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

    A Statistical Analysis of Prevalent Crimes in the Global Financial Industry – [2022 Overview]

    b-img-statistics-comp

    Over the past few years, the financial industry has witnessed significant technological changes, and many businesses have re-designed their structure to embrace the changing innovations. Almost every industry including financial institutions, insurance companies, healthcare centers, and the travel industry are using digital mobile apps for transactions which have ultimately provided a lot of ease to users. Currently, the global financial industry has an overall market of $25,839 billion which has increased at the rate of 10.8% compared to the previous year and it is expected to reach $37,343 billion by 2026.

    Due to the high stakes of money involved and the absence of robust identity verification systems, criminals have started exploiting the loopholes and inflicting financial losses on the users. Although the whole financial sector has adopted a rigid approach toward scammers, fraudulent activities are still prevalent, making enough room for criminals to get involved in a variety of scams. It is estimated that digital fraud attempts on financial companies were increased by 150% in 2021, making them highly vulnerable to financial crimes particularly money laundering, terrorist financing, and identity fraud.

    A Statistical Overview of the Global Financial Industry

    Since the COVID-19 pandemic, the trend of using online services has increased to a large extent, and now when the spread of the virus has slowed, users have prioritized finding remote options instead of visiting offices. It has been found through a survey that 75% of new users started using mobile apps and websites to perform their financial transactions during the pandemic. Economic experts predict that in the next coming years, the use of cash will be replaced by cashless transactions, which will be a milestone in the digital revolution. This is the primary reason that all businesses are now preferring to adopt the online model, which has resulted in increased use of e-commerce and other digital services.

    Going further, cryptocurrency has altogether changed the financial industry providing users to carry out their transactions through a decentralized system. In 2021 alone, the overall crypto market touched $1.5 trillion, with an expectation of increasing at a CAGR of 7.1% in the coming years. Although the year 2022 has not been profitable for crypto investors, experts have predicted that it will be back on the track by the first half of 2023. Based on the statistics, it would not be wrong to say that the global digital financial industry is increasing unprecedentedly and will soon overtake the whole economic system.

    b-info-global-financial

    Common Crimes Associated with Financial Industry

    Although the most innovative technologies are prevailing in the financial industry, criminals are also using advanced techniques to exploit loopholes and get successful in abusing the system. However, the rising number of financial crimes is becoming a global concern, provoking regulatory authorities to take strict actions and make it secure for the users.

    Let’s have a look at the facts and figures of the most prevalent crimes associated with the global financial industry:

    Money Laundering

    Money laundering is a global issue that has created a myriad of problems for the economic system, further giving rise to terrorism as well. It is estimated that every year money laundering costs 3% to 5% of the global GDP, which is more than $2 trillion. 

    The majority of the jurisdictions have made it illegal in their countries and legislated multiple laws to monitor financial crimes.

    In the wake of rising money laundering cases, a large number of banks involved in this heinous crime were fined more than $10 billion in 2020 for not complying with the global Anti-Money Laundering (AML) regulations. It is expected that securing the financial sector through AML screening measures will cost at least $1.77 billion by 2023.

    Identity Fraud

    Identity theft is another high-profile crime that has raised the alarm for the global regulatory authorities. The fraudsters have evolved strategically and are using advanced techniques to infiltrate the system stealing the identities of sophisticated users. Federal Trade Commission has reported that in the US alone, identity theft cases registered in 2021 were 22% more than in 2021, costing users $56 billion.

    The criminals further use the stolen identities to carry out multiple scams, particularly fake bank account openings, credit card scams, and money laundering, while the real user remains uninformed about any such activity. As per the report by Payment Intelligence Company, the global cases of identity fraud in the financial sector increased by 109% in 2021 as compared to the previous year.

    Credit Card Scams

    Credit card fraud is among the leading scams which are highly frequent in financial organizations. Criminals steal the credit card details of users and further abuse these details to carry out financial transactions. In 2021 alone, the companies lost $32 billion, and it is projected that this amount will increase to $38 billion by 2027. This type of scam is widespread in the US and accounted for 36% of all credit card fraud in 2021.

    Region-Wise Crime Facts and Figures

    The concept of digital financial transactions has increased globally, overall increasing the crime percentage. The whole financial sector of all jurisdictions is facing threats in the form of monetary scams urging the global regulatory authorities to find a viable solution against it. Financial Action Task Force (FATF), the primary body fighting money laundering and terrorist financing, has termed fraud in the financial sector a huge threat to the existing economic system. It has also advised all the member-states to form a comprehensive framework efficient enough to counter these crimes and make the industry a secure place for users.

    Let’s have a look at some of the latest statistics related to financial organizations’ fraud in the United States and the United Kingdom:

    United States

    1. In 2021 alone, US consumers lost $5.8 billion to financial scams involving credit card fraud and identity theft. (CNBC)
    2. The United States was the first country to call money laundering a criminal offense and legislate laws against it. (FinCEN)
    3. Money laundering in the US alone makes up 15% to 38% of the money laundered globally. (Zippia)
    4. 84,000 Americans reported bank account fraud in 2021 compared to 51,000 in 2020. (Fool)

    United Kingdom

    1. UK is the second largest country in Europe, having the highest number of credit card scams, with the average victim losing £8,775. (Yahoo)
    2. It is estimated that £88bn is laundered every year in the UK. (Raconteur)
    3. One-fifth of the law firms in the United Kingdom fail to comply with AML laws. (National Crime Agency)
    4. Banks lost 71% more amount to different scams in the first half of 2022 compared to 2021. (The Guardian)

    Key Takeaways

    Combating fraud in the financial sector is crucial to ensure transparency in the digital economic system. Identity verification services have provided the most optimum solution for financial industry through which companies can verify the true identities of their users and maintain a record of them. Shufti’s KYC services offer the digital sector to implement stringent IDV services and report any suspicious activity to law enforcement.

    Additionally, Shufti’s AML screening solution has access to 1700+ sanctions lists and generates results in seconds with a ~99% accuracy. It is powered by an AI algorithm that will counter criminals ensuring safety and security for other sophisticated users.

    Are you ready to find out KYC/AML solutions for the financial sector?

    Connect with an AML/KYC Expert

    Related Posts

    Blog

    GDPR Checklist – Practices to adopt as Business Norms

    It’s been a little over eight months since the GDPR came into effect on 25 May 2018. From that po...

    GDPR Checklist – Practices to adopt as Business Norms 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, 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, Financial Crime / AML

    What is PEP Compliance and Why do Financial Institutions Need it?

    For Politically Exposed Persons (PEPs), an inter-governmental body established in 1989, Financial...

    What is PEP Compliance and Why do Financial Institutions Need it? Explore More

    Blog

    International ID Day – An Overview of the 2021 Identity Landscape

    The International ID Day is not marked on everybody’s calendar but is of significant value for ma...

    International ID Day – An Overview of the 2021 Identity Landscape Explore More

    Blog, Identity & KYC

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services

    Canada Revenue Agency or CRA in collaboration with an identity verification service called Secure...

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services Explore More

    Blog

    The Crucial Role of Face Liveness Check in Fintech

    Fintech firms lose approximately $51 million to scams annually. However, the cost of fintech frau...

    The Crucial Role of Face Liveness Check in Fintech Explore More

    Blog

    Navigating the New Era of Customer Identity: Strategies for Compliance Professionals

    Introduction The identity verification and authentication landscape is undergoing a rapid transfo...

    Navigating the New Era of Customer Identity: Strategies for Compliance Professionals Explore More

    Blog

    Video KYC – Ultimate Solution for Financial Institutions

    With social distancing becoming the necessity during the pandemic, more and more companies began ...

    Video KYC – Ultimate Solution for Financial Institutions Explore More

    Blog

    Biometric Authentication – How Do Fraudsters Try to Bypass These Checks?

    Biometric authentication is one of the ideal ways of dealing with fraudsters. Unfortunately, crim...

    Biometric Authentication – How Do Fraudsters Try to Bypass These Checks? Explore More

    Blog

    Understanding Digital Identity

    What is Digital Identity? In the digital world, your identity is made up of your p...

    Understanding Digital Identity 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

    Gambling Compliance or Data Protection? The Puzzle is Solved!

    The evolving regulations for the gambling industry are likely to increase compliance challenges i...

    Gambling Compliance or Data Protection? The Puzzle is Solved! Explore More

    Blog

    Understanding False Positives in AML Transaction Monitoring

    Financial institutions such as banks, neo-banks, insurance companies, investment companies, finte...

    Understanding False Positives in AML Transaction Monitoring Explore More

    Blog

    The Top 10 Advantages of OCR for Business Owners

    In our current data-driven and digital world, many organisations struggle with vast quantities of...

    The Top 10 Advantages of OCR for Business Owners Explore More

    Blog

    KYC Compliance for DeFi Platforms – Finding the Balance for a Secure Future

    The rise of decentralized services in the form of digital asset trading platforms and DeFi consta...

    KYC Compliance for DeFi Platforms – Finding the Balance for a Secure Future Explore More

    Blog

    Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification

    Online gaming has become more popular since COVID-19. The pandemic forced people to stay indoors,...

    Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification Explore More

    Blog

    Digital Currency – Replacing Fiat Money in the Modern World

    Technological advancements are leading to better transaction systems in different states. Cryptoc...

    Digital Currency – Replacing Fiat Money in the Modern World 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

    Online Dating Scams – ID Verification Solution to the Rescue

    COVID-19 exposures and its associated risks with today’s in-person meetups and traditional ...

    Online Dating Scams – ID Verification Solution to the Rescue Explore More

    Blog

    Global Expansion, Digitization, and Crimes – How Shufti Can Help Financial Industry

    The financial industry has seen significant technological changes over the past recent years. Man...

    Global Expansion, Digitization, and Crimes – How Shufti Can Help Financial Industry Explore More

    Blog

    Protect Your Business Against Identity Theft with Face ID Check

    The efficacy of biometric authentication becomes questionable in the face of facial ID checks. It...

    Protect Your Business Against Identity Theft with Face ID Check Explore More

    Blog

    Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering?

    As regulatory authorities are seizing the yachts and real estate belonging to Russian oligarchs, ...

    Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering? Explore More

    Blog

    AML Screening – Identifying Financial Criminals in the Art & Antiquities Sector

    There is no doubt in the fact that art and antiquities are one of the sectors responsible for bil...

    AML Screening – Identifying Financial Criminals in the Art & Antiquities Sector 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, Online Marketplace

    How Identity Verification Makes Remote Account Opening Efficient for Banks

    Banks have a lot to benefit from the remote account opening service as it allows them to bring a ...

    How Identity Verification Makes Remote Account Opening Efficient for Banks Explore More

    Biometric Technology, Blog

    How eIDAS compliance is easier with Biometric Consent from Shufti pro?

    Biometric consent authentication is a brand new verification solution from Shufti, using an i...

    How eIDAS compliance is easier with Biometric Consent from Shufti pro? 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 Ways Minors Use to Dodge Age Verification Checks

    Protecting minors from the perils of the digital world is nearly impossible for businesses withou...

    Top 5 Ways Minors Use to Dodge Age Verification Checks Explore More

    Blog

    Role of Enhanced Due Diligence in Combating Money Laundering

    Enhanced Due Diligence (EDD) is an advanced and refined version of KYC due diligence process that...

    Role of Enhanced Due Diligence in Combating Money Laundering Explore More

    Blog

    Identity Proofing – 7 Reasons Why Businesses Need it Now!

    Modern-day cyberspace has effortlessly diminished the boundary between the real-life and digital ...

    Identity Proofing – 7 Reasons Why Businesses Need it Now! Explore More

    Blog

    How Shufti’s KYC Solution Can Ensure Compliance and Help in Battling Identity Fraud

    With booming technology and rapid digitization, a large number of businesses are adopting the dig...

    How Shufti’s KYC Solution Can Ensure Compliance and Help in Battling Identity Fraud Explore More

    Blog

    AML Compliance – Mitigating Financial Crime Risks in the Payments Industry

    After the Covid-19 pandemic gave rise to the digital payments trend, the world has seen rapid gro...

    AML Compliance – Mitigating Financial Crime Risks in the Payments Industry Explore More

    Blog, Identity & KYC, Online Marketplace

    Why 2 Factor Authentication is vital for Online Identity Risk Management?

    Online identity risk management is becoming harder and harder on cyberspace. It is a headache for...

    Why 2 Factor Authentication is vital for Online Identity Risk Management? Explore More

    Blog, Fraud Prevention

    8 Fraud Prevention Tips for a smooth business uptake in 2018

    The Need for Fraud Prevention As technology has evolved over the years, the way we do business ha...

    8 Fraud Prevention Tips for a smooth business uptake in 2018 Explore More

    Blog

    Curbing Real Estate Crimes and Hunting Down Russian Investors with Shufti’s AML Screening Solution

    The real estate industry has become attractive to money launderers in the same way it is to any l...

    Curbing Real Estate Crimes and Hunting Down Russian Investors with Shufti’s AML Screening Solution Explore More

    Blog

    How Global AML Regulations Safeguard Financial Processes from Money Laundering

    Growing a business in any part of the world requires effective AML compliance measures as a neces...

    How Global AML Regulations Safeguard Financial Processes from Money Laundering Explore More

    Blog

    EDD in Banking: Going Beyond CDD to Establish Trust in the Digital Age

    With technological advancement, hackers are also becoming smarter to bypass verification processe...

    EDD in Banking: Going Beyond CDD to Establish Trust in the Digital Age Explore More

    Blog

    The UK “Children’s Code” – Laying New Grounds for Age Verification

    A 12-month grace period for compliance with a set of standards, introduced for protecting childre...

    The UK “Children’s Code” – Laying New Grounds for Age Verification Explore More

    Anti Money Laundering, Blog, Financial Crime / AML

    US Treasury opposes European Commission AML Country List

    The European Commission has adopted a new list of 23 countries which lack appropriate framework f...

    US Treasury opposes European Commission AML Country List Explore More

    Blog

    Know Your Investor (KYI) – Onboarding the Right Investors for Your Business

    In today’s tech-driven world, financial operations are being transformed by emerging digital solu...

    Know Your Investor (KYI) – Onboarding the Right Investors for Your Business Explore More

    Blog

    How to Protect Yourself From Cyber Crime in the Holiday Season?

    Most people around the world do the majority of their shopping during the holiday season. Accordi...

    How to Protect Yourself From Cyber Crime in the Holiday Season? Explore More

    Blog

    Social Media Platforms and Increasing Crimes – How Shufti’s ID Verification Services Can Protect

    The rise and evolution of social media have completely transformed the way people communicated an...

    Social Media Platforms and Increasing Crimes – How Shufti’s ID Verification Services Can Protect Explore More

    Blog

    Combating Money Muling Activities With Shufti’s AML Screening Services

    The coronavirus pandemic has brought about unusual changes in industries and lifestyles across th...

    Combating Money Muling Activities With Shufti’s AML Screening Services Explore More

    Blog

    The State of Fraud Detection & Prevention in 2024 | Ready, Set, Fraud

    Since the dawn of the internet in the 90s, we’ve witnessed multiple phases of digital revolution....

    The State of Fraud Detection & Prevention in 2024 | Ready, Set, Fraud 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

    Banking Scams: Top 5 Predictions and How to Stay Safe in 2023

    The most recent fraud statistics will make you uncomfortable. Fraud cases are rising – relentless...

    Banking Scams: Top 5 Predictions and How to Stay Safe in 2023 Explore More

    Blog

    The Evolution of AML Compliance from Checkbox to Risk-based Approach

    Financial institutions are exposed to several money laundering threats, as criminals today are we...

    The Evolution of AML Compliance from Checkbox to Risk-based Approach Explore More

    Blog, Identity & KYC

    How Real ID Act enables Digital KYC Services for US Customers?

    Digital KYC Services for US based customers are in debt of Real ID Act as it streamlined the proc...

    How Real ID Act enables Digital KYC Services for US Customers? Explore More

    Blog

    A Basic Guide to Know Your Customer Online (2023 Update)

    In our current digital landscape, where identity theft seems rampant, protecting personal informa...

    A Basic Guide to Know Your Customer Online (2023 Update) 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

    Healthcare is Under Attack: Strengthening Security with Biometric Verification

    Healthcare scams cost our economy tens of billions of dollars every year and the lowest value of ...

    Healthcare is Under Attack: Strengthening Security with Biometric Verification 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

    First-party, Second-party and Third-party Frauds – How to Stop them?

    Most businesses don’t lose customers because of poor services but due to weak security measures. ...

    First-party, Second-party and Third-party Frauds – How to Stop them? 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

    Identity verification solutions to fight against faces of fraud

    In this digital world, billions of smart devices are circulating, connecting and communicating wi...

    Identity verification solutions to fight against faces of fraud 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

    Antiquities Market – A Conduit of Money Laundering and Terror Financing

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

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

    Blog

    Case Study: How Shufti anchors Rapid Global Expansion for BigCash, a Popular Gaming Technology Platform

    Witzeal Technologies, India’s leading gaming platform BigCash, with its 40 million+ users and 1.5...

    Case Study: How Shufti anchors Rapid Global Expansion for BigCash, a Popular Gaming Technology Platform Explore More

    Blog

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance

    Money laundering has always remained a huge challenge for global economies, and all the major jur...

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance Explore More

    Blog

    How can you prepare for AML Compliance – Ultimate AML Guidelines For Starters

    Anti Money Laundering Compliance, commonly known as AML Compliance, is something that banks and f...

    How can you prepare for AML Compliance – Ultimate AML Guidelines For Starters Explore More

    Blog

    Need for Identity Verification in Real Estate and Its Real-World Use Cases

    The real estate industry is in dire need of identity verification processes. The reason being, th...

    Need for Identity Verification in Real Estate and Its Real-World Use Cases Explore More

    Blog, Identity & KYC

    Merchant Identity Proofing: Building Strong B2B Relations

    Identity Proofing: The success of e-commerce has been very remarkable. It is expected that global...

    Merchant Identity Proofing: Building Strong B2B Relations Explore More

    Blog

    New KYC Regime for the UK, US, and Australia – What’s in it for Financial Institutions?

    Financial institutions are known for getting their reputation maligned due to crimes like identit...

    New KYC Regime for the UK, US, and Australia – What’s in it for Financial Institutions? Explore More

    Blog

    Perpetual KYC – Securing Businesses through Continuous Identity Verification

    With regulatory scrutiny increasing globally, failures or loopholes in security systems pose a si...

    Perpetual KYC – Securing Businesses through Continuous Identity Verification Explore More

    Blog

    AML Compliance – Mitigating Money Laundering Risks in Insurance Companies

    The huge influx of funds through insurance companies has led criminals to exploit the whole syste...

    AML Compliance – Mitigating Money Laundering Risks in Insurance Companies 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

    Blog

    Gambling Regulations in Germany Lay Ground for Robust Player Verification

    User engagement towards digital platforms has been growing at an exponential pace for the past fe...

    Gambling Regulations in Germany Lay Ground for Robust Player Verification Explore More

    Blog

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance

    Money laundering has always remained a huge challenge for global economies, and all the major jur...

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance 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

    How Identity Verification Eliminates Social Media Scams to Enhance User Experience

    Social media has experienced exceptional growth in the past decade as a result of advancements in...

    How Identity Verification Eliminates Social Media Scams to Enhance User Experience Explore More

    Blog

    COVID Certificate Verification – Mounting Cases of Worldwide COVID-19 Fraud

    Where the coronavirus pandemic has been all about social safety protocols and vaccine distributio...

    COVID Certificate Verification – Mounting Cases of Worldwide COVID-19 Fraud 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