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

    18.97.14.85

    Kaseya Ransomware Attack – How to Protect Your Organization from Cyber Risks

    blog1

    Did you know that by 2021, a ransomware attack is projected to occur every 11 seconds, costing companies approximately USD 20 billion?

    A single ransomware attack can halt business operations for weeks, tarnish a company’s reputation, and pave the way for future data breaches. Such an attack can lead to identity theft, account takeovers, and other disastrous consequences. As Kaseya recovers from the massive REvil ransomware attack after 10 days of no business, some precautionary measures that can prevent such cyber risks have come into the spotlight. 

    Kaseya Ransomware Attack, Explained

    Kaseya, an IT automation software provider, offers services for MSPs (Managed Service Providers). VSA is among the world’s most popular software for MSPs that delivers Remote Monitoring and Management (RMM) services. On July 2, 2021, the Kaseya VSA software reported a massive ransomware attack that hit approximately 60 MSPs. 

    blog2

    Initially, it was thought that Kaseya itself might have been compromised in the same way as the SolarWinds malware attack in December 2020. Instead, the attackers targeted a vulnerability in Kaseya’s VSA software, infecting 1,500+ small and medium-sized companies. According to the Huntress’ blog, the Russia-based criminal gang “REvil” first bypassed authentication to Kaseya’s VSA and then deployed malicious updates. In return, the gang demanded USD 70 billion in Bitcoin. 

    Could the Attack Have Been Avoided?

    According to the latest update by Bloomberg, five former software engineers and developers had warned Kaseya leaders about the vulnerabilities in the systems. Examples of the vulnerabilities included outdated code, weak encryption and passwords, and a failure to meet basic cybersecurity requirements. Despite the concerns, the problems were never fully addressed, and new features were prioritized over fixing the existing issues. 

    Ransomware attacks such as this endanger the long-term sustainability of companies of all types and sizes. Below are some effective anti-ransomware strategies for safeguarding your business.

    blog3

    Best Practices for Preventing Ransomware Attacks 

    1- Set Up Firewalls

    A firewall is a security system that monitors incoming and outgoing traffic based on predefined security rules. It examines the traffic for malware and other threats. Its capabilities can determine where a file is coming from, where it is headed, and other information about how it travelled. The information is then used that to ascertain whether the file contains ransomware. 

    Additionally, a next-generation firewall (NGFW) can also be deployed instead of using a traditional firewall for ransomware protection. NGFWs use deep packet inspection (DPI) to examine the contents of the file itself, hunting for ransomware, and then discarding any document that has it.

    2- Use Technology Against Technology 

    While ransomware attacks can vary in type and intensity, all of them are deployed for one basic purpose – gaining ransom in return for stolen/blocked data. In case the ransom is not paid by the victim, the data is sold on the dark web, posted all over the internet, or used to commit other financial crimes. Money service businesses and data-sensitive companies need to restrict admin rights and limit access to servers by securing databases with AI-backed solutions. 

    Identity verification solutions, for instance, are commonly used by banks to verify the identity of every individual that attempts to access an account. These solutions use thousands of AI models to authenticate customers based on their official ID cards. By combining document verification with facial recognition technology, a fool-proof system is created for preventing fraudulent access, identity theft, account takeovers, and more. 

    Suggested Read: The Role of Artificial Intelligence in the Future Of Financial Fraud Detection

    3- Establish a Security-focused Workplace Culture

    To maintain compliance with KYC (Know Your Customer) regulations and stay protected from cyber risks, companies need to start with their staff. Provide them with more authority, educate them about regulatory compliance, and provide them with adequate training for detecting suspicious activities. Proper cybersecurity training combined with the latest fraud prevention technology can secure businesses against any form of cyberattack. Had the higher management at Kaseya taken swift action against the vulnerabilities detected by its employees, 1,500+ customers could have been saved from data compromise. 

    4- Conduct Regular Audits 

    Although businesses cannot completely eradicate cybersecurity threats, regular reviews and assessments can prevent billion-dollar losses stemming from cyber-attacks. In a joint statement by the FBI and CISA following the Kaseya ransomware attack, the company has been advised to conduct an audit of all admin accounts, particularly the accounts with access to remote management tools. This is a necessary step for ensuring that each account has a verified owner. Other audits highlighted by the regulators include a review of the disaster recovery plan, backup strategy, and vulnerability management processes. 

    5- Enforce Multi-Factor Authentication (2FA)

    Data-sensitive businesses such as financial institutions, software companies, and insurance firms must enforce two-factor authentication on every account as an added security measure and ransomware protection. Where most usernames and PIN codes can be compromised quickly by a malicious program, 2FA provides a significant increase in security for sensitive business data. The FBI backs this strategy for preventing account breaches arising from ransomware attacks by stating that every customer must implement 2FA on the accounts that are under the control of the organization. 

    With 65% of businesses allowing their employees to access company applications from personal, unmanaged devices, a simple step in the form of 2FA can save you from future catastrophes. 

    Suggested Read: Phishing Attacks and the Role of Two-Factor Authentication

    How Can Shufti Help? 

    Shufti’s two-factor authentication prevents malicious actors from gaining access to personal and business accounts. With an accuracy rate of 98.67%, verification results are provided within five seconds. The process is deemed as a better alternative to traditional security methods, as it avoids phishing attacks and malware activity through a strong security hold. Need more information?

    Talk to our experts or avail a 7-day free trial today!

    Related Posts

    Blog, Identity & KYC

    User as Owner: Why KYC Software Needs to Respect Privacy Laws?

    User as Owner is a simplistic concept that stipulates that all the data of any user collected by ...

    User as Owner: Why KYC Software Needs to Respect Privacy Laws? Explore More

    Blog

    Securing Banks and Curbing Financial Crimes with Shufti AML/KYC Solution

    Banks and other financial institutions constantly face the challenges of tackling financial crime...

    Securing Banks and Curbing Financial Crimes with Shufti AML/KYC Solution Explore More

    Blog

    UAE’s Crypto Landscape – Eliminating Financial Crime to Ensure Regulatory Compliance

    The UAE is the Middle East’s rapidly growing cryptocurrency hub that is experiencing a heated-up ...

    UAE’s Crypto Landscape – Eliminating Financial Crime to Ensure Regulatory Compliance Explore More

    Blog

    Rise of Money Laundering in UAE – How Financial Institutions Can Comply with New Regulations

    The UAE certainly earned its spot in the top 10 global financial centers with unprecedented growt...

    Rise of Money Laundering in UAE – How Financial Institutions Can Comply with New Regulations Explore More

    Blog

    5 Ways How AI Is Uprooting Recruitment Industry

    Artificial Intelligence is strengthening its position in many industries and the recruitment indu...

    5 Ways How AI Is Uprooting Recruitment Industry Explore More

    Blog

    How Global AML Regulations Safeguard Financial Processes from Money Laundering

    Growing a business in any part of the world requires effective AML compliance measures as a neces...

    How Global AML Regulations Safeguard Financial Processes from Money Laundering 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, Online Marketplace

    Why age verification matters to online businesses?

    Identity verification services are fast becoming a business norm for companies that are enthusias...

    Blog

    Know Your Driver – Urgency of Identity Verification for Mobility service Providers

    Scams have been at the forefront whenever a new tool is made available. The same goes for ride-sh...

    Know Your Driver – Urgency of Identity Verification for Mobility service Providers Explore More

    Blog

    AML Compliance – Eliminating Financial Crimes in FinTech Firms

    The FinTech industry is growing rapidly across various sectors with investments and large-scale a...

    AML Compliance – Eliminating Financial Crimes in FinTech Firms Explore More

    Blog

    Identity checks – A Profitable Business Strategy or Another Business Expense?

    Online commerce is a necessity of every business these days. With nearly every consumer carrying ...

    Identity checks – A Profitable Business Strategy or Another Business Expense? Explore More

    Blog

    KYC, KYB & KYT Tying the Loops for Identity Verification

    Digital fraudulent activities are rising with every passing day, businesses are adopting reactive...

    KYC, KYB & KYT Tying the Loops for Identity Verification Explore More

    Blog

    Combating Modern ID Document Forgery: Threats, Trends, and Solutions

    As criminal tactics grow more advanced in the age of digitization, forged identity documents have...

    Combating Modern ID Document Forgery: Threats, Trends, and Solutions Explore More

    Biometric Technology, Blog

    How Liveness Detection is an apt Answer for Facial Spoof Attacks?

    The world went haywire on the launch of the new iPhone X; well, to be honest, when does it not? H...

    How Liveness Detection is an apt Answer for Facial Spoof Attacks? Explore More

    Blog, Online Marketplace

    How API-based Technologies Can Transform the Future of Online Marketplace

    API Based Technologies: Application Programming Interfaces (APIs) are giving advanced ways of dig...

    How API-based Technologies Can Transform the Future of Online Marketplace Explore More

    Blog

    Modern Financial Management: The Role of KYI in Safeguarding Businesses

    With our digital ecosystem being full of threats, there is a significant possibility that the qua...

    Modern Financial Management: The Role of KYI in Safeguarding Businesses Explore More

    Blog

    Common Types of BNPL Fraud and the Role of KYC/AML Regulations

    The Buy Now Pay Later (BNPL) services are growing rapidly. 42% of credit customers are interested...

    Common Types of BNPL Fraud and the Role of KYC/AML Regulations 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, Fraud Prevention

    6 Steps of Online Fraud Prevention for Businesses

    With the rapid development in the online retail industry and banking industry, there is an increa...

    6 Steps of Online Fraud Prevention for Businesses 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

    7 Things Businesses Should Know About Online Face Recognition Solutions

    One might be good at identifying faces. People find it a cinch to recognise a friend’s or f...

    7 Things Businesses Should Know About Online Face Recognition Solutions Explore More

    Blog

    KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services

    In today’s credit-thirsty world, Buy Now, Pay Later has emerged as a clear winner, forever changi...

    KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services Explore More

    Blog

    Enhanced Due Diligence – How to Identify and Deal with High-Risk Customers

    Business relationships always come with associated risks that require carefully implemented measu...

    Enhanced Due Diligence – How to Identify and Deal with High-Risk Customers 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

    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

    Artificial Intelligence, Blog

    Why Artificial Intelligence Isn’t Taking Over—It’s Helping Us Thrive

    Artificial Intelligence (AI) has transformed from a futuristic concept into a critical part of ou...

    Why Artificial Intelligence Isn’t Taking Over—It’s Helping Us Thrive Explore More

    Blog

    Impact of COVID-19 on disruptive Fintech industry

    The economy and society worldwide are affected by the corona crisis. The effects of COVID-19 on b...

    Impact of COVID-19 on disruptive Fintech industry 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

    Biometric Authentication – A Solution Against Fraud Detection

    Biometrics technology is the way forward for identity verification services as they allow for qui...

    Biometric Authentication – A Solution Against Fraud Detection Explore More

    Blog, Identity & KYC

    Employees’ Digital Identity Verification for Remote Hiring

    With the age of technological advancement, the world is becoming a heavily connected global villa...

    Employees’ Digital Identity Verification for Remote Hiring 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

    Why KYC Solutions are becoming a norm in Cryptocurrency?

    KYC Solutions provide a great opportunity for crypto exchanges and virtual currency enthusiasts t...

    Why KYC Solutions are becoming a norm in Cryptocurrency? Explore More

    Blog

    Facial Recognition to Reshape the Retail Industry in 2020

    The explosion of facial recognition technology in our smartphones – for instance in iPhone ...

    Facial Recognition to Reshape the Retail Industry in 2020 Explore More

    Blog, Online Marketplace

    How Identity Verification Makes Remote Account Opening Efficient for Banks

    Banks have a lot to benefit from the remote account opening service as it allows them to bring a ...

    How Identity Verification Makes Remote Account Opening Efficient for Banks 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

    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

    Detecting & Preventing KYI Fraud | A Deep-Dive into 2023 Investment Scams

    Businesses need to bring on reliable partners and investors who can contribute to growth, provide...

    Detecting & Preventing KYI Fraud | A Deep-Dive into 2023 Investment Scams 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

    How Optical Character Recognition Improves the Process of Identity Verification for Businesses

    Evolving technologies have created a competitive market where every business strives to optimize ...

    How Optical Character Recognition Improves the Process of Identity Verification for Businesses Explore More

    Blog

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution

    Historically, the measures to curb money laundering and terrorist financing had only been only im...

    Fighting Financial Crimes and Securing Gambling Services with Shufti’s AML Screening Solution Explore More

    Blog

    Passport Verification: Preventing Document Forgery and Identity Theft

    In our current era of modern interconnection, global travel has become more accessible than ever,...

    Passport Verification: Preventing Document Forgery and Identity Theft 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

    AI face recognition for total automation

    Face recognition is everywhere but still we’re unable to say goodbye to document, maybe because w...

    AI face recognition for total automation Explore More

    Blog

    SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023

    There is no denying the fact that the financial industry has vital importance in the contemporary...

    SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023 Explore More

    Blog

    Combatting Fraud in the Automotive Industry

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

    Combatting Fraud in the Automotive Industry Explore More

    Blog

    The FATF Travel Rule: What Business Owners Must Know

    The rapidly evolving landscape of technology and cryptocurrency has made the regulation of digita...

    The FATF Travel Rule: What Business Owners Must Know Explore More

    Blog

    Assessing the Importance of Digital Identity Verification in On-Demand Services

    Dealing with the after-effects of the coronavirus pandemic, digital business platforms and e-comm...

    Assessing the Importance of Digital Identity Verification in On-Demand Services Explore More

    Blog

    AML & KYC Compliance – 5 Ways AI is Supporting the Fight Against Financial Crimes

      Reforming AML & KYC Compliance Structures for Financial Institutions The capabilities ...

    AML & KYC Compliance – 5 Ways AI is Supporting the Fight Against Financial Crimes Explore More

    Biometric Technology, Blog, Business Technology

    Speed Up customer Onboarding with Online Facial Recognition

    Banks are spending loads to digitize their operations. The competition is mounting, plus, people ...

    Speed Up customer Onboarding with Online Facial Recognition Explore More

    Blog

    Uncovering 5 Holiday Season Scams and How to Avoid them this Year

    ‘Tis the season when the best deals of the year are attracting customers towards online shopping ...

    Uncovering 5 Holiday Season Scams and How to Avoid them this Year 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

    The FATF Travel Rule: What Business Owners Must Know

    The rapidly evolving landscape of technology and cryptocurrency has made the regulation of digita...

    The FATF Travel Rule: What Business Owners Must Know Explore More

    Blog

    All You Need to Know About Facial Recognition

    Rapid digitisation over the past few years has led to the adoption of facial recognition for many...

    All You Need to Know About Facial Recognition Explore More

    Blog

    Post COVID-19 – What are the alternatives to fingerprint biometrics for identity verification?

    The way things are headed, there is no doubt about the fact that the world will be a different pl...

    Post COVID-19 – What are the alternatives to fingerprint biometrics for identity verification? Explore More

    Blog

    AML Compliance – Eliminating Financial Crimes in FinTech Firms

    The FinTech industry is growing rapidly across various sectors with investments and large-scale a...

    AML Compliance – Eliminating Financial Crimes in FinTech Firms Explore More

    Blog, Reg Tech

    3 Reasons why RegTech is the Future of Innovation?

    Regulatory Technologies, commonly referred to as RegTech, is an innovative use case of Financial ...

    3 Reasons why RegTech is the Future of Innovation? Explore More

    Blog

    Future Prediction of Identity Verification for Businesses

    Ensuring a user’s real identification has become crucial in the age of digitisation. Busine...

    Future Prediction of Identity Verification for Businesses Explore More

    Blog

    KYC and AML For Fintech | A Comprehensive Guide to Fraud Prevention

    Since governments worldwide are increasing the pressure to regulate, compliance has become a key ...

    KYC and AML For Fintech | A Comprehensive Guide to Fraud Prevention Explore More

    Blog

    Curbing Real Estate Crimes with AML Screening Solutions – How Shufti Can Help

    In course of history, money laundering has always remained most complicated issue for governments...

    Curbing Real Estate Crimes with AML Screening Solutions – How Shufti Can Help Explore More

    Blog

    The 5 Pillars of Anti-money Laundering Compliance

    Imposters often “launder” money acquired through illegal activities, like drug trafficking, so th...

    The 5 Pillars of Anti-money Laundering Compliance Explore More

    Blog

    Identity Verification – Safeguarding Pharmaceutical and Controlled Substance Sales

    With emerging technologies, the pharmaceutical industry has transformed significantly, and rapid ...

    Identity Verification – Safeguarding Pharmaceutical and Controlled Substance Sales Explore More

    Blog

    Basel AML Index 2021 – Evaluating the Risk of Money Laundering Worldwide

     The threat for money laundering and terror financing continue to increase with global a...

    Basel AML Index 2021 – Evaluating the Risk of Money Laundering Worldwide Explore More

    Blog

    UK’s FIU Issues New Guidelines for Suspicious Activity Reporting

    The UK’s Financial Intelligence Unit (UKFIU) has issued new guidance in August 2021. The latest i...

    UK’s FIU Issues New Guidelines for Suspicious Activity Reporting Explore More

    Blog

    Address Verification: The Cornerstone of Elevating Customer Experience

    Today’s highly emerging technology is changing the way consumers shop online products. Given the ...

    Address Verification: The Cornerstone of Elevating Customer Experience Explore More

    Blog

    ID Verification – What new KYC Services Shufti launched in 2018?

    Shufti started 2018 with an aim to fight the menace of digital fraud, identity theft, and onl...

    ID Verification – What new KYC Services Shufti launched in 2018? Explore More

    Blog, Financial Crime / AML, Identity & KYC, Reg Tech

    Significance of AML Compliance in Money Services Business

    The financial sector landscape is evolving with the advent of the FinTech industry. Many revoluti...

    Significance of AML Compliance in Money Services Business Explore More

    Blog

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience

    Website abandonment is a silent revenue killer for online businesses. Whether it’s an unfin...

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience 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

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023

    Customer onboarding and business relationships always come with associated risks that must be han...

    Identity Fraud and Risk Assessment: An Ultimate Guide for 2023 Explore More

    Blog

    Wholesale or Retail CBDCs? Settling the Endless Debate

    The world is now moving towards digitisation at a faster pace than ever. The payment systems have...

    Wholesale or Retail CBDCs? Settling the Endless Debate Explore More

    Blog, Online Marketplace

    How API-based Technologies Can Transform the Future of Online Marketplace

    API Based Technologies: Application Programming Interfaces (APIs) are giving advanced ways of dig...

    How API-based Technologies Can Transform the Future of Online Marketplace 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

    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