The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace?

ID Verification

The affliction of cybercrimes and online frauds has reached such high proportions that the cost of it left the billion figure years ago and the damages have now entered trillions of dollars. Cybercrime ended up costing $3 trillion dollars to the commercial sector in 2015. This number is expected to cross $6 trillion by 2021. More to the fact that cybercrimes are the fastest growing crimes in the US; in that, fraudsters are increasingly enhancing and advancing ways to compromise a business’s cybersecurity measures. All these figures and the gravity of the situation requires enterprises and governments to take a more proactive than reactive approach to avert frauds and cyber attacks. The rise of ID verification systems, in particular, can play an important role in having a productive economic impact for businesses by not just helping to curb fraud but also reducing expenditures.

However, fraud prevention is not the only plus side of having an identity verification system. An online identification system can help reduce costs, ultimately increasing revenues for a business. It also enables businesses to meet their compliance and regulatory requirement, which they are bound to fulfil by law. Thus, identification systems can potentially save trillions of dollars for the online marketplace.

A Decrease in Transactional and Admin Costs

Both the financial services sector, as well as commercial businesses, have generally relied on outdated manual or legacy systems for transactions and payment systems. Such methods are costly and, not to mention, unsafe considering the current fraud landscape. Compared with digital identity systems, in-person identity verification can also be costly for the business as well as the consumer. For instance, if a person wishing to open a bank account needs to present a certain set of identity documents for the bank to ensure that the person has legitimate and verifiable credentials. Having to verify their identity in-person has both time and monetary costs for a consumer, not to mention that each visit costs the financial institute $4.25. Compared to this, a digital identification system allows a person to authenticate their document and other credentials electronically, thus saving them both time and money Not to mention the fact that a single mobile transaction costs only $0.10. Thus, the customer onboarding process can be made more efficient through an automated ID verification service. Eliminating the need for paper-based verification procedures for each individual client, it can greatly reduce the time for onboarding a new customer.

Preventing Fraud Through ID Verification

As discussed above, online frauds are the bane of an online enterprise or a financial institution’s existence. The sort of losses they incur to businesses can be detrimental. The costs of identity theft alone were reaching $221 billion worldwide. The financial sector or the online market cannot afford such losses. A sound online identification system, being fast and effective, can allow a business to detect fraud while it takes place, thus preventing any chargebacks or fines. A bank or financial institute can verify their clients during the onboarding process and make sure they have legitimate documents and other credentials. For an online business, an identity verification system allows merchants to identify fraudsters who are using fake or stolen credit cards or identity documents.

Another major fraud risk is synthetic identity fraud, wherein the criminal generally uses someone’s social security number to build an identity for him/herself. An effective ID verification software can also alleviate synthetic identity fraud. Also, by increasing cooperation between national databases and the private sector can help eliminate the use of fake credentials and identities altogether.

Reducing Compliance Costs

Sectors that are closely regulated including the financial services sector, online payment systems and the healthcare industry. In an effort to develop a framework that meets their regulatory obligations, they have to invest in ample resources. However, with slow and ineffective ID verification systems, their compliance costs are only susceptible to increase. Such businesses are not only in need of preventing fraud and reducing transactional and onboarding costs, but they are also legally bound to fulfil certain compliance requirements. Governments and regulatory authorities issue guidelines for businesses to implement in order to curb financial crimes like money laundering. Such obligations need to be fulfilled by businesses efficiently.

The financial services sector spends greatly on building effective compliance structures. However, manual procedures for verification have proven to be ineffective and slow. Implementing an automated system for customer due diligence and anti-money laundering (AML) compliance can not only reduce costs for businesses but also effectively reduce financial crimes.

It is also prudent to mention that companies that fail to implement adequate KYC and AML procedures have to face hefty fines from regulatory bodies, both national and international. Thus, implementing an effective online ID verification system can avoid these costs for a business as well.

Shufti is a SaaS product that focuses on providing a quality ID verification system to businesses. Its online ID verification system allows you to verify customers through document verification, face recognition and AML screening checks. It provides real-time verification results through AI-based protocols.

Recommended For You:

Related Posts

Blog

KYC Verification Process – 3 Steps to Know Your Customer Compliance

Did you know there are three key components to KYC? The entire identity verification procedure en...

KYC Verification Process – 3 Steps to Know Your Customer Compliance Explore More

Blog

Effectiveness of the UK’s Economic Crime Bill in Combating Financial Crime

The Russian invasion of Ukraine has resulted in a surge in financial crimes in the UK as Russian ...

Effectiveness of the UK’s Economic Crime Bill in Combating Financial Crime 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

KYC Isn’t Enough: Get Ready for the Future of Verification

Over the past few years, companies have been looking for more sophisticated identity verification...

KYC Isn’t Enough: Get Ready for the Future of Verification 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

Biometric Technology, Blog

Biometric Authentication: Applications and Constraints

Biometric authentication is considered as an advanced way of ensuring Know Your Customer (KYC). T...

Biometric Authentication: Applications and Constraints Explore More

Blog, Business Technology

The demand for OCR Technology increasing for ID Verification

ID verification is core to overall identity verification services that help business around the g...

The demand for OCR Technology increasing for ID Verification Explore More

Blog

Know Your Patient – Eliminating Fraud and Crime in the Healthcare Sector

The digital transformation has reached the healthcare sector with new remote onboarding options f...

Know Your Patient – Eliminating Fraud and Crime in the Healthcare Sector Explore More

Blog

5-Steps to Improve Customer Due Diligence Process

The digital age has witnessed a new wave of financial fraud. It is estimated that $4.7 trillion o...

5-Steps to Improve Customer Due Diligence Process 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

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

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

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

Blog

OCR technology for businesses – Its applications and benefits

Optical Character Recognition (OCR) technology provides a business solution that automates data e...

OCR technology for businesses – Its applications and benefits 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, Fraud Prevention

Identity Theft – One Fraud Multiple Facets

Identity theft is a global crime. All types of identities, including the financial, medical and b...

Identity Theft – One Fraud Multiple Facets 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

A Brief Overview of 2021 AML Trends

Over the last decade, regulatory scrutiny on Anti-Money Laundering (AML) compliance has remained ...

A Brief Overview of 2021 AML Trends Explore More

Blog

Strong Customer Authentication (SCA) – Factors, Methods, and Benefits

In Europe, new customer authentication requirements for online payments were introduced on Septem...

Strong Customer Authentication (SCA) – Factors, Methods, and Benefits Explore More

Blog

The Most Common Cryptocurrency Scams and the Role of e-IDV

Cybercrimes and scams are rampant across the digital space, and cryptocurrency is no different. W...

The Most Common Cryptocurrency Scams and the Role of e-IDV Explore More

Blog

Reshaping Travel and Tourism with Instant Facial Recognition

Few technologies have sparked much debate as much as facial recognition. Today, it is considered ...

Reshaping Travel and Tourism with Instant Facial Recognition Explore More

Blog

The Most Common Use Cases of Identity Document Verification

As data breaches and other crimes increase, regulators must impose strict rules that corporations...

The Most Common Use Cases of Identity Document Verification Explore More

Blog

How Effective is Transaction Monitoring in Fighting Financial Crime?

As per the United Nation’s calculations, nearly $2 trillion is laundered annually worldwide, adve...

How Effective is Transaction Monitoring in Fighting Financial Crime? 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

The need for identity verification solutions spiking in demand

At present, we are living in a digital world. Everyone is on the internet which is an anonymous s...

The need for identity verification solutions spiking in demand Explore More

Blog

ID Verification for Ultimate Subscription Fraud Prevention

Cellular phones were first introduced in the consumer market in 1973 when Motorolla first introdu...

ID Verification for Ultimate Subscription Fraud Prevention Explore More

Blog, Identity & KYC

Enhanced Due Diligence: Ensuring KYC and Regulatory Scrutiny

Enhanced Due Diligence: The adoption of innovative solutions in businesses today, should not have...

Enhanced Due Diligence: Ensuring KYC and Regulatory Scrutiny Explore More

Blog

How Will Simplified Due Diligence SDD Help Industries in 2024?

For businesses, the due diligence process is an integral part of the Know Your Customer programme...

How Will Simplified Due Diligence SDD Help Industries in 2024? 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

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

How biometrics in visa process reduce travel difficulties

Biometric technology is enhancing the travel industry in many ways.  Factors that drive the secur...

How biometrics in visa process reduce travel difficulties Explore More

Blog

The Looming Threat of Deepfake Apps for the Financial Industry

Deepfakes gained prominence back in 2017 when an anonymous Reddit user manipulated Google’s open-...

The Looming Threat of Deepfake Apps for the Financial Industry Explore More

Blog

Fintech Compliance – Boogeyman for Trillion Dollar Industry?

Fintech industry is flexing its muscle by bringing onboard more and more customers and innovating...

Fintech Compliance – Boogeyman for Trillion Dollar Industry? Explore More

Blog

7 Fascinating Facts about Face Verification Technology

Technology is a fundamental part of our day-to-day lives, from checking the weather and connectin...

7 Fascinating Facts about Face Verification Technology Explore More

Blog

Evolution of Digital Payments and Prevailing Crimes – How Shufti’s AML Screening Can Help

With emerging technologies, the digital payments trend is rising, and users are executing frictio...

Evolution of Digital Payments and Prevailing Crimes – How Shufti’s AML Screening Can Help Explore More

Blog

A Year In Review of the FinTech Industry [2021 Update]

The FinTech industry is soaring with a record of $91.5 billion in global funding so far this year...

A Year In Review of the FinTech Industry [2021 Update] 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

Corporate Transparency Act – The Road to Better AML Compliance

According to the latest reports, the United States ranked number 1 for not complying with the ant...

Corporate Transparency Act – The Road to Better AML Compliance Explore More

Blog

Blockchain and Identity Theft: Potential Challenges and how to Tackle Them

Blockchain has become increasingly popular because of its potential to provide secure transaction...

Blockchain and Identity Theft: Potential Challenges and how to Tackle Them Explore More

Blog

What is Biometric Consent Authentication?

Biometric Consent Authentication is a modernistic approach to counter the increasing number of id...

What is Biometric Consent Authentication? Explore More

Blog

Age Verification Laws and Regulations Worldwide

The world has become increasingly digital, making it easier to access age-restricted products, se...

Age Verification Laws and Regulations Worldwide Explore More

Blog

Understanding the Key Role of Risk Assessment in the Crypto Industry

Cryptocurrencies are becoming a hotspot for scammers to perpetrate financial crime. Over 46,000 i...

Understanding the Key Role of Risk Assessment in the Crypto Industry Explore More

Blog

Know Your Donor (KYD) – Customer Due Diligence For Charities and NPOs

According to DoubleTheDonation, 45% of worldwide donors are enrolled in monthly donation programs...

Know Your Donor (KYD) – Customer Due Diligence For Charities and NPOs Explore More

Blog

Blockchain and cryptocurrency security Guide

Online bitcoin business might have experienced a slump in recent months but still, it remains to ...

Blockchain and cryptocurrency security Guide Explore More

Blog

More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans

Shufti Ltd. began operations in 2017 and within three years, the company has onboarded more t...

More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans Explore More

Blog

Online Identity Verification – The Hallmark of Surviving the Digital Upheaval

Embracing the digital world seems like entering uncharted waters where the challenges are novel, ...

Online Identity Verification – The Hallmark of Surviving the Digital Upheaval Explore More

Blog

Know Your Donor (KYD) for NPOs – Red Flags that Charities Need to Consider

Like every other sector, non-profit organizations and charities are also vulnerable to financial ...

Know Your Donor (KYD) for NPOs – Red Flags that Charities Need to Consider Explore More

Blog

Top 10 Real-World Scenarios Where Shufti’s IDV Can Help

Whether you’re an e-commerce store that needs to verify delivery addresses or a bank that has to ...

Top 10 Real-World Scenarios Where Shufti’s IDV Can Help Explore More

Blog

The Importance of KYC and AML Compliance in the APAC Region

According to recent studies, over the past three years, more than ever, sanctions have been impos...

The Importance of KYC and AML Compliance in the APAC Region Explore More

Blog

AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps

Money laundering has spread like a virus in today’s globalized society. Banks and other fin...

AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps 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

Blog

KYC alternatives disrupting traditional KYC methods

Technology is building bridges between businesses and consumers across the barriers of distance a...

KYC alternatives disrupting traditional KYC methods 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

Anti-Money Laundering Compliance for Crypto Exchanges [2021 Update]

Anti-Money Laundering compliance solutions are gaining popularity in all corners of the world. Un...

Anti-Money Laundering Compliance for Crypto Exchanges [2021 Update] Explore More

Blog

AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps

Money laundering has spread like a virus in today’s globalized society. Banks and other fin...

AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps Explore More

Blog

Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations

The stability of the global economy is at risk pertaining to the rapidly growing issues of money ...

Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations Explore More

Blog

7 Trends in Identity Verification Solutions to look for in 2020

Internet is an anonymous space where people can hide their identities and come up with bizarre ps...

7 Trends in Identity Verification Solutions to look for in 2020 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

KYC Compliance Will Become Your Competitive Edge

Businesses, particularly the financial services sector, have been observing Know Your Customer KY...

KYC Compliance Will Become Your Competitive Edge Explore More

Blog

Protecting eCommerce Platforms and Mitigating Crime Risks with Shufti’s IDV Solution

The term e-commerce was tossed back in the 1960s, with the rise of electronic commerce in which t...

Protecting eCommerce Platforms and Mitigating Crime Risks with Shufti’s IDV Solution 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

Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services

Cryptocurrencies have been around for a decade and investors have found a feasible option for inv...

Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services Explore More

Blog, Financial Crime / AML

AUSTRAC tightens regulations for enhanced AML Compliance

Australian regulator AUSTRAC has imposed a multi million dollar fine on Commonwealth Bank of Aust...

AUSTRAC tightens regulations for enhanced AML Compliance 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

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

A Year In Review of the FinTech Industry [2021 Update]

The FinTech industry is soaring with a record of $91.5 billion in global funding so far this year...

A Year In Review of the FinTech Industry [2021 Update] 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

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

Know Your Patient (KYP) – the next big thing in health care

Its high time the hospital industry must think beyond providing just giving medical assistance to...

Know Your Patient (KYP) – the next big thing in health care Explore More

Blog

20 Facts and Statistics About the Global Finance Sector

The finance sector makes up around 20 to 25% of the global GDP. With the market capitalization re...

20 Facts and Statistics About the Global Finance Sector Explore More

Blog

CCPA: A Real Roller Coaster for Business Entities

One huge change in 2020 is the new data privacy law called the California Consumer Privacy Act or...

CCPA: A Real Roller Coaster for Business Entities Explore More

Blog

5 Ways AI Takes Document Verification to the Next Level

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

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

Blog

Metaverse and Money Laundering – How Shufti’s AML Screening Helps

For quite some time now, the world has been preparing itself for the latest development in multip...

Metaverse and Money Laundering – How Shufti’s AML Screening Helps 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

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