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

    Balancing UX and Security in the Finance Sector with Biometric Authentication

    2022-01-05 blog

    The global coronavirus outbreak transformed financial operations and forced retailing banks to temporarily close down and suspend physical customer services. However, as of today, banking services are expected to be easy and safe. Financial institutions, especially the banking sector, are required to meet the surging client demands for convenience, accessibility, and trust that their assets as well as privacy are protected.

    The increasing trend of digitization has accelerated the need for remote work and online banking services. However, the bars for cybersecurity and convenience have also been raised. On the other hand, digital financial fraud is also growing at a fast pace. Providing customers with seamless and secure financial services is becoming hard for financial institutions. Facial biometric technology offers a viable solution for the banking sector, as it can support them to enhance security measures and maximize client onboarding experience.

    Strong Authentication and Swift Banking Experience 

    The rapid increase in digitization is making it crucial for all financial institutions to adopt strong authentication solutions. This is because financial services have routed towards digital channels. Yet fraudsters and money launderers have become more sophisticated, as they can now easily penetrate through the weakest links in the institutes’ cybersecurity systems. Due to this, hackers can access customer credentials, financial databases, and transactional records legitimately. The cost of online financial fraud is quite high for both parties, the victim as well as financial corporations, including the fines, sanctions, and investigation costs.

    “In the first half of this year, criminals stole a total of £753.9 million through fraud, an increase of over a quarter (30 percent) compared to H1 2020. The advanced security systems used by banks prevented a further £736 million from being taken.”

    Frauds including account takeovers, malicious bots, phishing attacks, and various other scams are the major driving forces that resulted in crime growth in the banking sector. However, coronavirus has also paved the way for fraudsters to earn easy cash. Millions of customers opened digital accounts and moved toward virtual wallets. However, banks need strong and robust authentication measures to curb rising concerns of financial crimes. Thus, biometric technology is considered an extra security layer as it is hard to manipulate. For financial institutions, facial biometric authentication holds significance with respect to cybersecurity and data protection. Facial verification services could be easily utilized through smartphone cameras or web cameras to verify the identities with selfie and ID documents. Other than this, biometric technology could also be integrated into ATMs to provide customers with a touchless experience. This will render an entirely new way of authenticating individuals as well as their transactions.

    2022-01-05 infograpghic

    Money Laundering and Banking Sector: Why is Face Biometric Recognition Needed? 

    As financial firms, particularly the banking sector, are becoming the top target of money launderers, the Financial Conduct Authority (FCA), Financial Action Task Force (FATF), and countless other global monetary watchdogs continually come up with warnings and standards to secure financial institutions as well as the individuals. Many shortcomings in the banking sector are highlighted by the financial regulators with the aim of preventing money laundering.

    Usually, due to insufficient internal controls and lack of in-house verification measures criminals use the banks to clean their illegal cash through financial systems. Following are among some of them;

    Scenario # 1: Account Takeover 

    Money laundering intently gets access to a legit bank account. The accounts could be taken over through several techniques including stealing, hacking, phishing or even buying the credential in return for a bonus. Once criminals get access, they have complete control. Afterward, they can use it to layer illegitimate cash into legal financial systems. Due to this, the victim doesn’t get under the eye of banks or regulatory bodies, as money routes out instantly. In the worst case, its activities get noticed, it gets too late.

    Suggested Read:  Account Takeover Frauds – Impact, Causes, and Prevention

    Scenario # 2: Synthetic Identity Fraud 

    Instead of taking over victims’ accounts, fraudsters create an entirely new bank account. They go through all the verification steps for registration by using synthetic identities. Such identities are created by mixing legit stolen information with false data in order to create a person that doesn’t really exist in records. Therefore, money launderers can easily route their illegitimate earnings from these accounts, which appear to be legit bank accounts with legal transactions.

    Scenario # 3: Money Mules 

    In this instance, teenagers, particularly students, get tricked by the money launderers. As studying abroad is quite hard and loads of wealth are required, students are always in search of ways to earn easy as well as quick money. Such victims are connected by the fraudster through emails or social media platforms, attracting offers to purchase their accounts for high value. Then, criminals use the money mule accounts to route money from one source to another. In return, students get the commission. However, money muling is considered a serious offense, people become pawns of money launderers to flow money on behalf of them, in both cases knowingly or unknowingly. 

    Suggested Read: Age Verification Solution – Restricting Minors from Becoming Mules

    Above mentioned attempts to launder money are hard to determine and curb by the ordinary identity verification approaches as criminals always have a backup for every kind of situation. Hence, facial biometric recognition systems can be quite fruitful in this regard as they hold the power of detecting spoofing attacks and other sophisticated tricks.

    Streamlining Customer Convenience and Security Through Biometric Technology

    Facial biometric recognition technology comes up with enough potential to assist financial institutions, and the banking sector to balance customer experience and security.

    Mobile Onboarding 

    The client journey starts with account opening. Users can either use the banks’ website or application. By taking selfies and uploading the scanned copies of the government-issued document for ID verification. In addition to this, they also need to set up facial recognition by scanning their face. This adds an extra layer of security.

    At the Bank Branch

    Once the customers get themself onboard through digital platforms, clients can be instantly identified and can enter into the bank seamlessly with a facial scan. The facial recognition system matches the client’s face with the facial imprints placed in the bank’s database. If the match is positive, the customer is authorized to use the services or to carry out transactions.

    At the ATM 

    Facial biometric technology provides multi-factor authentication and enables customers to use passwordless and cardless transactions via ATM. Biometric authentication makes ATM services faster by eliminating the time required to enter a pin or card. Eventually, the customer experience exponentially increases while retaining the security measures.

    Mobile Banking

    Biometric technology can also allow the clients to take benefits of mobile banking through facial recognition by getting verified virtually. Clients can securely open an account and make transactions with just one facial scan.

    How Shufti Can Help

    Shufti’s facial biometric recognition is an ideal solution to deep fakes and other numerous fraudulent attempts to manipulate the financial institutions’ identity verification systems. This also has the liveness detection feature that can easily differentiate between real customers and spoof attacks. Shufti’s biometric verification also has micro expression, 3d depth perception, and human facial trait analysis that fill all the shortcomings in the banking sector’s identity verification systems.

    Want to know more about facial biometric verification for the banking sector?

    Related Posts

    Blog

    Identity Verification vs Authentication: The Key Differences

    Organisations today face significant concerns regarding data breaches and identity theft. Nearly ...

    Identity Verification vs Authentication: The Key Differences 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

    Blog

    The Most Frequently Asked Questions About Perpetual KYC

    Maintaining the accuracy of customer data presents a considerable challenge. Automating it has tr...

    The Most Frequently Asked Questions About Perpetual KYC 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

    Blog

    Electronic Identity Verification | Forecasts and Predictions

    Identities change as the world goes more digital. As more activities, like banking, socialising, ...

    Electronic Identity Verification | Forecasts and Predictions Explore More

    Blog

    The Truth Around DeFi Compliance – Bridging the Transparency Gap

    Financial markets around the world have seen increased popularity with the advent of decentralise...

    The Truth Around DeFi Compliance – Bridging the Transparency Gap 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, Fraud Prevention

    Data Breaches in 2019 – A Year in Review

    Stepping into 2020, the year 2019 has been on the rollercoaster in terms of security breaches. Da...

    Data Breaches in 2019 – A Year in Review Explore More

    Blog

    How Shufti Identity Verification User Experience Impacts Business Outcomes

    User experience (UX) isn’t only about design or even metric-driven decision making. It’s a busine...

    How Shufti Identity Verification User Experience Impacts Business Outcomes Explore More

    Blog

    Secure Ride-Hailing Services – Building Trust Through NFC Verification

    Despite the fact that modern ridesharing has only been operating for approximately a decade, it h...

    Secure Ride-Hailing Services – Building Trust Through NFC Verification Explore More

    Blog

    DSAR Under GDPR and CCPA – Understanding the Key Differences

    Data protection is one of the key concerns of organisations these days. For the same reason, data...

    DSAR Under GDPR and CCPA – Understanding the Key Differences Explore More

    Blog

    Top 5 Digital Banking Trends to Look Out for in 2022

    2021 was fundamentally geared towards surviving the pandemic and its aftermaths. The pandemic-acc...

    Top 5 Digital Banking Trends to Look Out for in 2022 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, Business Technology

    4 Fintech trends to look forward in 2019

    FInTech has come a long way from being a mere futuristic technology and has achieved scalability ...

    4 Fintech trends to look forward in 2019 Explore More

    Blog

    5 Ways Facial Biometric Technology Elevates Customer Retention

    Today, biometric technology is known for its ease of use and reliability. Facial biometrics have ...

    5 Ways Facial Biometric Technology Elevates Customer Retention Explore More

    Blog

    Identity Verification: A Bulletproof Vest Against Sharing Economy Fraud

    Over the previous year, you might have observed how the world has become increasingly dependent o...

    Identity Verification: A Bulletproof Vest Against Sharing Economy Fraud Explore More

    Blog

    Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help

    Non-Fungible Tokens (NFTs) emergence is providing a whole new segment to buy or sell digital crea...

    Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help Explore More

    Blog

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening Can Help

    Using gold for financial crimes has a long history and in many countries, jewellery is not only c...

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening Can Help 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

    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

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

    Most of our processes, including financial and business dealings, have now shifted to online plat...

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

    Blog

    International Tax Body to curb Cryptocurrency based Tax Evasion

    Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the U...

    International Tax Body to curb Cryptocurrency based Tax Evasion 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

    Blog

    Online Privacy, Security & Inclusivity in a Digital World: Congress Hearing 2021

    On 16 July 2021, the US Financial Services Task Force on Artificial Intelligence held a virtual h...

    Online Privacy, Security & Inclusivity in a Digital World: Congress Hearing 2021 Explore More

    Blog

    eIDAS and eIDs – The Shift in Identity Verification in the EU & Beyond

    In the digital world, ensuring the security of international transactions is the ultimate goal of...

    eIDAS and eIDs – The Shift in Identity Verification in the EU & Beyond Explore More

    Blog

    An Insight into AML Compliance in the Financial Sector [2022 Update]

    The increasing global attention towards anti-money laundering (AML) and countering the financing ...

    An Insight into AML Compliance in the Financial Sector [2022 Update] 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

    Identity verification for fair and free US elections amid COVID-19

    US Elections 2020 is the talk of the town these days. But with COVID-19 pandemic going on how wil...

    Identity verification for fair and free US elections amid COVID-19 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

    OCR Solution: A Must-have for Every Business to Automate Workflows

    Moving documents and files from one format to another is necessary during transactions and busine...

    OCR Solution: A Must-have for Every Business to Automate Workflows Explore More

    Blog

    Anti-Money Laundering Solutions | Helping Businesses Fight Against Financial Crimes

    In today’s digital world, increased financial crimes adversely impact global industries, mainly t...

    Anti-Money Laundering Solutions | Helping Businesses Fight Against Financial Crimes 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

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

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

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

    Blog

    e-IDV: Improving Client Onboarding for Banks and FinTech

    Individuals and business owners often face significant time constraints when visiting banks physi...

    e-IDV: Improving Client Onboarding for Banks and FinTech 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

    The Ultimate KYC Checklist for 2023 to Ensure Regulatory Compliance

    Non-compliance cost businesses billions of dollars. Regulators have charged financial firms with ...

    The Ultimate KYC Checklist for 2023 to Ensure Regulatory Compliance Explore More

    Blog

    Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help

    Non-Fungible Tokens (NFTs) emergence is providing a whole new segment to buy or sell digital crea...

    Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help 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 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

    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

    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

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience

    Modern gaming is the most recent evolution of online games that has enchanted gamers across the g...

    Identity Verification Services — Fueling the Demand for Safe Gaming Experience Explore More

    Blog

    Age Verification: Data Privacy and User Protection

    In recent years, there’s been a lot of speculation surrounding the issue of whether or not ...

    Age Verification: Data Privacy and User Protection Explore More

    Blog

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution

    Transition is the only thing that is inevitable in the universe. Every passing day is changing ou...

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution Explore More

    Blog

    AML Compliance – Addressing the Threat of Money Laundering in NFT Marketplaces

    The NFT marketplace is flourishing even though the top platforms do not always comply with Anti-M...

    AML Compliance – Addressing the Threat of Money Laundering in NFT Marketplaces Explore More

    Blog

    Biometric Authentication Technology – Everything you Need to Know

    Nowadays businesses are looking for more secure systems for the sole reason of customer authentic...

    Biometric Authentication Technology – Everything you Need to Know Explore More

    Blog

    Top 10 Biometric Technology Trends to Watch For in 2022

    Biometric innovations in present times have manifested various technological advancements and the...

    Top 10 Biometric Technology Trends to Watch For in 2022 Explore More

    Blog

    KYC Analysts: The First Line of Defense Against Identity Theft and Fraud

    An upsurge in financial transactions has led to heightened money laundering risks and terrorist f...

    KYC Analysts: The First Line of Defense Against Identity Theft and Fraud Explore More

    Blog

    International Tax Body to curb Cryptocurrency based Tax Evasion

    Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the U...

    International Tax Body to curb Cryptocurrency based Tax Evasion Explore More

    Blog, Financial Crime / AML, Reg Tech

    AML Checks: An Emerging Frontier in RegTech Revolution

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

    AML Checks: An Emerging Frontier in RegTech Revolution Explore More

    Blog

    Document Verification Services – The Secret Sauce to Keep Fraudsters Away

    Forging someone’s documents is something bad enough but selling them on the dark web is just rubb...

    Document Verification Services – The Secret Sauce  to Keep Fraudsters Away Explore More

    Blog

    Protect Your Bitcoin Business With KYC Compliance

    Even with a lot of resistance to its use as a form of currency, Bitcoin and its blockchain techno...

    Protect Your Bitcoin Business With KYC Compliance Explore More

    Blog

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution

    A decade ago, digital currencies were an academic concept, largely unknown to the world’s general...

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution Explore More

    Blog

    Combatting Fraud in the Automotive Industry

    Fraud is a growing concern for many industries and the automotive industry is no exception. In 20...

    Combatting Fraud in the Automotive Industry Explore More

    Blog

    Online Document Verification – The Role of Shufti’s Optical Character Recognition (OCR) in Eliminating Fraud

    Document verification is the most important stage when it comes to doing online business, getting...

    Online Document Verification – The Role of Shufti’s Optical Character Recognition (OCR) in Eliminating Fraud Explore More

    Blog

    Two-Factor Authentication – A Firewall Against Social Engineering Attacks

    Businesses and financial institutions around the globe often report concerns of financial crimes ...

    Two-Factor Authentication – A Firewall Against Social Engineering Attacks Explore More

    Blog

    10 factors shaping the identity verification industry in 2020

    The identity verification industry is expected to grow steadily during the forecast period, reach...

    10 factors shaping the identity verification industry in 2020 Explore More

    Blog, Identity & KYC

    What are the Different Types and Solutions of ID Verification?

    Customer identification is not an option for some businesses, it’s a must. Ignoring due diligence...

    What are the Different Types and Solutions of ID Verification? Explore More

    Blog

    Forex | The Use of Identity Verification

    In addition to safeguarding clients, forex brokers have legal and regulatory obligations to uphol...

    Forex | The Use of Identity Verification Explore More

    Blog

    The Rising Concern of Financial Crimes in the Metaverse – AML Screening as a Solution

    The digital world is evolving at a greater pace than ever before. The Metaverse is considered a d...

    The Rising Concern of Financial Crimes in the Metaverse – AML Screening as a Solution 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

    May 2023 Recap: Major Security Breaches and Penalties

    May 2023 witnessed several security breaches wreaking havoc on the digital landscape. High-profil...

    May 2023 Recap: Major Security Breaches and Penalties Explore More

    Blog

    June 2023 Recap: Major AML Violations and How Can Shufti Help

    In global financial systems, the increasing frequency of Anti-Money Laundering (AML) violations h...

    June 2023 Recap: Major AML Violations and How Can Shufti Help Explore More

    Blog

    e-IDV: The Key to Fraud Prevention in FinTech

    After years of enormous growth, investment in the fintech market declined in 2022. Susceptibility...

    e-IDV: The Key to Fraud Prevention in FinTech Explore More

    Blog

    4 Reasons why KYB is Inevitable for your Business

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

    4 Reasons why KYB is Inevitable for your Business Explore More

    Blog, 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

    Addressing Business Challenges Using OCR Scanner

    OCR text recognition is similar to how humans process and store information through reading. The ...

    Addressing Business Challenges Using OCR Scanner Explore More

    Blog

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening Can Help

    Using gold for financial crimes has a long history and in many countries, jewellery is not only c...

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening Can Help Explore More

    Blog

    Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution

    During the coronavirus pandemic, the e-commerce industry has witnessed a significant increase in ...

    Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution Explore More

    Blog, Online Marketplace

    e-KYC Services for Libraries

    Have you ever had those series of events that leave you shaking your head? That makes you believe...

    e-KYC Services for Libraries Explore More

    Blog

    Halloween Scams – Watching Out for Tricks, Identity Fraud, and Financial Crime

    Halloween is one of the most awaited and celebrated events in a large number of countries across ...

    Halloween Scams – Watching Out for Tricks, Identity Fraud, and Financial Crime Explore More

    Blog

    Top KYC Compliance Laws to Follow in 2023

    The rising number of scams has put a dent in the financial sector’s reputation. More than t...

    Top KYC Compliance Laws to Follow in 2023 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