

    AML Compliance in High-End Vehicle and Yacht Sales

    High-end vehicles and expensive properties are the universal status symbols that represent the ex...

    AML Compliance in High-End Vehicle and Yacht Sales Explore More

    Blog

    Embedding online identity verification methods for enterprise security

    The internet knows a lot about us now. And businesses are using this information to verify our di...

    Embedding online identity verification methods for enterprise security 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

    Online ID Verification – A Solution to Tax Refund Fraud

    An increase in identity theft and tax fraud have become a major concern these days. Criminals are...

    Online ID Verification – A Solution to Tax Refund Fraud Explore More

    Blog

    Liveness Detection and IDV: An Overview of Biometric Facial Recognition

    Identity fraud and cybercrime have significantly surged in the past few years. Deepfake technolog...

    Liveness Detection and IDV: An Overview of Biometric Facial Recognition Explore More

    Blog

    Understanding the Difference Between Money Laundering and Embezzlement

    Money laundering and embezzlement are two financial offences involving the movement of significan...

    Understanding the Difference Between Money Laundering and Embezzlement Explore More

    Blog

    Biometrics identity verification system – a masterstroke in verification market

    The biometrics identity verification system determines the resemblance of an individual by compar...

    Biometrics identity verification system – a masterstroke in verification market Explore More

    Blog, Identity & KYC

    Identity Verification Market ‘Hitting High Record’

    The advent of technology has pushed businesses to digitize their operations for better customer e...

    Identity Verification Market ‘Hitting High Record’ Explore More

    Blog

    Why Do Freelancing Platforms Need KYC?

    Technological advancements came with several betterments for humans. Where every industry is bene...

    Why Do Freelancing Platforms Need KYC? Explore More

    Blog

    Facial Verification – Curing Fraud in the Healthcare Sector

    Healthcare professionals continue to be hot targets of bad actors and cybercriminals, with attack...

    Facial Verification – Curing Fraud in the Healthcare Sector Explore More

    Blog, Identity & KYC

    4 Reasons Why Brokerage Firms Need ID Verification?

    According to Steve Grobman, Chief Technology Officer for McAfee, “The digital world has transform...

    4 Reasons Why Brokerage Firms Need ID Verification? 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