The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

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

b-img-battle-comp

With booming technology and rapid digitization, a large number of businesses are adopting the digital model. Especially after the COVID-19 pandemic, the usage of online services increased to a large extent, and users are now exploring remote options for their routine transactions. Although it has eased a lot of operations for customers and businesses, it is also accompanied by high risks of crimes, particularly identity theft, money laundering, and terrorist financing. So it has become crucial to counter the prevailing crimes and make digital services a secure option for users.

In 2021 alone, Americans lost $56 billion due to identity theft which was 20% more than the amount compared to the previous year. A large number of financial institutions like banks, insurance companies, and the crypto industry have implemented stringent regulations to curb identity fraud, but many others are still lagging here. Identity theft gives rise to several crimes, including bank account fraud, account takeover, hacking, and many other cybercrimes. It is the need of the hour to find a perfect solution to this menace and ensure security for the customers.

Insights Into Identity Theft – A Burning Issue

Identity theft is when someone steals your personal data like name, social security, identity number, or birthdate to impersonate you. It is a growing problem in the whole world, and financial regulatory authorities have raised serious concerns while instructing all the member-states to find screening solutions to this issue. In order to use any online service, users have to input their personal details into the system and this is why the internet accounts for huge users’ data. All this confidential information is exposed to threats of identity theft as the majority of digital service providers do not implement strict regulations encouraging criminals to exploit loopholes.

The Federal Trade Commission (FTC) in the USA has indicated that every year they are receiving more complaints related to identity fraud and it is costing users billions of dollars. There are a large number of frauds associated with identity theft, particularly credit card scams, fake investment accounts, medical insurance claims, and illicit tax refunds. Identity theft is not only limited to these scams; fraudsters also get involved in money laundering and terrorist financing, which ultimately lead to a myriad of global issues. The only viable solution to counter identity theft is Know Your Customer (KYC) measures which can verify the true identities of the users and maintain a record of it.

b-info-identity

Losses Due to Identity Theft and the Role of Law Enforcement Authorities

Almost all countries are facing threats of identity fraud in some way, and in the recent past, several cases have surfaced highlighting the need for identity verification measures. The majority of the states have legislated and implemented stringent regulations to counter cybercriminals and bring them under the law. Let’s study some of the high-profile cases where scammers were arrested and presented in the courts:

Gang Members Charged with Identity Theft Crimes in the USA

Law enforcement agencies in the USA have arrested a criminal gang that was involved in identity theft and money laundering. As per the investigations, the scammers were hacking the websites of banks and insurance companies and stealing the identities of the users. They were further using the stolen details to register fake accounts against the customers, ultimately costing them financial losses. It was found during the investigation that criminals stole $300,000 and laundered these illicit funds to other countries. The Police are still working to trace all the financial transactions linked to this case.

Criminal Gangs Arrested for Using Stolen Identities in Sydney

Sydney Police warned all internet users to take care of their credentials while using any online service due to increased cyber crimes. In the wake of this, law enforcement authorities conducted several raids and arrested a gang that was also involved in money laundering. The scammers were actually using the stolen details to register illegal cars under different names and sell them in the city. The investigations are still going on to collect more proof against the whole gang.

Global Regulatory Authorities Fighting Identity Theft

Identity fraud is a quite sensitive crime that further leads to myriad financial irregularities. This is the primary reason that almost all the major jurisdictions are legislating and implementing strict laws against all those involved in these illegal activities. The Financial Action Task Force and other financial watchdogs have also guided the member states to counter prevailing crimes through effective legislation and solutions.

USA

In the wake of the sharp rise in identity theft cases across the United States, Congress passed Identity Theft and Deterrence Act. According to this law, it is a criminal offense to knowingly commit, attempt to commit, or aid in committing identity fraud. Credit card fraud, social security scams, computer hacking, and wire fraud have all been termed as acts of crime, and involvement in any such crime could lead to imprisonment along with hefty fines.

UK

The UK government has legislated the Fraud Act,” according to which it is illegal to commit identity fraud of any sort. The law enforcement authorities have instructed all digital service providers to report to them in case of any violation or suspicious activity. English laws are quite strict towards identity theft, and several criminals have been penalized in the recent past for failing to abide by the rules.

Canada

The criminal code of Canada clearly states identity theft as a crime and suggests imprisonment of 5 years for the culprits. The law has further instructed that anyone knowingly committing any illegal activity of stealing the identities of users with intent to gain advantage for themselves should be tried under the law.

Battling Identity Fraud Through KYC Solutions

Identity fraud has become a global concern, and almost all jurisdictions are facing this daunting challenge. Although a large number of rules and regulations have been legislated, there is still a long way to counter criminals. The most prominent solution for online service providers is available in the form of Know Your Customer (KYC) measures which can verify the true identities of the users by comparing data with the ones on documents. KYC involves different services, including facial recognition, thumb impressions, and document verification, through which the details of the customers can be authenticated in the most efficient way.

How Shufti Can Help

Countering identity fraud is quite crucial for all online service providers, which can produce long-term benefits for businesses. Digitization is the future of the world, and it is in the interest of businesses to find solutions to crimes while countering scammers.

Shufti’s state-of-the-art identity verification services are the most viable option for online service providers to stay compliant with global standards and report any suspicious activity. With support for 3000+ document types, Shufti’s IDV solution provides results in less than a second with ~99% accuracy.

Want to know more about KYC solutions for digital businesses?

Connect with a KYC Expert

Related Posts

Blog

Blockchain and NFTs – Setting New Standards for Cybersecurity and Identity Management

Non-fungible tokens (NFTs) are an evolution over the emerging concept of cryptocurrencies. As fin...

Blockchain and NFTs – Setting  New Standards for Cybersecurity and Identity Management 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

Crypto 2021: The Rapidly Emerging Context of Virtual Currencies

Cryptocurrency is in the limelight since the advent of Bitcoin in 2009. Investors like Tesla Inc....

Crypto 2021: The Rapidly Emerging Context of Virtual Currencies 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

Age Verification: Comply with Global Regulations or Face Reputational Damages

In the digital age, businesses that operate online face a significant challenge when verifying th...

Age Verification: Comply with Global Regulations or Face Reputational Damages Explore More

Blog

How Age Verification Protects the E-commerce Industry From Potential Risks

Online shopping has become the new normal since the COVID-19 pandemic struck. With digital produc...

How Age Verification Protects the E-commerce Industry From Potential Risks 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

Business transformations for operational resilience amid COVID-19 crisis

The pandemic continues affecting businesses and consumer operations along with having economical ...

Business transformations for operational resilience amid COVID-19 crisis 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

Biometrics Bucking the Trend of KYP in Healthcare

Over the last few years, biometric technology is deeply entrenched in various commercial marketpl...

Biometrics Bucking the Trend of KYP in Healthcare 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

Transaction Monitoring in 2023 | A Comprehensive Guide

Scammers are searching for businesses to exploit, and financial firms with loopholes provide them...

Transaction Monitoring in 2023 | A Comprehensive Guide Explore More

Blog, Online Marketplace

ID Verification Ensuring Safety Deals in Real Estate Sector

Buying and selling properties for people are major, thought-provoking decisions. It requires week...

ID Verification Ensuring Safety Deals in Real Estate Sector 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

5 Ways How Online Age Verification Promises Growth for the Gaming Industry

The online gaming industry is booming since the last few years. Due to the pandemic, the trend fo...

5 Ways How Online Age Verification Promises Growth for the Gaming Industry 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

Blog

New Money Laundering Patterns to Look Out for in 2022 – Do Social Media Platforms Need AML Screening?

With digitization, the use of the internet and easy access to smart gadgets has increased the num...

New Money Laundering Patterns to Look Out for in 2022 – Do Social Media Platforms Need AML Screening? Explore More

Blog

KYC Services For ICOs – Why you need to have them now?

KYC services play a vital role in conducting an ICO in more than one way. They can make the entir...

KYC Services For ICOs – Why you need to have them now? Explore More

Blog

The UK, US & Singapore – A Spotlight on the Crypto Regulations

Non-compliance with anti-money laundering regulations has been an issue for the finance and crypt...

The UK, US & Singapore – A Spotlight on the Crypto Regulations Explore More

Blog

Surging Crimes in NFT Marketplaces – Setting New Security Standards Using Shufti’s AML Solution

The emergence of Non-Fungible Tokens (NFTs) has created new investment opportunities for business...

Surging Crimes in NFT Marketplaces – Setting New Security Standards Using Shufti’s AML Solution Explore More

Blog

Shufti Celebrates 5 Years of Innovation in the IDV Industry

October 2022 marks Shufti’s 5th anniversary – five successful years of building trust globall...

Shufti Celebrates 5 Years of Innovation in the IDV Industry Explore More

Blog

How can AML play a role to impede the financing of terrorism?

Money Laundering and Terrorism Financing are global issues and there is no dispute regarding it. ...

How can AML play a role to impede the financing of terrorism? 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

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

How Artificial Intelligence is taking ID verification to the next level?

Identity theft is deemed as a growing problem. Particularly with the increase in online shopping,...

How Artificial Intelligence is taking ID verification to the next level? Explore More

Blog, Identity & KYC

Why You Need To Know Your Buyer

Online payments are fast replacing cash transactions with the top payment companies harboring 1bi...

Why You Need To Know Your Buyer Explore More

Blog

Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services

The global art industry is embracing digitization. However, the technological advancements and a ...

Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services Explore More

Blog

Know Your Customer (KYC) vs Customer Due Diligence (CDD): What’s the Difference?

 Ensuring robust identity verification processes is necessary with the ever-increasing n...

Know Your Customer (KYC) vs Customer Due Diligence (CDD): What’s the Difference? Explore More

Blog

UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021

A dramatic increase in Anti-Money Laundering (AML) fines was seen in 2021 as financial watchdogs ...

UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021 Explore More

Blog

Covid Report Verification: New Restriction for Airports

The Covid-19 cases have drastically increased over time and as of February 6, 2021, 18,262 new ca...

Covid Report Verification: New Restriction for Airports 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

E-commerce Frauds – Common types and Prevention tips

What are some common e-commerce frauds and how can you prevent them? Is the buyer on your site an...

E-commerce Frauds – Common types and Prevention tips Explore More

Blog

CCPA Compliance Checklist – Is your business ready?

With the world moving towards digitization, organizations have a customer base from all around th...

CCPA Compliance Checklist – Is your business ready? Explore More

Blog

Understanding the Difference Between CIP and KYC

Financial institutions worldwide, including banks, lenders, credit unions, insurers, and other en...

Understanding the Difference Between CIP and KYC Explore More

Blog

AI-Powered OCR to Combat Challenges During Manual Data Processing

Every industry has to deal with tons of customer data on a daily basis. Receiving information, ex...

AI-Powered OCR to Combat Challenges During Manual Data Processing Explore More

Blog

Transaction Monitoring – Establishing A Defense Mechanism Against Financial Crime

With the rapid increase in the global volume of monetary transactions, money laundering methods a...

Transaction Monitoring – Establishing A  Defense  Mechanism Against Financial Crime Explore More

Blog, Financial Crime / AML

AML Screening in the light of Compliance Regimes Around the Globe

AML compliance is inevitable for all types of businesses around the globe. The regulatory complia...

AML Screening in the light of Compliance Regimes Around the Globe Explore More

Blog

Expanding and Securing Financial Services with Shufti’s Video KYC Solution

In recent years, Know Your Customer (KYC) has gone through significant digital transformations. B...

Expanding and Securing Financial Services with Shufti’s Video KYC Solution Explore More

Blog

Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks?

The eCommerce industry continues to grow rapidly, so are fraudulent activities. According to Stat...

Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks? Explore More

Blog

Cannabis Industry – Risks, Predictions, Fraud & KYC/AML Obligations

The ever-growing industries across the world are opening gates for numerous opportunities to gree...

Cannabis Industry – Risks, Predictions, Fraud & KYC/AML Obligations Explore More

Blog

5 Ways Banks Can Minimize Risks In Light of KYC/AML

If you’re dealing with customers across borders, how can you safeguard your bank by ensuring that...

5 Ways Banks Can Minimize Risks In Light of KYC/AML Explore More

Blog

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

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

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

Blog, 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

Shufti Marks 4 Years of Streamlining KYC and AML for Global Businesses

October 2021 marks four complete years since the launch of Shufti. As years begin to stack, t...

Shufti Marks 4 Years of Streamlining KYC and AML for Global Businesses Explore More

Blog

Effective AML Compliance – Top 5 Tips for Businesses in Australia

Given the significant increase in money laundering and terror financing activities, many countrie...

Effective AML Compliance – Top 5 Tips for Businesses in Australia Explore More

Blog

Biometric Authentication is Smart but AI Makes it Smarter – Here is How

 In the ongoing digital age security is a top priority concern of any organization. Data is a maj...

Biometric Authentication is Smart but AI Makes it Smarter – Here is How 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

Augmented Intelligence – What 2019 have for AI systems?

Admittedly, Artificial Intelligence or AI has gained a considerable amount of ill reputation from...

Augmented Intelligence – What 2019 have for AI systems? Explore More

Blog

10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA)

One of the prime concerns of businesses today is detecting and mitigating the risk of fraud. This...

10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA) Explore More

Blog

KYC in banking: How American banks can fight identity thieves?

In the present globalized, fast-evolving sphere, revolutionizing KYC (Know Your Customer) is cruc...

KYC in banking: How American banks can fight identity thieves? Explore More

Blog

KYC | Complete Guide to KYC Compliance & KYC Regulations 2021

Introduction to KYC or Know your customer Know your customer or KYC history dates back to 2001 in...

KYC | Complete Guide to KYC Compliance & KYC Regulations 2021 Explore More

Blog, Business Technology, Financial Crime / AML, Identity & KYC

AML Technology Eradicating the Perils of Money Laundering

In the past few years, we have seen a substantial increase in the number of legislations regardin...

AML Technology Eradicating the Perils of Money Laundering Explore More

Blog

Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification

In today’s digital age, businesses must have a robust identity verification system in place...

Elevated Business Security: A Comparative Analysis of Identity Proofing and Identity Verification Explore More

Blog, Identity & KYC

Cybercrimes Rise 5 times in 4 years and Continue to Soar!

 A rapid stride in the tech world over the years has increased cybercrimes immensely. According t...

Cybercrimes Rise 5 times in 4 years and Continue to Soar! 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

Top 5 Frequently Asked Questions about Biometric Verification

Identity theft, data breaches, and other crimes are rising in this age of digitisation. A quick r...

Top 5 Frequently Asked Questions about Biometric Verification Explore More

Anti Money Laundering, Blog, Business Technology, Identity & KYC

Customer Due Diligence: From KYC to KYB

Why CDD is significant for both Know Your Customer and Know your Business verification? Banking i...

Customer Due Diligence: From KYC to KYB Explore More

Blog

Fighting Fraud in Gaming & Gambling Industry with AML Screening Services

The online gaming sector is on the roll and is projected to surpass $172.23 billion by 2030. Irre...

Fighting Fraud in Gaming & Gambling Industry with AML Screening Services Explore More

Blog, Online Marketplace

Secure Online Merchandises with e-KYC and Digital ID Verification

Selling and purchasing online has its own advantages, both for the seller and the buyer. Online m...

Secure Online Merchandises with e-KYC and Digital ID Verification Explore More

Blog

Identifying and Combating Trade-Based Money Laundering with Shufti AML Screening Services

The crime involved in trading is as old as human history. Where there is trade there is money inv...

Identifying and Combating Trade-Based Money Laundering with Shufti AML Screening Services 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

KYC/AML Compliance – A Roadblock for Money Mules and Illicit Fund Transfers

Cybercrimes are becoming increasingly complex and diverse in the era of digitization, with frauds...

KYC/AML Compliance – A Roadblock for Money Mules and Illicit Fund Transfers Explore More

Blog

Disruptive Fintech Trends 2020

Fintech has changed the way consumers access their finances. From mobile payment apps to insuranc...

Disruptive Fintech Trends 2020 Explore More

Blog

How Transaction Monitoring Can Ensure Secure Online Services

A safe and comprehensive transaction monitoring system is increasingly important in an era charac...

How Transaction Monitoring Can Ensure Secure Online Services Explore More

Blog

Record-Breaking Fines on Banks for KYC/AML Non-Compliance

Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance have been structured to make ...

Record-Breaking Fines on Banks for KYC/AML Non-Compliance Explore More

Blog, Identity & KYC

Online Age Verification Keeps A Tight Rein On Minors

According to The Newyork Times, online age verification is a daunting task, even for experts. How...

Online Age Verification Keeps A Tight Rein On Minors Explore More

Blog, Identity & KYC, Online Marketplace

Importance of Identity Proofing for Facebook & Social Media

For years, social media has been used as a tool for increased connectivity. Both businesses, as w...

Importance of Identity Proofing for Facebook & Social Media 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, Online Marketplace

Document Verification Services for a Secure Freelance Platform

Picture this you have recently started a freelance website you have marketed it properly and foll...

Document Verification Services for a Secure Freelance Platform Explore More

Blog, Identity & KYC

Common Online Scams You Need to Know About

The explosion of the internet and the world moving towards the fourth industrial revolution have ...

Common Online Scams You Need to Know About 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

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

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