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

    Electronic Identity Verification | Technology and Regulations

    b-img-technology-regulations

    Demand for efficient AML and KYC solutions increases as criminals develop more complex methods of committing fraud, laundering money, and funding terrorist operations. Since financial crime is a global problem, financial institutions everywhere must have reliable procedures to perform electronic verification to ensure their customers’ legitimacy.

    Increased fraud attempts in the financial services and cryptocurrency sectors are highlighted in the 2023 Identity Fraud Report, which also reveals that the United States experienced the highest rate of fraud in the world. Compared to 2021, the research shows that global fraudulent activity has increased by over 18%, with identity fraud accounting for almost half of that total. Moreover, the statistics emphasise that repeat fraud cases across industries increased by 46.62% from the previous year. 

    Electonic Identity Verification (e-IDV) helps businesses in the financial sector verify the identity of customers in a streamlined and efficient manner. Customers who are identified incorrectly or not adequately identified can more easily evade AML controls and exploit financial products for criminal purposes. Making the practice of customer identity verification, known in the financial context as Know Your Customer (KYC), an essential AML obligation. 

    Standards and Regulations for Identity Verification 

    International regulations govern the implementation of digital identity verification solutions. European Union member states can look for direction to initiatives like AMLD5 and eIDAS. EIDAS governs electronic signature and other fundamental elements of digital ID verification, whilst AMLD5 concentrates on combating money laundering and terrorism funding.

    The Customer Identification Programme (CIP) in the United States mandates that banks have reasonable suspicion that each customer who opens an account is who they say they are. The Bank Secrecy Act, as amended by the Patriot Act, included this provision. In 2003, the Patriot Act made CIP mandatory for banks and other financial institutions.

    Market Analysis of Electronic Identity Verification 

    The market for electronic identifiers has expanded steadily in recent years, which is expected to continue into the anticipated period (2021–2028). Several factors, such as an emphasis on providing a better customer service experience, rising consumer preferences for digitalisation, increased awareness of the significance of maintaining regulatory compliance, and growing security concerns within organisations, have contributed to the market’s expansion. The Global Electronic Identification Market Analysis research is an all-encompassing market analysis. The study thoroughly examines the market’s essential subsegments, current trends, competitive landscape, and influencing factors. 

    b-img-electronic

    Electronic Identity Verification Market Segmentation 

    The global Electronic Identity Verification Market may be broken down into several submarkets defined by factors, including product type, application, company size, and solutions. 

    e-IDV Market Segmentation by Product Type

    • Radiofrequency card
    • IC card
    • Others

    The market is broken down into submarkets for radio frequency cards, IC Cards, and others based on the many products available. During the estimated time frame, the highest share of the market will be held by radio frequency. A tiny transmitter, radio transponder, and receiver are embedded in a radio frequency card. Material management, tool tracking, logistics and supply chain visibility, access control, etc., are possible uses. An IC card, short for “integrated circuit card,” is a convenient way to pay for rides on public transport and purchases at a wide variety of retailers, cafes and restaurants.

    e-IDV Market Segmentation by Application

    • Transportation
    • Identification
    • Contactless bank cards
    • Others

    Transport, identity, contactless bank cards, and others comprise the market’s Application subsegment. More than a quarter of the global market was held by the transport sector in 2019, and this proportion is expected to hold steady in terms of revenue through 2026. Since Radio-Frequency Identification (RFID) is a technology that allows for encrypted data transfer at extremely high throughput rates, it is ideal for this purpose. Together with the chip, it ensures safe data transfer, allowing us to rely on reliable information transmission.

    e-IDV Market Segmentation by Organisation Size

    • Large
    • Small and medium

    The market has been broken down into micro, small, medium, and big enterprises. When it comes to adopting cutting-edge technologies, large corporations are often held up as market leaders. As pioneers in the industry, they have a deep bench of talent for setting up and maintaining networks. Additional capabilities, such as detecting access risks, excess risks, and risk outliers, will likely increase significant companies’ use of digital identity solutions.

    e-IDV Market Segmentation by Solution

    • Biometric
    • Non-Biometric

    The Electronic Identification (EID) Market is split between biometric and non-biometric solutions. The biometric market is far more significant than the non-biometric market. Instead of using a password, businesses should use a biometric solution. These methods use a lock-and-capture mechanism to verify the user’s identity before granting access to the requested resource.

    Identity Verification Market Trends 

    Experts have identified the following as the most significant market trends in the Identity Verification Market:

    • Know Your Customer (KYC) regulations place stringent identifier and personal data requirements on financial service providers like banks, pension funds, and insurance companies. Several of these traits must be obtained and validated for a firm’s risk-based assessment and legal requirements, such as when opening a bank account, moving accounts, applying for life insurance, or gaining access to pension information. 
    • Online identity theft is expected to cost over a trillion dollars annually, making financial records among the most sensitive data kept in cyberspace. As a result, financial institutions allocate a significant portion of their security budgets towards authentication systems, with annual expenditures topping USD 1 billion. Customers typically use FinTech products because creating an account and verifying their identity is simple.
    • The market’s rapid growth can also be attributed to the increasing number of collaborations within the financial sector. For example, in February 2022, FYNXT, a company that provides digital solutions, announced that it would add the services of Shufti, which uses AI to verify people’s identities, to its client manager and site. Brokers using FYNXT’s platform have seamless integration with Shufti e-IDV. FYNXT is a financial technology platform that provides low-cost, easy-to-use, and transparent payment solutions in remittance, Forex, multi-asset, and wealth management. 

    Future of Electronic Identity Verification Services 

    Businesses in the United Kingdom, the United States, and elsewhere can lose clients if they don’t win their trust. Unfortunately, fraudsters quickly take advantage of weak ID verification services, which damages their reputation and-lose business. To prevent financial crimes, businesses need multi-factor authentication and analytics solutions that use machine learning to distinguish between legitimate customers and fraudsters at every stage of the customer lifecycle, from opening an account to closing an account and every transaction. 

    How Can Shufti Help?

    The synergy between technology and regulations redefines electronic identification, offering enhanced convenience and security. This evolving landscape signifies a pivotal shift towards a digitally empowered future. The continuous interplay between these factors is poised to reshape electronic identification’s scope, balancing innovation with privacy.

    Innovative e-IDV solutions from Shufti can help you verify users more quickly and accurately. Get rid of cumbersome paperwork and outdated KYC processes by switching to an online verification system. Verifying customers remotely is quick and safe using centralised e-IDs checked against government databases. Shufti places a premium on privacy and uses cutting-edge security features to protect user information. Discover the future of identity verification, where speed, accuracy, and strong security all come together to revolutionise the authentication of remote customers. 

    Are you prepared to completely revamp your verification strategy? Get in touch with us immediately to access a wide range of reliable, rapid, and hassle-free identity solutions.

    Contact us

    Related Posts

    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

    Romance Scams: Protect Your Heart and Wallet with Identity Verification

    People searching for love online sometimes meet the unfortunate fate of a broken heart and someti...

    Romance Scams: Protect Your Heart and Wallet with Identity Verification Explore More

    Blog

    How Scammers Bypass Face Verification and Tips for Choosing a Hacker-Resistant Liveness Solution

    Facial recognition technology has brought about elevated convenience in various aspects of life. ...

    How Scammers Bypass Face Verification and Tips for Choosing a Hacker-Resistant Liveness Solution Explore More

    Blog, Fraud Prevention

    4 Fraud prevention tips that you must follow this Holiday Season

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

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

    Blog

    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

    KYC & AML Regulations in the UK: An Ultimate Guide

    Financial crimes have been around since the invention of money. Some argue that their origins are...

    KYC & AML Regulations in the UK: An Ultimate Guide Explore More

    Blog

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE

    As the Middle East’s financial hub, the UAE offers several enticing free trade zones that a...

    A Guide to Anti-Money Laundering (AML) Regulations in the UAE Explore More

    Blog

    Fraud Detection, Compliance, and ID Verification Solution to Secure the Telecom Industry

    The telecommunication industry has played a crucial role in global digitization, innovation, and ...

    Fraud Detection, Compliance, and ID Verification Solution to Secure the Telecom Industry Explore More

    Blog

    Top 5 Industries that AI will Transform in 2021

    Artificial intelligence is becoming a comprehensive and encyclopedic term to describe any innovat...

    Top 5 Industries that AI will Transform in 2021 Explore More

    Blog, Online Marketplace

    7 Identity theft protection practices for Business and Recuriters

    Identity theft is now no more a cause of concern for the individual users only as corporations an...

    7 Identity theft protection practices for Business and Recuriters Explore More

    Blog, Online Marketplace

    Ride Sharing Services and ease provided by KYC Services

    Ride Sharing services might be the hottest form of transportation especially in developed countri...

    Ride Sharing Services and ease provided by KYC Services Explore More

    Blog

    Breaking the KYC Remediation Cycle through a Risk-based Approach

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

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

    Blog, 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

    Blog, Financial Crime / AML, Identity & KYC

    Why Financial Industry Needs KYC/AML Compliance?

    Banks and other financial institutions often serve financial criminals as a conduit for dirty mon...

    Why Financial Industry Needs KYC/AML Compliance? Explore More

    Blog

    Know Your Player – Preventing Identity Fraud in Sports Events

    The ongoing trend of globalizing sports activities since the last few decades has resulted in a l...

    Know Your Player – Preventing Identity Fraud in Sports Events Explore More

    Blog

    Business Verification: A new line of Defense against Fraudsters

    With the ever-increasing complexities of anti-money laundering (AML) and counter-terrorism financ...

    Business Verification: A new line of Defense against Fraudsters Explore More

    Blog

    OCR Reader | How Does it Streamline the IDV Process?

    The unprecedented growth in business automation has created a competitive market where businesses...

    OCR Reader | How Does it Streamline the IDV Process? Explore More

    Blog

    The Priorities – FinCEN Issues First Governmentwide AML/CFT Guidelines

    What is the Goal of FinCEN’s AML/CFT Priorities?CorruptionCybercrimeFraudProliferation FinancingT...

    The Priorities – FinCEN Issues First Governmentwide AML/CFT Guidelines Explore More

    Blog

    Top 10 AML Trends to Watch for in 2022

    In 2021, the increasing scope of regulatory sanctions has affected businesses globally. The use o...

    Top 10 AML Trends to Watch for in 2022 Explore More

    Blog, Identity & KYC

    7 Ways to Protect Your Children from Identity Theft

    Living in the digital world, the word “Identity theft” makes us more than a little nervous. Knowi...

    7 Ways to Protect Your Children from Identity Theft Explore More

    Blog

    AML Screening | Fighting the War Against Terrorist Financing & Money Laundering

    Money laundering and terrorist financing have become a global concern. In the US alone, approxima...

    AML Screening | Fighting the War Against Terrorist Financing & Money Laundering Explore More

    Blog

    Age Verification Solution – Restricting Minors from Becoming Mules

    From playing online video games to betting on horses, the digital gaming and gambling industry is...

    Age Verification Solution – Restricting Minors from Becoming Mules Explore More

    Blog

    ID Verification for High-Potential Digital Fraud Cases

    Instances of digital frauds and payment scams are highly damaging for banks and financial institu...

    ID Verification for High-Potential Digital Fraud Cases Explore More

    Blog

    Crypto KYC: A Growing Need for Industry Regulation

    The recent development of cryptocurrencies has resulted in a new era of financial transactions th...

    Crypto KYC:  A Growing Need for Industry Regulation Explore More

    Blog

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

    Over the past few years, the financial industry has witnessed significant technological changes, ...

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

    Blog, Identity & KYC

    ICOs and KYC Compliance

    With the surge in digitalisation of payments and crowdfunding; the need to set proper standards f...

    ICOs and KYC Compliance Explore More

    Blog

    Video KYC Verification – Reimaging Customer Onboarding in 2023

    As technology is advancing so do fraudsters, ringing security alarms for financial businesses and...

    Video KYC Verification – Reimaging Customer Onboarding in 2023 Explore More

    Blog

    Top 5 Technologies Disrupting the Healthcare Sector

    Within the next five years, experts are anticipating major technological disruption in the 808 bi...

    Top 5 Technologies Disrupting the Healthcare Sector Explore More

    Blog

    Customer Due Diligence – Risk Scoring of Fraudsters to Prevent Crimes

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

    Customer Due Diligence – Risk Scoring of Fraudsters to Prevent Crimes Explore More

    Blog

    Red Flags to Detect Money Laundering in the Finance Sector

    As the digital landscape continues to evolve at an exponential rate, so do our tools for fraud- d...

    Red Flags to Detect Money Laundering in the Finance Sector Explore More

    Blog

    Online Age Verification Service: Children’s Digital Privacy amid COVID-19

    The meteoric rise in the adoption of digital technology has influenced every phase of modern huma...

    Online Age Verification Service: Children’s Digital Privacy amid COVID-19 Explore More

    Blog

    Five Solutions to tackle business verification challenges

    Know Your Customer (KYC) is critical for verifying the clients before doing business with them, b...

    Five Solutions to tackle business verification challenges Explore More

    Blog

    COVID-19 Pandemic – What it holds for businesses?

    The year of the Rat, 2020, didn’t get a propitious start because of the deadly coronavirus outbre...

    COVID-19 Pandemic – What it holds for businesses? Explore More

    Blog

    CFT & AML Compliance To Hold Back Financial Crimes

    In this digital era, many factors are greasing the wheel of money laundering. Due to online trans...

    CFT & AML Compliance To Hold Back Financial Crimes 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

    Synthetic Identity Fraud: Fake Identities for Criminal Activity

    An increase in financial crime has been predicted by economic downturns during the previous two d...

    Synthetic Identity Fraud: Fake Identities for Criminal Activity Explore More

    Blog

    The Complete Guide | Transaction Monitoring for Financial Institutions

    With technological advancement, financial criminals have also been given a wider range of tools a...

    The Complete  Guide | Transaction Monitoring for Financial Institutions Explore More

    Blog

    Risk Assessment – Building Trust in Financial Institutions

    For financial institutions to hold onto their customers, they must build and conserve advanced le...

    Risk Assessment – Building Trust in Financial Institutions 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

    Restricting Criminals from Exploiting Investment Industry with Shufti AML Screening Solution

    Investing the accumulated capital of investors in financial securities is the primary task of inv...

    Restricting Criminals from Exploiting Investment Industry with Shufti AML Screening Solution Explore More

    Blog

    How to Combat Document Forgery in 2023 and Beyond

    As digitisation continues to change our world and daily practices at an exponential rate, crimina...

    How to Combat Document Forgery in 2023 and Beyond Explore More

    Artificial Intelligence, Blog

    What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud?

    Criminals and organized crime groups have become creative and sophisticated in concealing sources...

    What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud? Explore More

    Blog

    Identity Verification Isn’t Just for Compliance Anymore

    Identity verification solutions are well-known in regulatory compliance environments, particularl...

    Identity Verification Isn’t Just for Compliance Anymore Explore More

    Blog

    Build Trust and Secure Online Dating Platforms with Identity Verification Solutions

    Online dating scams, such as the one filmed in the recent Netflix Original documentary “ The Tind...

    Build Trust and Secure Online Dating Platforms with Identity Verification Solutions 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

    Know Your Patient – Balancing Security, Customer Experience and Compliance in the Healthcare Sector

    As the healthcare industry continues to offer life-critical services while making efforts to impr...

    Know Your Patient – Balancing Security, Customer Experience and Compliance  in the Healthcare Sector Explore More

    Blog

    ID Verification for High-Potential Digital Fraud Cases

    Instances of digital frauds and payment scams are highly damaging for banks and financial institu...

    ID Verification for High-Potential Digital Fraud Cases Explore More

    Blog

    Business Verification: A new line of Defense against Fraudsters

    With the ever-increasing complexities of anti-money laundering (AML) and counter-terrorism financ...

    Business Verification: A new line of Defense against Fraudsters Explore More

    Blog

    COVID-19 pandemic turning into a financial crime threat

    A few months back when the World Health Organization (WHO) declared coronavirus a “pandemic” it l...

    COVID-19 pandemic turning into a financial crime threat Explore More

    Blog

    Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud

    With online services picking up pace, cybercriminals are ramping up their  digital attacks and us...

    Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud Explore More

    Blog

    The ‘What’ and ‘How’ of Address Verification Service

    The rising number of chargebacks and other fraudulent activities has led organisations to develop...

    The ‘What’ and ‘How’ of Address Verification Service Explore More

    Blog, Financial Crime / AML

    Shufti integrates AML Compliance into its end-to-end Verification Services

    Shufti has now launched AML compliance in its set of identity verification services to provid...

    Shufti integrates AML Compliance into its end-to-end Verification Services 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

    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

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help

    With transforming technologies, the use of cryptocurrency is skyrocketing, and a large number of ...

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help Explore More

    Blog, Online Marketplace

    7 Identity theft protection practices for Business and Recuriters

    Identity theft is now no more a cause of concern for the individual users only as corporations an...

    7 Identity theft protection practices for Business and Recuriters Explore More

    Blog

    AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector

    The United Arab Emirates (UAE) is fast becoming the world’s most reputable financial hub, but the...

    AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector 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

    How to protect your online gaming platform from ID frauds?

    Gone are the days when online gaming was only restricted to LAN parties. With the development of ...

    How to protect your online gaming platform from ID frauds? Explore More

    Blog

    Top 5 Most Common Identity Fraud Attempts in 2021

    Fraudsters in the post-pandemic world took complete advantage of rapid digitization. Bad actors b...

    Top 5 Most Common Identity Fraud Attempts in 2021 Explore More

    Blog, Identity & KYC

    Identity Proofing – Prevention from Data Breaches

    World economic forum states that Cyberattack is mapped as one of the top threats to global stabil...

    Identity Proofing – Prevention from Data Breaches Explore More

    Blog

    Securing Public Facilities with Touchless ID Verification Kiosks

    Due to the coronavirus pandemic, social distancing became the utmost need of the hour. Given the ...

    Securing Public Facilities with Touchless ID Verification Kiosks 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

    Mounting Cases of Money Laundering through Digital Currencies in 2021

    Even though cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are increasing rapidly, yet the...

    Mounting Cases of Money Laundering through Digital Currencies in 2021 Explore More

    Blog

    KYC/AML Compliance – A Safeguard Against Money Laundering in the NFT Market

    The instability in the non-fungible token (NFT) sector can be seen in the record sales of $25 bil...

    KYC/AML Compliance – A Safeguard Against Money Laundering in the NFT Market 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

    Addressing Regulatory Compliance in Online Gambling with Effective AML Screening

    The internet is a key risk element for gambling because it gives the user a sense of obscurity, t...

    Addressing Regulatory Compliance in Online Gambling with Effective AML Screening Explore More

    Biometric Technology, Blog, Online Marketplace

    Why a Business would need Biometric Consent Verification?

    Biometric consent verification is a unique solution from Shufti that enables businesses and c...

    Why a Business would need Biometric Consent Verification? Explore More

    Blog

    Five Solutions to tackle business verification challenges

    Know Your Customer (KYC) is critical for verifying the clients before doing business with them, b...

    Five Solutions to tackle business verification challenges 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

    Identity verification in freelancing- no more smoke and mirrors

    Freelancing platforms are rapidly growing. In 2017, around 57 million Americans were freelancing ...

    Identity verification in freelancing- no more smoke and mirrors 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

    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