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

    216.73.216.7

    KYC and AML: The Key to Secure BNPL Services in 2023

    b-img-kyc-checks

    Seems like Buy Now Pay Later (BNPL) services have taken the world by storm, with 360 million users worldwide in 2022, but the bitter truth is fraudsters have already taken the front-row seat. 

    BNPL services have helped consumers make purchases worth $100 billion, from pet foods to insurance premiums over the last year. That’s a big jump with no signs of slowing down in the coming years.  

    Banks and merchants are expanding BNPL services to boost B2B financing. With prices skyrocketing, the growth of BNPL would accelerate beyond the most bullish of projections making them a hub of opportunities for fraudsters. 

    The Market Snapshot of BNPL 

    BNPL is a payment model that lets customers buy an item and makes its purchase over several installments. Clients can get their parcels shipped immediately and they can pay off the amount over time. 

    Looking at the trends of BNPL services, it is anticipated that its market value will reach $680 billion globally by 2025. The same research estimates that US clients would be using BNPL services to buy those items that would exceed their budget or avoid using credit cards. Furthermore, BNPL payments in the US would reach $82 billion in the coming months. 

    The data suggests that 25% of eCommerce customers are using BNPL services in the UK, provided by approximately 20,000 merchants. Recent transactions were 5% of the eCommerce sector and were worth £6.4 billion.

    Diving deep into the market makes it clear how popular these services are among youngsters. The Financial Conduct Authority (FCA) of the UK has found that 25% of BNPL users lie between the ages of 18 and 25 while 50% are between ages 25 and 36. And the astonishing thing is that 70% of users of BNPL servicers are females and 90% of the items purchased are related to fashion or footwear. 

    Looking at the size of how BNPL services are growing in this digital era, it is crucial to understand its vulnerability to fraud and how to keep oneself and other businesses safe and secure. 

    b-info-bnpl

    Suggested Read: Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia

    BNPL Services – A Fraudster’s Paradise

    As technology is advancing and businesses are looking to make their name, fraudsters are leaving no stone unturned to exploit them. The emergence of BNPL services has become a paradise for criminals to fulfil their malicious intent. There are several schemes that are used by fraudsters to target BNPL services which are as under:

    • Synthetic ID Fraud: Criminals use synthetic identity fraud when they want to open a bank account. First, they create a fake profile merging fictional and real details like identity documents, social security numbers, addresses, etc. When they are done with making a synthetic identity, they use BNPL services to buy anything they want using others’ payment or personal information. As soon as they receive the goods, they disappear, leaving the merchant or the customer in vainpaying the bill. Synthetic ID fraud costs lenders and banks $6 million a year and is the fastest-growing financial crime in the US. 
    • Account Takeover: Some fraudsters play a good game defrauding a BNPL user. They target individuals with good credit rating scores and who have taken a BNPL loan.  What they do is they get all the personal details of that customer through Account Takeover (ATO) attack and then purchase the expensive item using the genuine customer’s record with the BNPL provider. With the rising number of fraudulent activities, the FTC has warned every Buy Now Pay Later Service provider to comply with the consumer protection rules. 

    Suggested Read: Buy Now Pay Later Service Openpay Warned for AML Violations

    How BNPL Fraud is Harming Online Merchants

    The surge in different kinds of BNPL fraud is not only causing havoc to customers but also merchants; here is how:

    • Merchant Reputation: When any customer is defrauded by the BNPL service provider, they will not choose the merchant again. The frustrated customer will share their bad experience with their circle. The scenario raises questions about the merchant who cannot even secure their clients, putting a dent in their reputation. 
    • Financial Repercussions: Fraudulent transactions ask the merchant for chargebacks. Merchants have to address the issue with the BNPL service provider. Many BNPL providers have also mentioned security breach clauses in their merchant agreements. This means merchants have to bear the costs in case any fraudulent transaction occurs. 

    KYC/AML Services – The Only Key to Secure BNPL Services

    BNPL service providers are hunting for ways to curb the increasing number of fraud and the best strategy, in this case, is to stop bad actors, not the BNPL. But how to keep those fraudsters at bay? This is where Know Your Customer and Anti Money Laundering (KYC/AML) solutions came as a ray of hope. KYC & AML solutions not only protect firms from heinous crimes but also prevent them from paying hefty fines by making them compliant with global regulations. Moreover, robust KYC services offer customers a greater user experience and help build a positive brand image in the competitive market.  

    How Shufti Can Help

    To detect BNPL fraud effectively, it is essential to identify subtle events and patterns formed over time. This is where Shufti steps in, offering identity verification services to 230+ countries and territories, supporting 150+ languages, and authenticating customers in less than a second. Shufti is globally trusted in eliminating synthetic ID fraud with an accuracy rate of 99+%.

    Are you still confused about how KYC verification services curb fraud in the BNPL market?

    Talk to a KYC expert

    Related Posts

    Blog

    AML Compliance in the FinTech Industry’s Uncertain Regulatory Landscape

    Financial technology (FinTech) exists to improve and automate the delivery of economical services...

    AML Compliance in the FinTech Industry’s Uncertain Regulatory Landscape Explore More

    Blog, Reg Tech

    GDPR Phishing Scams – A Novel Trap to Scoop up Information

    General Data Protection Regulation (GDPR), an EU regulation comes into force on 25 May 2018 and a...

    GDPR Phishing Scams – A Novel Trap to Scoop up Information Explore More

    Blog

    COVID Passports – Bringing Convenience to the Travel & Tourism Sector

    “Sorry, the earth is closed today.”  Tony Stark’s sarcastic dialogue became the worst possible re...

    COVID Passports – Bringing Convenience to the Travel & Tourism Sector Explore More

    Blog

    Crypto as a Virtual Safe Haven for Russians Amid Sanctions

    The Russia-Ukraine conflict has had some serious effects on the global financial landscape. While...

    Crypto as a Virtual Safe Haven for Russians Amid Sanctions 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

    KYC & AML Regulations in the UK: An Ultimate Guide

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

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

    Blog

    How can you prepare for AML Compliance – Ultimate AML Guidelines For Starters

    Anti Money Laundering Compliance, commonly known as AML Compliance, is something that banks and f...

    How can you prepare for AML Compliance – Ultimate AML Guidelines For Starters Explore More

    Blog

    The Future of Customer Onboarding Post-COVID-19 Pandemic

    The COVID-19 pandemic has changed our lives to the fullest and businesses have suffered a lot as ...

    The Future of Customer Onboarding Post-COVID-19 Pandemic Explore More

    Blog

    Healthcare is the New Target of Criminals – What’s the Solution?

    The healthcare sector has been facing many challenges due to coronavirus pandemic. Cybercrimes ha...

    Healthcare is the New Target of Criminals – What’s the Solution? Explore More

    Blog, Identity & KYC

    Why Does ID Verification Fail in 2025? – Causes & Fixes | Shufti

    Introduction Identity-verification (IDV) is the gatekeeper of the digital economy, but it still s...

    Why Does ID Verification Fail in 2025? – Causes & Fixes | Shufti 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

    Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors

    The exchange of illicit money through real estate has been the most commonly encountered method o...

    Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors Explore More

    Blog

    Customer Due Diligence Checklist – Is Your Business Compliant?

    Compliance regulations can be a challenging task for the financial services sector and fulfilling...

    Customer Due Diligence Checklist – Is Your Business Compliant? Explore More

    Blog

    Real Estate Industry Crimes and Strict AML Regulations – How Shufti Can Help

    The real estate industry has long provided a safe way for fraudsters to secretly launder or inves...

    Real Estate Industry Crimes and Strict AML Regulations – How Shufti Can Help 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

    Facial Recognition in the Workplace: 2025 Benefits, Risks & Compliance Blueprint

    Facial recognition has matured from an emerging novelty into a mission‑critical control for secur...

    Facial Recognition in the Workplace: 2025 Benefits, Risks & Compliance Blueprint 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

    The Crucial Role of Know Your Customer (KYC) in Gaming

    The gaming sector has grown exponentially since the first arcade games of the 70s. Surpassing mus...

    The Crucial Role of Know Your Customer (KYC) in Gaming 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

    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

    Facial Verification – Curing Fraud in the Healthcare Sector

    Healthcare professionals continue to be hot targets of bad actors and cybercriminals, with attack...

    Facial Verification – Curing Fraud in the Healthcare Sector 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

    Enhanced Due Diligence Checks | The Art of Mitigating Risks Associated with Third-Parties

    For multinational businesses, reliance on external third-party vendors is crucial. However, failu...

    Enhanced Due Diligence Checks | The Art of Mitigating Risks Associated with Third-Parties 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

    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

    KYC and Blockchain – The Foundation of a Secure Crypto Landscape

    Blockchain technology has demonstrated fast-paced growth throughout the world and now faces the c...

    KYC and Blockchain – The Foundation of a Secure Crypto Landscape 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

    What You Need to Know About Switzerland’s Crypto AML Rules by FINMA

    Switzerland is historically famous for being a global hub for gold. However, the new digital gold...

    What You Need to Know About Switzerland’s Crypto AML Rules by FINMA Explore More

    Blog

    The Expected No-Deal Brexit and AML/CFT Laws in the UK

    The current prime minister of the UK Mr. Boris Johnson made a statement that the UK should be rea...

    The Expected No-Deal Brexit and AML/CFT Laws in the UK Explore More

    Blog

    Latest Regulatory Updates on KYC Verification for Crypto Exchanges

    Even by the standards of cryptocurrency, the volatility exhibited in 2021 has been astounding. In...

    Latest Regulatory Updates on KYC Verification for Crypto Exchanges Explore More

    Blog

    FBO Accounts and Fintech – Securing Financial Operation with ID Verification

    With global digitization, online financial services are becoming mainstream. Due to this, maintai...

    FBO Accounts and Fintech – Securing Financial Operation with ID Verification 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

    Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help

    Since the start of civilization, humans have used money in several different ways, and throughout...

    Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help Explore More

    Blog

    FATF’s Stance on Digitizing FIUs and Adopting A Risk-Based Approach for VAs

    The Financial Action Task Force (FATF) is tirelessly working to guide Financial Intelligence Unit...

    FATF’s Stance on Digitizing FIUs and Adopting A Risk-Based Approach for VAs Explore More

    Blog

    Enhanced Due Diligence: Identifying High-Risk Customers in the Banking Sector

    The digitisation of our world and economies have introduced greater ease and efficiency to our pr...

    Enhanced Due Diligence: Identifying High-Risk Customers in the Banking Sector 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

    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

    AML Compliance in the Insurance Sector – Red Flags to Look Out For

    The insurance sector commonly faces criminal activities like money laundering and terrorist finan...

    AML Compliance in the Insurance Sector – Red Flags to Look Out For Explore More

    Blog

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution

    A decade ago, digital currencies were an academic concept, largely unknown to the world’s general...

    Securing Cryptocurrency Sector and Fighting Financial Crimes With Shufti’s AML Solution 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

    Gambling Compliance or Data Protection? The Puzzle is Solved!

    The evolving regulations for the gambling industry are likely to increase compliance challenges i...

    Gambling Compliance or Data Protection? The Puzzle is Solved! 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, 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

    e-IDV | Combatting Fraud in a Remote World

    Know Your Customer (KYC) is a method to identify and verify clients’ true identities and re...

    e-IDV | Combatting Fraud in a Remote World Explore More

    Blog

    Securing Identities in the Age of AI with Facial Recognition Technology

    Although the digital revolution has brought us unprecedented levels of connectivity and comfort, ...

    Securing Identities in the Age of AI with Facial Recognition Technology Explore More

    Blog, Identity & KYC

    Why Does ID Verification Fail in 2025? – Causes & Fixes | Shufti

    Introduction Identity-verification (IDV) is the gatekeeper of the digital economy, but it still s...

    Why Does ID Verification Fail in 2025? – Causes & Fixes | Shufti Explore More

    Blog, Online Marketplace

    Fraud Protection services for Online Retail Businesses

    Online Marketplace faces Chargeback issues Fraud Protection Services are an integral part of reta...

    Fraud Protection services for Online Retail Businesses Explore More

    Blog, Fraud Prevention

    Fraud Prevention through Secure Payment Processes

    Here’s a question, why do people always say things like  “the good days”? The fact is a number of...

    Fraud Prevention through Secure Payment Processes Explore More

    Blog, Identity & KYC

    Merchant Identity Proofing: Building Strong B2B Relations

    Identity Proofing: The success of e-commerce has been very remarkable. It is expected that global...

    Merchant Identity Proofing: Building Strong B2B Relations Explore More

    Blog

    Top 5 Ways to Improve Transaction Monitoring in Fintech

    Fintech is a fast-growing sector that combines finance and technology to assist businesses and cu...

    Top 5 Ways to Improve Transaction Monitoring in Fintech Explore More

    Blog

    An inside look at the need for AML in the e-gaming industry

    Data analytics and trends show the penetration of the population into console-based online video ...

    An inside look at the need for AML in the e-gaming industry Explore More

    Blog

    FATF’s Stance on Digitizing FIUs and Adopting A Risk-Based Approach for VAs

    The Financial Action Task Force (FATF) is tirelessly working to guide Financial Intelligence Unit...

    FATF’s Stance on Digitizing FIUs and Adopting A Risk-Based Approach for VAs 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

    Facial Verification – Curing Fraud in the Healthcare Sector

    Healthcare professionals continue to be hot targets of bad actors and cybercriminals, with attack...

    Facial Verification – Curing Fraud in the Healthcare Sector Explore More

    Blog

    A Basic Guide to Smurfing and the Role of AML in Combating It

    Scammers employ various strategies to conceal illegally acquired funds, and one increasingly prev...

    A Basic Guide to Smurfing and the Role of AML in Combating It Explore More

    Blog

    How Can Businesses Detect Arbitrage Sports Betting?

    Various gamblers have investigated and exploited potential weaknesses in betting markets for mill...

    How Can Businesses Detect Arbitrage Sports Betting? Explore More

    Blog

    AML in Real Estate – Combating Property Scams at the Forefront

    Real estate is deemed to be a profitable and safe business to invest in thanks to its ever-growin...

    AML in Real Estate – Combating Property Scams at the Forefront 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

    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

    How Identity Verification Eliminates Social Media Scams to Enhance User Experience

    Social media has experienced exceptional growth in the past decade as a result of advancements in...

    How Identity Verification Eliminates Social Media Scams to Enhance User Experience 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

    Understanding AML Sanction Lists: Key Global Regimes and their Importance

    Sanction lists are expanding regularly and sanctions imposed by different authorities do not alwa...

    Understanding AML Sanction Lists: Key Global Regimes and their Importance Explore More

    Blog

    e-IDV: Safeguarding Businesses and Customers in the Digital Age

    Identity theft cases are on the rise in this age of digitisation. In 2022, India topped the list ...

    e-IDV: Safeguarding Businesses and Customers in the Digital Age Explore More

    Blog

    Top 5 Challenges in Online Identity Verification

    The online ecosystem of identity management is more dynamic than ever before. It’s a flexible and...

    Top 5 Challenges in Online Identity Verification Explore More

    Blog

    Know Your Players: Why KYC is Necessary for Gaming and Gambling

    The post-COVID-19 era has witnessed a remarkable surge in the e-sports and gaming sectors. This t...

    Know Your Players: Why KYC is Necessary for Gaming and Gambling Explore More

    Blog

    Hazards of Ransomware are real for Cryptocurrency Miners

    Cryptocurrency may well be the future of economic landscape and it has the potential of taking th...

    Hazards of Ransomware are real for Cryptocurrency Miners 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, Online Marketplace

    Ride Sharing Services and ease provided by KYC Services

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

    Ride Sharing Services and ease provided by KYC Services Explore More

    Blog

    What to expect from Booming Identity Verification Market in 2020?

    Technologies hatched by fourth industrial revolution such as the Internet of Things (IoT), roboti...

    What to expect from Booming Identity Verification Market in 2020? Explore More

    Blog

    Securing Investment Industry with Shufti’s Investor Verification Solution

    In this tech-driven world, perpetrators and organized crime groups are adopting sophisticated met...

    Securing Investment Industry with Shufti’s Investor Verification Solution Explore More

    Blog, Fraud Prevention, Identity & KYC, Reg Tech

    Facial Recognition: Burgeoning Threat to Privacy

    The expanding use of facial recognition technology for ID verification, user authentication, and ...

    Facial Recognition: Burgeoning Threat to Privacy 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

    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