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

    us

    216.73.216.50

    Identity Fraud in Coworking Spaces – How Shufti’s Facial Biometric Authentication Helps

    b-img-facial

    With more and more companies embracing remote work, the trend of coworking spaces is picking pace. Instead of working hard at home with limited facilities, employees get the opportunity to improve their communication and social skills while sitting in a coworking space having all the equipment. Not only the remote workers but many other sectors particularly real estate, and telecommunication have got a feasible option for investment and business. This latest model of business has altogether revolutionized the whole employment structure and the concept is growing around the globe.

    In the US alone, the number of coworking spaces in five years, from 2017 to 2022, has increased by 55%. Although benefiting businesses a lot, shared workspaces have also raised the risks of several scams, particularly identity theft and privacy breaches, further leading to financial fraud. It is estimated by experts that the coworking concept will be highly adopted in the coming years which makes it crucial for service providers to implement stringent identity verification services, curbing cybercrime.

    The Rising Need for Coworking Spaces – An Overview

    The first coworking space was established in San Fransisco in 2005 after which the concept spread to the whole world gradually. Especially during the COVID-19 pandemic, when companies had to close their on-site operations, the use of the coworking format increased substantially. A large number of surveys show that after the pandemic, a large number of workers preferred to avoid full-time office routines and even work from home, which eventually created the space for coworking setup. It is estimated that 5 million people will be working in shared spaces by 2024 – an increase of 58% compared to the current numbers.

    Another crucial factor that contributed to the rising number of coworking spaces is the freelancing style of working. A large number of businesses around the globe do not have any offices; instead they hire their employees through various online platforms like Fiverr, Upwork, Freelancer, and many others. The majority of freelance workers prefer to work in coworking spaces rather than completing their projects while sitting in their homes. It is estimated that freelancers will be 50% workforce by 2025 which will eventually raise the need for more shared spaces.

    Elevating Cybercrime in Coworking Spaces

    Although coworking spaces are providing viable opportunities to workers, it has also encouraged cyber criminals to exploit loopholes and get involved in a myriad of scams, particularly identity theft and data breaches. Unlike financial institutions, shared spaces have not implemented stringent identity verification measures which have made them highly vulnerable to scammers. While sharing the same space, internet, computers, and other equipment, users unintentionally end up sharing sensitive personal and professional information. So it has become mandatory for coworking service providers to ensure the security of users’ data by implementing stringent solutions.

    While working in a traditional job environment, all the employees know each other, but in a coworking environment, users do not have information about other people sharing the same facilities. The fraudsters can hack and steal the details of users logging in on the same devices through multiple fraud techniques, which could further result in account takeovers and identity theft.

    b-img-coworking

    Identity Theft – A Huge Challenge

    With emerging technologies and growing digitization, identity theft has become one of the prominent issues in online businesses. In the US alone, 15 million people had their identities stolen in 2021, raising concerns for global regulatory authorities to find a solution to this menace. In the same way, coworking spaces are also posed to high risks of privacy breaches due to usage of the same wifi and other equipment. With the growing use of shared spaces, owners and developers will have to find a robust identity verification solution that can counter advanced techniques used by criminals. The most feasible solution for identity theft is presented in the form of Know Your Customer (KYC) measures which may include facial recognition, document verification, and thumb impressions.

    Why Co-working Spaces Need Identity Verification Services?

    The increasing trend of remote working and freelancing is compelling workers to use shared workspaces. Users have to input their confidential details while logging in, which leaves them vulnerable to several threats, particularly identity theft and privacy breaches. In order to counter criminals and make co-working spaces secure platforms, it is the need of the hour to find and implement identity verification services that can authenticate the true identities of users and report suspicious activities. Implementation of such an effective system will not only help the businesses to grow in a secure environment but also ensure a good reputation for co-working spaces.

    Types of IDV Services for Coworking Spaces

    There are myriad types of identity verification services that can help co-working service providers to know the true identities of their users and identify the criminals in case of any suspicious activity.

    Facial Biometric Authentication

    Facial recognition is the most authentic process of verifying users, which can authenticate their identities in real time. It provides the service providers

    with the most secure and fastest selfie-based onboarding method where they can approve the entry of users after successful facial recognition.

    Video KYC

    All the documents of users including identity cards, licenses, and other details can be verified through the video feature of KYC. In order to use video KYC, users have to switch on their devices’ cameras and show proof of their identities. The verification system checks the details and compares them with the ones in records to allow/deny entry to users.

    Ensuring KYC Compliance in Coworking Spaces

    It is a well-established fact that all the digital businesses which incorporated strict identity verification measures, get successful in lowering the number of crimes. Similarly, the advanced KYC techniques can also help the coworking service providers ensure security on their platforms. A system efficient enough to verify the true identities of users through real-time biometric verifications and document authentication can really help business owners to counter criminal activities. The Customer Due Diligence (CDD) approach is also mandatory, which will help to authenticate every user and keep a record of their activities on the platform.

    How Shufti Can Help

    Combating crimes, particularly identity theft and privacy breaches, is crucial for co-working spaces. It is a fact to understand that usage of co-working services will increase in the coming years, and it is the most feasible time for business owners to invest in IDV services for the platforms. Although protecting the workers from cybercrime looks like a difficult task, it can be accomplished using efficient KYC solutions.

    Shufti’s state-of-the-art identity verification services are the most viable solution for co-working spaces. By implementing facial recognition and document authentication services, businesses can comply with the global standards of KYC. Shufti’s KYC solutions are efficient enough to verify true identities in less than a second with 98.67% accuracy.

    Want to know more about the identity verification services for co-working spaces?

    Talk to us

    Related Posts

    Blog

    Prevailing Identity Fraud in Telecom Sector – How Shufti Can Reduce the Risks

    The telecommunication industry holds significance for the information sector as it is primary inf...

    Prevailing Identity Fraud in Telecom Sector – How Shufti Can Reduce the Risks Explore More

    Blog

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

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

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

    Blog

    How FinTech can Leverage on FINMA Blockchain Initiative?

    Swiss Financial Markets Supervisory Authority (FINMA) has taken a revolutionary step in the histo...

    How FinTech can Leverage on FINMA Blockchain Initiative? Explore More

    Blog

    AML Compliance in the UK’s Financial Sector – What Shufti Offers

    The UK is known in the global financial paradigm for being both a financial hub and the dirty mon...

    AML Compliance in the UK’s Financial Sector – What Shufti Offers Explore More

    Blog

    UN Sanctions List: What Every Business Owner Must Know

    Businesses must navigate a web of rules and regulations whilst onboarding customers, as one misst...

    UN Sanctions List: What Every Business Owner Must Know Explore More

    Blog

    The Path to CX Leadership – An Interview with Saroni Kundu

    From Code to Customer: How Saroni Kundu Found Her Passion in CX In our latest Beyond Borders podc...

    The Path to CX Leadership – An Interview with Saroni Kundu Explore More

    Biometric Technology, Blog, Identity & KYC

    ID Verification API – Smooth Integration With Online Systems

    The financial services (FS) sector has the highest ever recorded abandonment rate of 83.6% amongs...

    ID Verification API – Smooth Integration With Online Systems Explore More

    Blog

    Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks

    Spoofing attacks are not limited to just emails and fake websites. Hackers and cybercriminals hav...

    Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks 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, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Facial Recognition: Worries About the Use of Synthetic Media

    In 2019, 4.4 billion internet users were connected to the internet worldwide, a rise of 9% from l...

    Facial Recognition: Worries About the Use of Synthetic Media Explore More

    Blog, Financial Crime / AML, Reg Tech

    AMLD5 – Regulations catching up with Technology

    In this era of technology, it is a common saying that “Innovation leads and regulation follows.” ...

    AMLD5 – Regulations catching up with Technology Explore More

    Blog

    Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters

    In recent times, the financial industry has witnessed significant technological changes which hav...

    Strategic KYC/AML Checks for the Financial Industry – Staying a Step Ahead of Fraudsters Explore More

    Blog

    Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers

     The speed of innovation has never been faster. Re-emerging from a global pandemic, busi...

    Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers 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

    Beyond Speed: Securing Fintech Expansion with Smarter Identity Verification

    The banking industry is facing a fundamental restructuring that will change how people interact w...

    Beyond Speed: Securing Fintech Expansion with Smarter Identity Verification Explore More

    Blog

    COVID-19: An opportunity for financial sector to expand digital transformation

    A sudden epidemic swept across the world, and it had an impact on our lives, work, and even the p...

    COVID-19: An opportunity for financial sector to expand digital transformation Explore More

    Blog

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

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

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

    Blog

    11 Common Mistakes End-Users Commit During KYC – Shufti

    KYC identity verification is one big challenge for end-users. Your customers might be making a lo...

    11 Common Mistakes End-Users Commit During KYC – Shufti Explore More

    Blog

    Customer Risk Assessment – A Landmark Approach to Fight Identity Fraud

    Identity theft is the most prominent cybercrime which has raised alarms for global law enforcemen...

    Customer Risk Assessment – A Landmark Approach to Fight Identity Fraud 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

    KYCC – Going an Extra Mile to Prevent Financial Crimes

    As cases of money laundering and terror financing are increasing globally, the concerns to overco...

    KYCC – Going an Extra Mile to Prevent Financial Crimes Explore More

    Blog

    Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry

    With global stock markets skyrocketing, the wealth, asset and investment sector is under growing ...

    Know Your Investor (KYI)- Ensuring Seamless Investor Onboarding for the Investment Industry 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

    Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help

    International trade is exchanging services, capital, and goods across borders or territories, gen...

    Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help Explore More

    Blog

    Fintech 2021 – A Brief Insight of Global KYC Regulations

    Financial services are among the most heavily regulated sectors in the world, and the number one ...

    Fintech 2021 – A Brief Insight of Global KYC Regulations Explore More

    Blog

    Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification

    Along with the rise in virtual and remote work, the number of cases of recruitment fraud is incre...

    Talent Acquisition Fraud – Hiring Legitimate Candidates with Identity Verification Explore More

    Blog

    COVID Verification of Tourists: Is the Hospitality Sector Doing Much?

    COVID-19 has been a big hassle for everyone except for those who adopted the new normal quickly. ...

    COVID Verification of Tourists: Is the Hospitality Sector Doing Much? 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

    Eradicating Financial Crimes in Online Gambling using NFC Verification

    Emerging technologies have altogether revolutionized the online gambling industry and instead of ...

    Eradicating Financial Crimes in Online Gambling using NFC Verification Explore More

    Blog

    Major Fines in the Gaming and Gambling Industry and the Role of e-IDV

    The outbreak of Covid-19 has changed how we do business. Many firms that used to operate physical...

    Major Fines in the Gaming and Gambling Industry and the Role of e-IDV Explore More

    Blog

    A Detailed Insight Into Canadian Gambling Industry [2022 Update]

    Even though Canada is not among the world’s gambling capitals, this business thrives there. The c...

    A Detailed Insight Into Canadian Gambling Industry [2022 Update] Explore More

    Blog

    Employee Verification – First Line of Defence Against Corporate Fraud

    One day you wake up to the fact that the employee you’ve been trusting for years has been embezzl...

    Employee Verification – First Line of Defence Against Corporate Fraud 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

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution

    Telecommunication technology in the healthcare industry is already widely used and is expanding t...

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution Explore More

    Blog, Identity & KYC

    4 Ways in which KYC for STO can Revolutionise the Crypto World

    The year 2019 is expected to see a significant rise in STOs and have been called the future of bl...

    4 Ways in which KYC for STO can Revolutionise the Crypto World Explore More

    Blog

    On-Premises vs Cloud Services – Two Sides of the Same Coin

    With the advent of technology, industries are streamlining all their processes and ensuring highe...

    On-Premises vs Cloud Services – Two Sides of the Same Coin Explore More

    Blog, Business Technology

    What Due Diligence Means for Your Business

    Due diligence is a process that helps banks and individuals to get to know in detail who they are...

    What Due Diligence Means for Your Business Explore More

    Blog

    Facial Recognition: A Technology for Online Businesses to Prevent Fraud

    Today, biometric technology has traditionally established itself and has become an integral part ...

    Facial Recognition: A Technology for Online Businesses to Prevent Fraud Explore More

    Blog

    Crypto Regulations in the US and UK | A Comprehensive Overview

    Financial regulators struggle to understand how to categorise and regulate cryptocurrency that do...

    Crypto Regulations in the US and UK | A Comprehensive Overview Explore More

    Blog

    How Can 2-Factor Authentication Protect Customers Against Fraud?

    Need for Customer Authentication Mechanisms Since the existence of humanity, new innovations and ...

    How Can 2-Factor Authentication Protect Customers Against Fraud? Explore More

    Blog, Business Technology

    Biometric Verification – Shaping the Future of Payments

    Today’s world is no longer different from the science fiction world. With the advent of technolog...

    Biometric Verification – Shaping the Future of Payments Explore More

    Blog

    AML Compliance – Global Watchlists that Businesses Need to Consider

    Coordinated sanctions after the Russian invasion of Ukraine have made the headlines due to their ...

    AML Compliance – Global Watchlists that Businesses Need to Consider Explore More

    Blog

    The Future of Identity Verification: Shufti CEO Shahid Hanif on Adaptability, Innovation, and Technology Leadership

    As fraud threats become increasingly sophisticated and regulatory landscapes evolve, businesses m...

    The Future of Identity Verification: Shufti CEO Shahid Hanif on Adaptability, Innovation, and Technology Leadership Explore More

    Blog

    Mobile Payments – Way of the Future or a Fad of the Digital Age?

    Are we moving towards a world where retailers may one day say “We don’t take cash”? As mobile pay...

    Mobile Payments –  Way of the Future or a Fad of the Digital Age? Explore More

    Blog

    5 Key Questions About KYC Compliance to Look Out for in 2021

    With the COVID-19 pandemic bringing challenges every day for businesses, the rate of identity fra...

    5 Key Questions About KYC Compliance to Look Out for in 2021 Explore More

    Blog, Fraud Prevention

    Face Verification Technology Grooving in the Education Sector

    We are now in a golden age of face recognition. The main reason for rapid adoption is recognition...

    Face Verification Technology Grooving in the Education Sector Explore More

    Blog

    European Payments Initiative Calling for IDV Solutions

    The rise in the popularity of Visa and Mastercard in Europe, both US-headquartered companies, was...

    European Payments Initiative Calling for IDV Solutions Explore More

    Blog

    Facial Recognition in UAE to Protect Private and Government Sector

    Continuous developments in the world of technology have led to many innovative solutions like fac...

    Facial Recognition in UAE to Protect Private and Government Sector Explore More

    Blog, Online Marketplace

    Secure Online Gambling through Identity and Age Verification

    Gambling is a very profitable business for big players and owners alike. According to research, t...

    Secure Online Gambling through Identity and Age Verification Explore More

    Blog

    Biometric Authentication | Understanding the Significance of Facial Recognition

    Data security and identity verification have come a long way since the inception of knowledge-bas...

    Biometric Authentication | Understanding the Significance of Facial Recognition Explore More

    Blog

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

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

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

    Blog

    5 types of identity theft fraud and How businesses can prevent it?

    Online identity theft has the fastest growing crime rate in the world. According to a report, onl...

    5 types of identity theft fraud and How businesses can prevent it? Explore More

    Blog

    Crypto Regulations 2021 – What Digital Currency Providers Need to do

    Cryptocurrency has been a hot topic ever since its advent in 2009. The ability to draw investor a...

    Crypto Regulations 2021 – What Digital Currency Providers Need to do Explore More

    Blog

    Identity Verification – Combating Fraud in the Telecommunication Sector

    Developing technology, rapid growth in digitization, and increased use of digital transactions ha...

    Identity Verification – Combating Fraud in the Telecommunication Sector Explore More

    Blog

    40 Surprising Facts and Statistics About Money Laundering [2021 Update]

    Combatting money laundering is one of the top-tier challenges when it comes to the regulatory reg...

    40 Surprising Facts and Statistics About Money Laundering [2021 Update] Explore More

    Blog, Online Marketplace

    Social Media and Identity Theft Frauds

    Imagine this: You get up in the morning and like most people; check your email. There you have an...

    Social Media and Identity Theft Frauds Explore More

    Blog

    Fight Fraud Proactively and Reduce Fake Customer Accounts With Shufti’s AI-powered ID Document Forgery Detection

    Bank statements, land documents, and social security checks are frequently forged. Document forge...

    Fight Fraud Proactively and Reduce Fake Customer Accounts With Shufti’s AI-powered ID Document Forgery Detection Explore More

    Blog

    Securing The Digital Landscape with Electronic Identity Verification Services

    With a surge in identity document forgery, the likelihood of onboarding a criminal has grown subs...

    Securing The Digital Landscape with Electronic Identity Verification Services Explore More

    Blog

    Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference?

     Often, people confuse CIP and KYC and think both are the same. Customer Identification ...

    Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference? Explore More

    Blog

    A Brief Insight into AML Regulations for the Art Market

    While the banking sector faces increased scrutiny to prevent illicit financial flows, a significa...

    A Brief Insight into AML Regulations for the Art Market Explore More

    Blog

    Transforming the KYC Experience Using Automated Document Verification Checks

    In 2021, reported fraud losses were $5.8 billion, a more than 70% rise in a single year. As ident...

    Transforming the KYC Experience Using Automated Document Verification Checks Explore More

    Blog, Identity & KYC

    Online Identity Verification – Why Shufti is Perfect for Digital Authentication

    In a short period of time, Shufti has managed to make a significant mark upon the end-to-end ...

    Online Identity Verification – Why Shufti is Perfect for Digital Authentication 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

    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

    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

    GDPR Checklist – Practices to adopt as Business Norms

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

    GDPR Checklist – Practices to adopt as Business Norms Explore More

    Blog

    AML/CFT Regulations of Hong Kong: Paper Over Cracks?

    On September 15, 2021, Hong Kong’s Securities and Futures Commission issued consultation conclusi...

    AML/CFT Regulations of Hong Kong: Paper Over Cracks? Explore More

    Blog

    Halloween and the Spooky Scams – How identity verification helps?

    Halloween is just around the corner and so do the scammers ready to exploit the opportunity. Whic...

    Halloween and the Spooky Scams – How identity verification helps? Explore More

    Blog

    KJM Age Restrictions Breaking New Grounds for Gaming Industry

    Minor protection has become a challenge for everyone these days. Parents are worried about the ty...

    KJM Age Restrictions Breaking New Grounds for Gaming Industry 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

    Initial Exchange Offerings (IEOs) – A Detailed Insight

    The advent of the Crypto industry brought decentralized and innovative fundraising ways. One of t...

    Initial Exchange Offerings (IEOs) – A Detailed Insight 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

    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