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

    Online Document Verification – The Role of Shufti’s Optical Character Recognition (OCR) in Eliminating Fraud

    document-verification

    Document verification is the most important stage when it comes to doing online business, getting admission to educational institutions, or applying for immigration. All these sectors use various techniques to verify their customers’ identities through intelligent document processing while keeping a record of them. Especially after the introduction of digital services, online document verification has taken considerable importance, urging businesses to find compatible authentication solutions. Although emerging technologies have provided the most innovative methods of checking identity documents, criminals are also using smart techniques to defraud institutions by submitting fake records of verification.

    The criminals steal the identities of sophisticated users using confidential details to forge various documents and use them for fraudulent purposes. In the US alone, the losses incurred by scammers grew from $1.2 billion in 2020 to $2.3 billion in 2021. Document fraud is the most prominent reason behind all these increasing crime percentages, and it has become quite crucial to implement stringent regulations countering criminals. Optical Character Recognition (OCR) is one of the advanced techniques through which the document verification process can be made transparent while ensuring users’ safety.

    Document Fraud and Optical Character Recognition

    All financial organizations, particularly banks, insurance companies, and crypto exchanges, are verifying the documents of their users online. Although they have incorporated strict measures, criminals manage to bypass document checks by submitting forged records, further getting involved in corrupt practices. Digital platforms like Walmart, Amazon, Payoneer, and Alibaba also verify the documents of their consumers through traditional document verification services, which is not serving the purpose of halting fraudulent actors. The system is highly in need of some effective solution that cannot only verify the true identities of users and report those who try to manipulate the system.

    OCR technology presents the most efficient solution to the issue of document fraud as it carries out ID document verification in the most advanced way. OCR services authenticate the document by instant converting the images into text hence eradicating the chances of passing any forged document. The use of OCR document verification solutions is increasing globally. It is expected that its market will reach $39.6 billion by 2030 which shows that digital companies are investing in it to make their platforms secure for consumers. The business OCR not only authenticates the documents but is also a quick process replacing the traditional and manual methods, which take a lot of time.

    The Use of OCR Technology for Businesses

    With rapid digitization, the majority of operations are getting shifted to the internet like banking, insurance claims, crypto transactions, and shopping which has further created a lot of need for verification documents processes. Customer onboarding, customer relationship management, compliance, and sales are some prominent operations that are eased by OCR text recognition services. The customers/clients upload their documents on the portal, and the OCR solutions powered by AI algorithms verify the whole record in a matter of a few seconds without leaving no space for fraudsters. So it can be said that the OCR document scanner is playing a crucial role in ensuring Know Your Customer (KYC) compliance for online businesses.

    b-info-ocr

    How Law Enforcement Authorities are Working to Fight Document Fraud

    All countries are facing the issue of document fraud in some ways, like fake educational records, immigration fraud, and digital fraudulent activities. This is the primary reason that the majority of jurisdictions are legislating stringent laws to curb document forgery and counter criminals to put them behind bars.

    Here are some of the high-profile cases which have surfaced in the recent past:

    UK Man Jailed for Submitting False Documents to High Court

    Law enforcement authorities in the UK arrested a person who was involved in submitting fake documents to High Court to claim the property of his mother. The fraudster makes fake checks and submits them in court to claim £340,248. The court ordered the forensic verification of the document which showed that it is an illicit check with no bank authorization. The criminal has been sentenced to six years in prison and a heft fine has also been imposed on him.

    Pennsylvania Man Arrested for Immigration Document Fraud

    United States Police have arrested a man in Pennsylvania who was found to be involved in making fake immigration documents and helping illegal migrants to come to the US using illicit records. During the raid, a large number of passports and other electronic devices to make fake documents were captured. Police have mentioned that investigations are going to collect more pieces of evidence against the culprit.

    Ensuring KYC Compliance Using OCR Technology

    In the highly digitized world, global organizations have almost made it mandatory for the whole digital sector to implement KYC measures to verify the true identities of their users. The KYC documents authentication is the most important part of the screening measures as it gives general information about the customers. Moreover, the OCR text scanner has further eased the operation of document verification as it converts the images into text through advanced features and compares the details of users with the ones in real time. The digital OCR is efficient enough to read the document in multiple languages and provides output in a very short time, reducing the dependence on traditional authentication methods. Currently, there are multiple character recognition apps available which have further provided a lot of ease to the companies. Online OCR is undoubtedly the most efficient and advanced method for record verification, ensuring compliance for digital businesses.

    Key Takeaways

    Combating identity theft and other financial crimes through an OCR reader is crucial for ensuring verification system transparency. Companies can grow their revenues and secure their reputation by implementing this advanced technology.

    Shufti’s state-of-the-art OCR technology supports documents in more than 150 languages while extracting text data from the images. The Shufti’s document verification solution is efficient enough to authenticate records in a matter of seconds with a ~99% accuracy.

    Are you ready to explore more about document verification OCR technology for the digital sector?

    Talk to KYC Expert

    Related Posts

    Blog

    ID verification Services – Why Paper IDs are inferior to Digital Cards?

    ID verification services are at the forefront of making online marketplace transparent and ensuri...

    ID verification Services – Why Paper IDs are inferior to Digital Cards? Explore More

    Blog

    A Detailed Insight into the Best Practices for Digital Currency Providers

    The world has seen an overwhelming rate of development in the cryptocurrency sector with Centrali...

    A Detailed Insight into the Best Practices for Digital Currency Providers Explore More

    Blog

    How Businesses Can Avoid Identity Verification Fraud in 2019?

    With a bulk of customers using online services, businesses wish to digitise their operations and ...

    How Businesses Can Avoid Identity Verification Fraud in 2019? 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

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

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

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

    Blog

    AUSTRAC’s ML/TF Risk Assessment Report on Major Banks [Part 1]

    Back in September 2018, the Australian Government provided AUD 5.175 million funding to AUSTRAC f...

    AUSTRAC’s ML/TF Risk Assessment Report on Major Banks [Part 1] Explore More

    Blog

    Identity verification solutions to fight against faces of fraud

    In this digital world, billions of smart devices are circulating, connecting and communicating wi...

    Identity verification solutions to fight against faces of fraud Explore More

    Blog

    January 2023 Recap: Major Events Worldwide and How AML Verification Solution Can Help

    Noncompliance with Know your Customer and Anti Money Laundering (KYC) regulations continue to pla...

    January 2023 Recap: Major Events Worldwide and How AML Verification Solution Can Help 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

    Know Your Investor | Understanding Which Investors to Onboard

    Investor onboarding is regarded as one of the most critical stages of the business’s lifecy...

    Know Your Investor | Understanding Which Investors to Onboard Explore More

    Biometric Technology, Blog

    How eIDAS compliance is easier with Biometric Consent from Shufti pro?

    Biometric consent authentication is a brand new verification solution from Shufti, using an i...

    How eIDAS compliance is easier with Biometric Consent from Shufti pro? Explore More

    Blog

    Disruptive Fintech Trends 2020

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

    Disruptive Fintech Trends 2020 Explore More

    Blog, Online Marketplace

    How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue?

    The travel industry is a unique business category servicing clients from various destinations and...

    How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue? Explore More

    Anti Money Laundering, Blog

    How is Libra’s Launch Changing the Cryptocurrency Landscape?

    Libra will have to go the extra mile to prove itself worthy of global acclaim that it aims to ach...

    How is Libra’s Launch Changing the Cryptocurrency Landscape? Explore More

    Blog

    Age Verification: Comply with Global Regulations or Face Reputational Damages

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

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

    Blog

    Forex | The Use of Identity Verification

    In addition to safeguarding clients, forex brokers have legal and regulatory obligations to uphol...

    Forex | The Use of Identity Verification Explore More

    Blog

    Shufti’s Journey Builder: Designing Identity Verification Made Simple 

    As financial regulations around the world become more complex and ever changing, businesses like ...

    Shufti’s Journey Builder: Designing Identity Verification Made Simple  Explore More

    Blog

    Video-KYC – The ‘New Normal’ for Digital Customer Verification

    The KYC requirements all over the world are getting stringent. ID document verification is a norm...

    Video-KYC – The ‘New Normal’ for Digital Customer Verification Explore More

    Blog

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti

    Businesses deplete millions of dollars each year on outdated technologies, employee training, and...

    Avoiding Billion-dollar Fraud & Non-Compliance Costs With Shufti Explore More

    Blog

    Top 5 Trends to Revamp the Online Gambling Industry in 2022

    In recent times, the online gambling sector has demonstrated continuous growth along with technol...

    Top 5 Trends to Revamp the Online Gambling Industry in 2022 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

    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

    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

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020

    Facial recognition has grown by leaps and bounds with the arrival of the sophisticated pattern-ma...

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020 Explore More

    Blog

    KYC/AML Compliance – An Anti-fraud Mechanism for E-wallets

    As more and more countries had to enforce lockdowns because of the pandemic, remote working and d...

    KYC/AML Compliance – An Anti-fraud Mechanism for E-wallets Explore More

    Blog

    How Multi-Factor Authentication Is Playing An Important Role In Combating Rising Online Business Fraud

    The advent of online businesses has brought a lot of convenience for customers using modern techn...

    How Multi-Factor Authentication Is Playing An Important Role In Combating Rising Online Business Fraud Explore More

    Blog

    Video KYC (VKYC) | Identity Verification and Fraud Prevention

    In the last few years, the verification industry has experienced remarkable expansion. As our tec...

    Video KYC (VKYC) | Identity Verification and Fraud Prevention Explore More

    Blog

    AML Compliance in High-End Vehicle and Yacht Sales

    High-end vehicles and expensive properties are the universal status symbols that represent the ex...

    AML Compliance in High-End Vehicle and Yacht Sales Explore More

    Blog

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020

    Facial recognition has grown by leaps and bounds with the arrival of the sophisticated pattern-ma...

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020 Explore More

    Blog

    Transaction Screening Vs Transaction Monitoring | What’s the Difference?

    Transaction screening and transaction monitoring are critical in money laundering, counter-terror...

    Transaction Screening Vs Transaction Monitoring | What’s the Difference? Explore More

    Blog

    UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021

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

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

    Blog

    Swipe Right on Facial Verification for Secure Online Dating

    In today’s COVID-ridden world, in-person dating is deemed very risky due to the spread of the vir...

    Swipe Right on Facial Verification for Secure Online Dating Explore More

    Blog

    The Evolution of AML Compliance from Checkbox to Risk-based Approach

    Financial institutions are exposed to several money laundering threats, as criminals today are we...

    The Evolution of AML Compliance from Checkbox to Risk-based Approach Explore More

    Blog

    The 10 Biggest DeFi Hacks of 2022 and How Can KYC/AML Compliance Help

    The crypto industry witnessed a challenging year in 2022, marked by numerous hacks and scams, hig...

    The 10 Biggest DeFi Hacks of 2022 and How Can KYC/AML Compliance Help Explore More

    Blog

    Building an Effective Customer Due Diligence (CDD) System with Shufti

    There are various factors that businesses have to consider while implementing measures to gather ...

    Building an Effective Customer Due Diligence (CDD) System with Shufti Explore More

    Blog

    Age Verification Solution – Restricting Minors from Becoming Mules

    From playing online video games to betting on horses, the digital gaming and gambling industry is...

    Age Verification Solution – Restricting Minors from Becoming Mules Explore More

    Blog

    Difference between KYC and AML

    The growing Fintech industry leads to an increased demand for KYC and AML compliance requirements...

    Difference between KYC and AML Explore More

    Blog

    Louisiana Age Verification Compliance Updates 2024

     Age verification is crucial for online tasks like purchases and communication. The inte...

    Louisiana Age Verification Compliance Updates 2024 Explore More

    Blog

    Top 6 Practises For Your Business To Pinpoint Key Risk Areas

    As global industries continue to evolve and digitise, customer risk assessment has become a criti...

    Top 6 Practises For Your Business To Pinpoint Key Risk Areas 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

    Why Digital Identity Verification is Booming – A Detailed Insight

    According to the report “Digital Identity & Document Verification Market & Technology Ana...

    Why Digital Identity Verification is Booming – A Detailed Insight Explore More

    Blog

    China’s Data Protection and Privacy Laws | 2023 Update

    China has witnessed massive growth in the last few decades. However, the rise of the digital econ...

    China’s Data Protection and Privacy Laws | 2023 Update Explore More

    Blog

    Five Solutions to tackle business verification challenges

    Know Your Customer (KYC) is critical for verifying the clients before doing business with them, b...

    Five Solutions to tackle business verification challenges 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

    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

    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

    Shufti’s Journey Builder: Designing Identity Verification Made Simple 

    As financial regulations around the world become more complex and ever changing, businesses like ...

    Shufti’s Journey Builder: Designing Identity Verification Made Simple  Explore More

    Blog

    July 2023 Recap: Major Compliance Events and How AML Verification Can Help

    Anti-Money Laundering (AML) violations pose a substantial and concerning threat to the reliabilit...

    July 2023 Recap: Major Compliance Events and How AML Verification Can Help Explore More

    Blog

    Secure Your Digital Presence | Combat Transaction Fraud and Cyberthreats with IDV

    Financial crimes, especially payment and transaction fraud, have seen a massive surge in recent y...

    Secure Your Digital Presence | Combat Transaction Fraud and Cyberthreats with IDV 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

    Forensic Document Verification Solutions – A Key Step in Eliminating Identity Fraud

    With emerging technologies, the demand for online services and products is skyrocketing, raising ...

    Forensic Document Verification Solutions – A Key Step in Eliminating Identity Fraud 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

    License Verification for Online Transport Services

    License Verification for Online Transport Services The world of transport services has dramatical...

    License Verification for Online Transport Services Explore More

    Blog

    UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021

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

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

    Blog, 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

    NFC Verification for Seamless Customer Onboarding

    As more than 80% of today’s smartphones have NFC technology, different industries are working tow...

    NFC Verification for Seamless Customer Onboarding 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, Identity & KYC

    How AML/KYC Direct Credible ICO Growth?

    What if I told you, early in the days of ICOs, startups operated with little to no top level regu...

    How AML/KYC Direct Credible ICO Growth? Explore More

    Blog

    Liveness Detection | An Extra Layer of Protection Against Spoofing and Fraud

    The consumer demand for biometric and facial authentication technologies is rising, with the mark...

    Liveness Detection | An Extra Layer of Protection Against Spoofing and Fraud Explore More

    Blog

    AML Compliance in High-End Vehicle and Yacht Sales

    High-end vehicles and expensive properties are the universal status symbols that represent the ex...

    AML Compliance in High-End Vehicle and Yacht Sales Explore More

    Blog, Financial Crime / AML

    Impact of Bitcoin Addresses’ Sanctions on IDV Providers

    The technology enhancement is being done at an exponential rate around the world. As the tech kee...

    Impact of Bitcoin Addresses’ Sanctions on IDV Providers Explore More

    Blog

    The Benefits and Best Practices of Deploying Facial Recognition in the Workplace

    With the rapid shift towards digitisation, keeping track of the most recent technological develop...

    The Benefits and Best Practices of Deploying Facial Recognition in the Workplace Explore More

    Blog

    ETSI Identity Proofing Standard – How to Meet the New Regulations

    Rapid digitization trends have led banks and financial institutions into competition for providin...

    ETSI Identity Proofing Standard – How to Meet the New Regulations Explore More

    Blog

    AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering

    Cryptocurrency has been notoriously criticised for money laundering and other illicit activities ...

    AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering 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

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

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

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

    Blog, Fraud Prevention

    What is Loan Fraud and How to Detect it?

    Loan fraud simply means when someone uses your identity to illegally obtain a loan. The crime has...

    What is Loan Fraud and How to Detect it? 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

    Anti-Money Laundering (AML) Solutions – Ensuring Responsible Gambling and Data Protection

    Like other industries, the gambling industry is also becoming a prime target of criminals. Howeve...

    Anti-Money Laundering (AML) Solutions – Ensuring Responsible Gambling and Data Protection 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

    Cryptocurrency Exchanges and negative KYC Compliance

    KYC & AML Compliances are not being upheld by almost 68% of the cryptocurrency exchanges arou...

    Cryptocurrency Exchanges and negative KYC Compliance 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

    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