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

    216.73.216.57

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

    b-img-a-comprehensive

    Most of our processes, including financial and business dealings, have now shifted to online platforms. While this mode provides more convenience to users and allows them to make their processes more efficient, it also has drawbacks. It exposes users to many threats, ranging from data breaches to identity theft, which can be used in various ways to manipulate the stolen information, which is then used to commit crimes under a user’s name. As per a report by Statista, e-commerce transactions will grow 11 percent globally by 2027. Moreover, figures from the World Bank indicate that the recent COVID-19 pandemic boosted digital payments significantly, further accelerating the digitization of our day-to-day processes. A significant threat businesses face is cybercriminals using exploited information to conduct crimes.

    To successfully prevent engagement with fake entities, businesses need e-KYC to safeguard their processes. e-KYC, or KYC, is the process of identifying customers before engaging in any kind of activity with them. The difference between the traditional KYC method and e-KYC is that users are identified electronically without needing to be physically present. 

    What is e-KYC: A Brief Overview

    According to a report by Facts and Factors, the global e-KYC market size was worth around USD 1571.12 billion in 2021 and is predicted to grow to USD 2792 billion by 2030 at a CAGR of 21.55%. e-KYC is basically a due diligence process carried out to verify entries at the time of onboarding. It can be divided into two major categories: document KYC and video KYC. In standard cases, a user must provide identity documents, which are verified against global databases to ensure that the entity is now listed in any criminal records or has no misconduct records. e-KYC methods provide businesses with a broader range of verification features that make identity verification even more convenient. 

    Users can simply use their mobile phones to verify their identities. Modern technologies such as Artificial Intelligence (AI) and Machine Learning (ML) have greatly aided e-KYC technology in creating advanced electronic identity verification mechanisms. e-KYC solution providers have now integrated technologies like biometric facial recognition and liveness detection, which allow companies to verify entities with video. This prevents the threat of deepfakes and ultimately safeguards the companies from the risk of potential financial losses. 

    Document verification is also more convenient with e-KYC as it has OCR technology. It allows businesses to verify the identity documents of users remotely. Document verification provided by e-KYC is useful, especially when onboarding remote individuals from other parts of the world. e-KYC takes care of the whole verification process for the business and makes the onboarding process hassle-free and convenient. By verifying entities within seconds, e-KYC ensures seamless onboarding and saves both parties significant time.

    b-imgessentials

    Preventing Financial Crime with e-KYC 

    e-KYC verification plays a crucial role in identifying and eliminating potential threats before they can cause damage. At the time of onboarding, all the necessary information on an entity is fetched with the help of advanced KYC technologies, which is then verified against global databases and records. Many cybercriminals and illegal entities often mask themselves as legitimate entities and try to establish relationships with businesses, which are then exploited to carry out financial crimes.

    There is also a significant threat from money launderers and terrorist financiers who use legitimate businesses as a gateway to hide their illegal assets. A KYC check can help businesses establish the identity of all the entities that are willing to establish a relationship with them. This way, businesses can identify money launderers and cyber criminals who may be pretending to be legitimate entities. 

    Another significant aspect of financial fraud in KYC is customer and employee fraud. This is quite basic, as these individuals use mechanisms such as phishing attempts and follow general scamming methods. Cybercriminals can be caught before they strike with e-KYC systems that incorporate AI technologies. Ultimately, these small scams can add up to a significant sum of a company’s finances, so they should be prevented. 

    e-KYC systems also play a crucial role in identifying suspicious transactions and potential high-risk customers. This is primarily done by the continuous monitoring provided by online e-KYC. These software solutions keep a close eye on the entities being onboarded and those already onboarded. These software solutions identify and flag suspicious entities by accurately predicting their actions and analyzing their behaviors. These entities are then subjected to increased monitoring, and if they exceed a specific risk score, they are eliminated on the spot. e-KYC transaction monitoring can track the origin of an asset and ensure that it is coming from a legitimate source and that it is not an illicit asset being masked. 

    The Significance of e-KYC for Businesses 

    FinCEN predicts the CDD Rule will cost banks and their customers between $700 million and $1.5 billion over the next decade. Manual KYC checks are resource-intensive, and they do not have perfect accuracy. In contrast, e-KYC solutions have an accuracy of up to 90% because of their AI-integrated technologies. Businesses can also leverage a low-cost verification solution that can help them get better results than traditional KYC processes. 

    • Increased Accuracy and Efficiency 

    e-KYC solutions can help businesses leverage unmatched accuracy and efficiency. Traditional KYC takes hours and days to verify the entities. If further complications occur, it can get further delayed. In contrast, an e-KYC system can accurately verify users in seconds. e-KYC significantly reduces errors because of its AI-backed approach, which processes all data sets accurately. It can help businesses process large amounts of data in less time, saving them significant time and resources. 

    • Compliance with KYC Laws

    e-KYC generates automated, custom reports on-demand, which helps businesses comply with KYC regulations. Global regulatory bodies require firms to comply with a particular set of KYC rules and regulations. These rules are strict, and companies that do not comply are subjected to hefty fines and charges. e-KYC is the perfect solution for businesses looking for an ideal verification solution, along with an automated compliance mechanism that frees up the burden of reporting about every business deal.  

    • Maintaining Market Reputation 

    Establishing relationships with high-risk entities or involving such activities can significantly damage a business’s reputation. If a company faces a financial loss due to doing business with an illicit entity, it also loses the trust of its stakeholders and investors. e-KYC helps companies avoid getting scammed by cybercriminals and maintain a good image in the market. If all the stakeholders and investors experience a sudden financial loss from a business, it is natural for them to pull all their investments out, leaving the company bankrupt.  

    Choosing the Right e-KYC Partner

    Adopting e-KYC is often considered a hassle, but the case is different. e-KYC solution providers use API integration to integrate the solution into a company’s processes seamlessly. Businesses should first analyze their business models and determine the scale at which they will be deploying the e-KYC process. A proper business model should be established to boost business growth by leveraging e-KYC and complementing the rest of the business processes. Educating workers on e-KYC is also an essential task that should not be ignored because, if done right, it can boost business growth significantly. 

    Shufti offers eKYC solutions to 240+ countries and territories and supports 150+ languages, helping businesses keep scammers away and comply with regulations.

    Here’s what makes Shufti’s eKYC solution stand out: 

    • No document uploading
    • Fast customer onboarding
    • 99% accuracy rate and verifies clients within seconds
    • Real-time authentication from government databases

    Want to know more about how eKYC helps businesses keep scammers away?

    Contact Us

    Related Posts

    Blog

    Shufti’s Insights on Enhancing Customer Onboarding Experience

    The digital world nowadays requires a lot of effort from businesses to ensure customer satisfacti...

    Shufti’s Insights on Enhancing Customer Onboarding Experience Explore More

    Blog, Fraud Prevention

    Cryptocurrency Scams – Checklist for Protection

    Headlines about some cryptocurrency exchange being hacked are not unusual. So far, hackers have s...

    Cryptocurrency Scams – Checklist for Protection Explore More

    Blog

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud

    Throughout the United States, an emerging scam has taken the nation by storm. Unemployment Insura...

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud Explore More

    Blog

    Solving the Cheating Problem in Online Gaming with Robust ID Verification Solution

    The digital gaming and esports industry has grown at an immense pace in recent years, topping 1 b...

    Solving the Cheating Problem in Online Gaming with Robust ID Verification Solution 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

    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

    China’s New Data Security and Personal Information Protection Laws [2022 Update]

    For the purpose of identification, interdiction, and prevention, many governments, regulators, an...

    China’s New Data Security and Personal Information Protection Laws [2022 Update] Explore More

    Blog

    Verify Like a Local: Identity in Nigeria

    Verify Like a Local: Identity in Nigeria Explore More

    Blog

    Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters

    In recent times, the financial industry has witnessed significant technological changes which hav...

    Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters Explore More

    Blog

    KYC Regulations Across the Globe | An Updated Guide 2023

     The global financial industry finds it hard to meet compliance and secure sensitive cus...

    KYC Regulations Across the Globe | An Updated Guide 2023 Explore More

    Blog

    Perpetual KYC: The Future of Due Diligence in the Financial Industry

    Digital transformation is paving the way for quick growth in the compliance sphere. However, regu...

    Perpetual KYC: The Future of Due Diligence in the Financial Industry Explore More

    Blog, Identity & KYC

    Why You Need to Verify Identity Online

    5 Unusual Ways Stolen Identities Can be Used Online The need to verify identity in the digital sp...

    Why You Need to Verify Identity Online 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, Online Marketplace

    Fraud Protection services for Online Retail Businesses

    Online Marketplace faces Chargeback issues Fraud Protection Services are an integral part of reta...

    Fraud Protection services for Online Retail Businesses Explore More

    Blog

    How machine learning changed facial recognition technology?

    We are entering a new era of fast and secure authentication clubbed with a perfect storm of digit...

    How machine learning changed facial recognition technology? 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 the FinTech Industry’s Uncertain Regulatory Landscape

    Financial technology (FinTech) exists to improve and automate the delivery of economical services...

    AML Compliance in the FinTech Industry’s Uncertain Regulatory Landscape Explore More

    Biometric Technology, Blog

    4 Reasons why Facial Recognition is Better at Biometric Verification than Fingerprint Scans

    Biometric verification is smartphones was introduced nearly five years ago when iPhone launched i...

    4 Reasons why Facial Recognition is Better at Biometric Verification than Fingerprint Scans 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

    KYC Verification – Fraud Prevention in FinTech & the Payments Industry

    The growth of the online payment industry and FinTech companies comes with a simultaneous increas...

    KYC Verification – Fraud Prevention in FinTech & the Payments Industry Explore More

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

    Know Your Business-Pillar of Strength To AML Regulations

    Moving in the world of technology, where every industry is going digital, there has been very les...

    Know Your Business-Pillar of Strength  To  AML Regulations Explore More

    Blog

    How machine learning changed facial recognition technology?

    We are entering a new era of fast and secure authentication clubbed with a perfect storm of digit...

    How machine learning changed facial recognition technology? Explore More

    Blog

    OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification

    The global Banking and Financial Services Industry (BFSI) is one of the most heavily regulated an...

    OCR in Banking | Automating Data Extraction, Customer Onboarding, and ID Verification Explore More

    Blog

    Digital Passports Driving the need for Biometric Verification at Airports

    Digital or chipped biometric passports have automated the verification process at airports. The e...

    Digital Passports Driving the need for Biometric Verification at Airports Explore More

    Blog

    Cross Border Digital Payments – Regulatory Regime and the Global Context

    The world is moving towards smarter payments with technology trends picking up the pace in 2021. ...

    Cross Border Digital Payments – Regulatory Regime and the Global Context Explore More

    Blog

    Know Your Business (KYB) | Ensuring Financial Security

    The Know Your Business solution standard verifies a company’s legal standing and confirms i...

    Know Your Business (KYB) | Ensuring Financial Security 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 Verification entails a lot more than customer verification

    Identity theft and digital fraud are on the rise. Cybersecurity is of essence for all the organis...

    Identity Verification entails a lot more than customer verification Explore More

    Blog

    Age Gating VS Age Verification | Enhancing Security for Minors

    Age gating was once employed to stop minors from accessing age-restricted content. However, the a...

    Age Gating VS Age Verification | Enhancing Security for Minors 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, Online Marketplace

    Why Digital KYC is Important for Insurance Fraud Prevention

    KYC For Insurance Companies : Basically, a system that can carry out real-time identity verificat...

    Why Digital KYC is Important for Insurance Fraud Prevention 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

    Shufti’s Journey Builder: Designing Identity Verification Made Simple 

    As financial regulations around the world become more complex and ever changing, businesses like ...

    Shufti’s Journey Builder: Designing Identity Verification Made Simple  Explore More

    Blog, Identity & KYC

    KYC Compliance – Strengthening Fraud Prevention Across the Globe

    Know Your Customer (KYC)  The widespread availability of the internet has made our world more con...

    KYC Compliance – Strengthening Fraud Prevention Across the Globe Explore More

    Blog, Identity & KYC

    How AML/KYC Direct Credible ICO Growth?

    What if I told you, early in the days of ICOs, startups operated with little to no top level regu...

    How AML/KYC Direct Credible ICO Growth? Explore More

    Blog

    Age Verification for Social Media – Protecting the Younger Victims of Online Scams

    With a significant majority of students diverting from their usual school routines due to the COV...

    Age Verification for Social Media – Protecting the Younger Victims of Online Scams Explore More

    Blog

    All You Need to Know About Facial Recognition

    Rapid digitisation over the past few years has led to the adoption of facial recognition for many...

    All You Need to Know About Facial Recognition Explore More

    Blog

    A Deep Dive into Know Your Business Verification

    Customer verification is essential for all businesses to onboard legitimate customers, but what a...

    A Deep Dive into Know Your Business Verification Explore More

    Blog

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti

    Businesses deplete millions of dollars each year on outdated technologies, employee training, and...

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti 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

    A Brief Overview of the RegTech Industry [2022 Update]

    The rising financial crimes have raised concerns of global regulatory watchdogs giving rise to Re...

    A Brief Overview of the RegTech Industry [2022 Update] Explore More

    Blog

    Identity Verification Forecast: How Will KYC Evolve in 2023?

    As the world becomes more digital, scammers are honing their craft and employing trickier techniq...

    Identity Verification Forecast: How Will KYC Evolve in 2023? 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, Identity & KYC

    Why You Need to Verify Identity Online

    5 Unusual Ways Stolen Identities Can be Used Online The need to verify identity in the digital sp...

    Why You Need to Verify Identity Online 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, Online Marketplace

    KYC for customer on-boarding in Telecommunications Industry

    Identity Verification is quite necessary for Telecommunications Industry in today’s digital...

    KYC for customer on-boarding in Telecommunications Industry Explore More

    Blog

    5 Technology Trends To Disrupt Banking in 2020

    Living in the digital era, technology is driving major changes in almost every industry. Whether ...

    5 Technology Trends To Disrupt Banking in 2020 Explore More

    Blog

    Know Your Donor (KYD) – Eradicating Financial Crimes in NPOs and Charity Organizations

    In 2020, US citizens alone donated more than $471 billion to charities. This generosity ultimatel...

    Know Your Donor (KYD) – Eradicating Financial Crimes in NPOs and Charity Organizations Explore More

    Blog

    How E-Commerce sites can prevent scams over Black Friday and Cyber Monday

    For online businesses, customer authentication for internet payments is very crucial. An ever-inc...

    How E-Commerce sites can prevent scams over Black Friday and Cyber Monday Explore More

    Blog

    The Latest KYC Regulation Bill for Bitcoin ATMs and DeFi Platforms

    As the digital revolution takes hold worldwide, there has been an unparalleled surge in the adopt...

    The Latest KYC Regulation Bill for Bitcoin ATMs and DeFi Platforms Explore More

    Blog

    The Relentless Rise of Fraud in the FinTech Industry – How CDD Helps

    Fraud has always been on the rise ever since the advent of the FinTech industry. As perpetrators ...

    The Relentless Rise of Fraud in the FinTech Industry – How CDD Helps Explore More

    Blog, Fraud Prevention

    Internet of Things: B2B IoT Segments about to hit $300 Billion by 2020

    The Internet of Things is growing exponentially with respect to its usage and capabilities. A who...

    Internet of Things: B2B IoT Segments about to hit $300 Billion by 2020 Explore More

    Blog

    Document Authentication | Streamlining Onboarding, Compliance & Fraud Prevention

    Before the world experienced digitisation due to the advent of smartphones, fast-speed internet, ...

    Document Authentication | Streamlining Onboarding, Compliance & Fraud Prevention 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, Financial Crime / AML

    Impact of Canada’s Evolving AML Regimes on Your Business

    Canada’s AML regulations changed a lot in 2019. More rigid AML regulations are imposed on all typ...

    Impact of Canada’s Evolving AML Regimes on Your Business Explore More

    Blog

    AUSTRAC’s ML/TF Risk Assessment Report on Foreign Subsidiary Banks [Part 4]

    This blog covers the last chapter of our four-part series on AUSTRAC’s money laundering and terro...

    AUSTRAC’s ML/TF Risk Assessment Report on Foreign Subsidiary Banks [Part 4] Explore More

    Blog

    Combatting Identity Theft with KYC Verification – A Risk-Based Approach in Online Shopping

    The proliferation of online stores has radically transformed how people shop and greatly affected...

    Combatting Identity Theft with KYC Verification – A Risk-Based Approach in Online Shopping 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

    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

    Blog

    The Age Verification Advantage: Speed, Trust, and Privacy

    Businesses operating in age-restricted industries like gaming, social media, and alcohol sales na...

    The Age Verification Advantage: Speed, Trust, and Privacy Explore More

    Blog

    5 Ways AI Takes Document Verification to the Next Level

    Data digitisation has made it accessible not only to legitimate users but also to cyber criminals...

    5 Ways AI Takes Document Verification to the Next Level Explore More

    Blog

    Safeguarding Telecommunication Industry with Robust ID Verification Solutions – What Shufti Offers

    Technology transformation, growing transactions and global digitisation are increasing the potent...

    Safeguarding  Telecommunication Industry with Robust ID Verification Solutions – What Shufti Offers Explore More

    Blog

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes

    Luxury goods and high-valued assets are frequently but not always found at the integration stage ...

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes Explore More

    Blog

    Cyber Monday Scams on the Rise Due to COVID-19

    Thanksgiving – a day that reminds us of all the bounties of Mother Nature that we should be...

    Cyber Monday Scams on the Rise Due to COVID-19 Explore More

    Blog

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020

    Facial recognition has grown by leaps and bounds with the arrival of the sophisticated pattern-ma...

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020 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

    Digital COVID Pass: Automated COVID Report Verification

    The worsening situation of the pandemic has forced authorities to impose restrictions on several ...

    Digital COVID Pass: Automated COVID Report Verification Explore More

    Blog, Business Technology

    Why have IPOs started Implementing Digital KYC?

    Have you heard the phrase “I’m afraid we have to go public Mark”, well then you are on right page...

    Why have IPOs started Implementing Digital KYC? 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

    The Expected No-Deal Brexit and AML/CFT Laws in the UK

    The current prime minister of the UK Mr. Boris Johnson made a statement that the UK should be rea...

    The Expected No-Deal Brexit and AML/CFT Laws in the UK Explore More

    Blog

    Strengthening digital businesses with online age verification

    It is projected that by the end of 2021, 2.4 billion will buy products and services online, up 46...

    Strengthening digital businesses with online age verification Explore More

    Blog

    NFT Trading and Money Laundering – How Shufti’s AML Screening Helps Combat Financial Crimes

    With revolutionary technologies and growing digitization, the digital version of artworks known a...

    NFT Trading and Money Laundering – How Shufti’s AML Screening Helps Combat Financial Crimes 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