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

    6 Steps of Online Fraud Prevention for Businesses

    Hacker

    With the rapid development in the online retail industry and banking industry, there is an increase in the fraudulent activities accordingly. New and emerging technologies are on one side serving the businesses in multiple ways, but on the other side, they are giving them a tough time. Fraudsters find loopholes and vulnerabilities in the system and exploitation allows them to perform malicious activities. These activities result in heavy fines and risks.
    A huge amount is spent on online stores. According to a study, global e-retail sales amounted $1.9 trillion in 2016 which is estimated to rise to $4.06 trillion in 2020. Fraudsters have endless opportunities in the face of online stores and businesses. The businesses failed to comply with the security measures are prone to the cost of loss. Every $1 of the fraudster orders cost an additional of $2.62 to online stores and $3.34 in case of transaction done through mobile phones. The countries which issue cards are 2-3 times more affected by online fraud than the ones who do not. Credit card fraud is the most common. Fraudsters use fake credit card information and perform online transactions which at the end costs the online business.
    How can online businesses prevent themselves? What steps should be taken into consideration? The techniques of fraudsters are getting advance. Therefore, the pace of online businesses to introduce betterment in the system should also increase. For any business, it is important to take serious steps in order to prevent themselves from online payment scams and credit card fraud.
    Following are 6 steps that can ensure safety in their customer onboarding process:

    Need of Online Fraud Prevention System


    Need of Online Fraud Prevention System

    54% of businesses are somewhat confident about the security of their system. Only 40% are confident, who say that their system is unaffected by any attack or bad activity. The reason is that most of the businesses give more importance to conveniency than security. These businesses then face heavy loss which costs much more than the cost of security adoption.

    Customers need Protection

    66% of the customers want a secure online Fraud Prevention System. They want their identity and personal information to be protected and not to be used in any malicious activity. These concerns demand online marketplace to take serious measures in order to prevent the data and money of their customers.

    Prevent Money Laundering and fraudulent transactions

    67% of fraudulent transactions remain undetected. Who belongs to these transactions? What is their identity? These questions should not remain unanswered as they carry a heavy cost. For money launderers, the online marketplace is an attractive target which can help them in money laundering.
    There should be proper AML checks in the system which catches them on the spot and suspend their activities and transactions.

    Conclusion

    Fraudsters activities fluctuate with respect to time and behaviours. These activities must be monitored actively and so the adoption of updated technology should be ensured. The above steps are the primary ones which need to be the part of any online business. The need for security measures varies according to the business type and fraud potential risks associated with it. To mitigate these risks, a proper protection curriculum should be shared in the business environment. This can help in remarkable business development with respect to both revenue and reputation.

    Related Posts

    Blog

    Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay

    With almost 70% of the world’s population interacting through social media platforms, businesses ...

    Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay Explore More

    Blog

    Fighting Prevailing Crimes in Gaming Industry with Shufti’s Anti-Money Laundering Screening Solution

    Modern gaming is the most recent evolution of this industry that has become the attraction of glo...

    Fighting Prevailing Crimes in Gaming Industry with Shufti’s Anti-Money Laundering Screening Solution Explore More

    Blog

    Europol launches European Financial and Economic Crime Center (EFECC)

    Financial and economic crimes are today the leading threats that are affecting millions of EU cit...

    Europol launches European Financial and Economic Crime Center (EFECC) Explore More

    Blog

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help

    With transforming technologies, the use of cryptocurrency is skyrocketing, and a large number of ...

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help Explore More

    Blog

    AML Screening – Combating Money Laundering in Luxury Vehicle Dealings

    Financial criminals usually look for priceless items like art, antiquities, as well as luxury veh...

    AML Screening – Combating Money Laundering in Luxury Vehicle Dealings Explore More

    Blog, Online Marketplace

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

    The affliction of cybercrimes and online frauds has reached such high proportions that the cost o...

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

    Biometric Technology, Blog

    Online Facial Recognition Could Drive a New Wave of Digital Transparency

    Online facial recognition is a much less explored territory when it comes to online identity veri...

    Online Facial Recognition Could Drive a New Wave of Digital Transparency Explore More

    Blog, Business Technology

    Identity Verification Fuels Growth of Ride Sharing Industry

    The ride-sharing industry is growing at a huge pace. As per Orbi’s research, the ride-shari...

    Identity Verification Fuels Growth of Ride Sharing Industry Explore More

    Blog

    How Shufti Identity Verification User Experience Impacts Business Outcomes

    User experience (UX) isn’t only about design or even metric-driven decision making. It’s a busine...

    How Shufti Identity Verification User Experience Impacts Business Outcomes 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

    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

    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

    A Brief Overview of the RegTech Industry [2022 Update]

    The rising financial crimes have raised concerns of global regulatory watchdogs giving rise to Re...

    A Brief Overview of the RegTech Industry [2022 Update] Explore More

    Blog

    Healthcare is Under Attack: Strengthening Security with Biometric Verification

    Healthcare scams cost our economy tens of billions of dollars every year and the lowest value of ...

    Healthcare is Under Attack: Strengthening Security with Biometric Verification Explore More

    Blog

    Identity Verification – Building Trust and Combating Scams in Online Dating

    Since the beginning of civilization, humans have always preferred to live in communities. This co...

    Identity Verification – Building Trust and Combating Scams in Online Dating Explore More

    Blog

    7 Ways to Protect Business and Remote Staff from Cybercriminals

    Businesses are facing ‘new normal’ as the workplace has shifted from offices to homes amid corona...

    7 Ways to Protect  Business and Remote Staff from Cybercriminals Explore More

    Blog

    Paradigm Shift amid Corona – Online sales to take outstanding growth

    Coronavirus outbreak is proving to be catastrophic for the world with global cases reaching 2,495...

    Paradigm Shift amid Corona – Online sales to take outstanding growth 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, 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

    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

    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

    Know Your Patient (KYP) | 4 KYP Compliance Trends for 2024

    Nothing is more constant than change, and this is never more evident than in the Know Your Patien...

    Know Your Patient (KYP) | 4 KYP Compliance Trends for 2024 Explore More

    Biometric Technology, Blog, Fraud Prevention, Identity & KYC

    Multi-factor Authentication is being defeated’ warns FBI

    For years, online businesses and organizations have been adopting various strategies and defense ...

    Multi-factor Authentication is being defeated’ warns FBI Explore More

    Blog

    5 Key Regulatory Updates for the Banking Sector in 2021

    The pandemic disrupted operations in the banking sector and the criminal activities significantly...

    5 Key Regulatory Updates for the Banking Sector in 2021 Explore More

    Blog

    Red Flags to Detect Money Laundering in the Finance Sector

    As the digital landscape continues to evolve at an exponential rate, so do our tools for fraud- d...

    Red Flags to Detect Money Laundering in the Finance Sector Explore More

    Blog

    Age Verification Laws and Regulations Worldwide

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

    Age Verification Laws and Regulations Worldwide Explore More

    Blog

    Online Payment Fraud and the Role of AML Transaction Monitoring

    Imposing travel restrictions worldwide after the COVID-19 pandemic led to an unprecedented surge ...

    Online Payment Fraud and the Role of AML Transaction Monitoring Explore More

    Blog

    Biometrics Bucking the Trend of KYP in Healthcare

    Over the last few years, biometric technology is deeply entrenched in various commercial marketpl...

    Biometrics Bucking the Trend of KYP in Healthcare Explore More

    Blog

    New Regulatory Initiatives to Revamp the US Crypto Landscape

    With digital currencies gaining prominence, the US financial landscape has seen major transformat...

    New Regulatory Initiatives to Revamp the US Crypto Landscape Explore More

    Blog

    Enhanced Due Diligence Vs. Customer Due Diligence – The Practical Approach to Counter Cybercriminals

    The nature of digital operations is changing, and users are now preferring to use remote services...

    Enhanced Due Diligence Vs. Customer Due Diligence – The Practical Approach to Counter Cybercriminals Explore More

    Blog

    An Insight into the US Regulations for the Art Art & Antiquities Sector

    Billions of dollars worth of art and antiquities are traded throughout the world without checks t...

    An Insight into the US Regulations for the Art  Art & Antiquities Sector Explore More

    Blog

    Age Gating VS Age Verification | Enhancing Security for Minors

    Age gating was once employed to stop minors from accessing age-restricted content. However, the a...

    Age Gating VS Age Verification | Enhancing Security for Minors Explore More

    Blog, Identity & KYC

    KYC and AML Compliance can help cryptocurrencies to earn legitimacy

    Cryptocurrencies are currently limited in use by virtual currency enthusiasts or by lottery bidde...

    KYC and AML Compliance can help cryptocurrencies to earn legitimacy Explore More

    Blog

    Fighting ID Fraud in the Healthcare Industry With Online ID Verification

    While the coronavirus outbreak has emerged with a lot of challenges for the healthcare industry, ...

    Fighting ID Fraud in the Healthcare Industry With Online ID Verification Explore More

    Blog

    From Crypto to Fiat Currency – Secure Exchanges with Transaction Monitoring Solutions

    Transaction processes today are launching innovative possibilities for users across the economic ...

    From Crypto to Fiat Currency – Secure Exchanges with Transaction Monitoring Solutions Explore More

    Blog

    Top 10 Questions about AML Compliance Answered by the CTO of Shufti

    The regulatory landscape is changing with time and a number of questions are arising. AML complia...

    Top 10 Questions about AML Compliance Answered by the CTO of Shufti Explore More

    Blog, Identity & KYC

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry

    Know Your Patient: The healthcare industry is more prone to data breaches than any other industry...

    Know Your Patient: Anti-Fraud Pill for Healthcare Industry Explore More

    Blog

    NFC Verification – Making Digital Payments Mainstream from Alternative

    With time, payment methods have evolved from coins to paper-based money, then plastic, and now sm...

    NFC Verification – Making Digital Payments Mainstream from Alternative Explore More

    Blog

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions

    On September 23rd, the 2021 UK NRA (National Risk Assessment) was published as part of the govern...

    Overcoming the Challenges of Proliferation Financing with AML Screening Solutions Explore More

    Blog, Financial Crime / AML, Identity & KYC

    Fighting Financial Crime: Why KYC and AML Compliance Is Essential for the Global Finance Sector

    Banks and other financial institutions are often the first line of defense against financial crim...

    Fighting Financial Crime: Why KYC and AML Compliance Is Essential for the Global Finance Sector Explore More

    Blog

    5 Industry Leaders Shared Their Insights on the Future of Biometrics

    Modern technology has brought several conveniences to life. From the ease of working at home to s...

    5 Industry Leaders Shared Their Insights on the Future of Biometrics 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

    Global KYC and AML Regulatory Updates To Watch for in 2022

    In 2022, the world continues to experience the serious aftermath of the coronavirus pandemic, yet...

    Global KYC and AML Regulatory Updates To Watch for in 2022 Explore More

    Blog, Financial Crime / AML

    Challenges of AML Compliance under FinCEN

    AML Compliance for US based Cryptocurrency companies has been tightened by Financial Crimes Enfor...

    Challenges of AML Compliance under FinCEN Explore More

    Blog

    Document Verification Services – The Secret Sauce to Keep Fraudsters Away

    Forging someone’s documents is something bad enough but selling them on the dark web is just rubb...

    Document Verification Services – The Secret Sauce  to Keep Fraudsters Away Explore More

    Blog

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help

    With transforming technologies, the use of cryptocurrency is skyrocketing, and a large number of ...

    Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help 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

    Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks

    With emerging technologies, financial services are witnessing a digital revolution that is changi...

    Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks Explore More

    Blog

    Identity verification for fair and free US elections amid COVID-19

    US Elections 2020 is the talk of the town these days. But with COVID-19 pandemic going on how wil...

    Identity verification for fair and free US elections amid COVID-19 Explore More

    Biometric Technology, Blog

    Warning: You’re Losing Money by not Using Biometric Identification

    On the surface, Biometric Identification might seem as if it’s only useful for opening your bank ...

    Warning: You’re Losing Money by not Using Biometric Identification Explore More

    Blog, Financial Crime / AML

    FSA demands greater AML Compliance from Japanese Crypto Exchanges

    In a recent move, Financial Services Agency (FSA), the Japanese Financial regulator, has demanded...

    FSA demands greater AML Compliance from Japanese Crypto Exchanges Explore More

    Blog

    Online Dating Activities, Surging Crimes and Shufti’s IDV Solution

    Matchmaking is considered one of the oldest industries in existence, online dating is now having ...

    Online Dating Activities, Surging Crimes and Shufti’s IDV Solution Explore More

    Blog

    Affiliate Fraud Detection | How to Prevent it in 2024

    Affiliate marketing is growing at an exceptional rate, worth $17 billion by the end of 2023, and ...

    Affiliate Fraud Detection | How to Prevent it in 2024 Explore More

    Blog

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification

    Social media was a simple place for interaction a few years back. People valued it for its securi...

    Rising Social Media Scams in 2020 Calling for Digital Identity Verification 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

    Anti-Money Laundering Screening | Securing Digital Economies from Financial Crimes

    The increased reliance on digital banking and the advent of virtual currencies in today’s d...

    Anti-Money Laundering Screening | Securing Digital Economies from Financial Crimes Explore More

    Blog

    An Insight into Global Regulations for the Cryptocurrency Sector [2022 Update]

    With emerging technologies continuing to proliferate faster and rapid digitization all around us,...

    An Insight into Global Regulations for the Cryptocurrency Sector [2022 Update] 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

    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, Reg Tech

    How does CDD effectively help with AML Compliance?

    CDD or customer due diligence in the banking sector and other financial firms is an important asp...

    How does CDD effectively help with AML Compliance? Explore More

    Blog

    Transaction Monitoring: Going Beyond AML Screening

    Whether you are an accountant in Wall Street or a developer for Google, money laundering will not...

    Transaction Monitoring: Going Beyond AML Screening Explore More

    Blog

    Curbing Real Estate Crimes and Hunting Down Russian Investors with Shufti’s AML Screening Solution

    The real estate industry has become attractive to money launderers in the same way it is to any l...

    Curbing Real Estate Crimes and Hunting Down Russian Investors with Shufti’s AML Screening Solution Explore More

    Blog

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

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

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

    Blog, Online Marketplace

    7 Identity theft protection practices for Business and Recuriters

    Identity theft is now no more a cause of concern for the individual users only as corporations an...

    7 Identity theft protection practices for Business and Recuriters Explore More

    Blog

    Business Verification: A new line of Defense against Fraudsters

    With the ever-increasing complexities of anti-money laundering (AML) and counter-terrorism financ...

    Business Verification: A new line of Defense against Fraudsters 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

    Know Your Patient (KYP) – Effective Way to Prevent Identity Fraud and Safeguard Health Care Services

    Like other industries, the medicare industry is also experiencing digitization. However, the heal...

    Know Your Patient (KYP) – Effective Way to Prevent Identity Fraud and Safeguard Health Care Services Explore More

    Blog

    Halloween Scams – Watching Out for Tricks, Identity Fraud, and Financial Crime

    Halloween is one of the most awaited and celebrated events in a large number of countries across ...

    Halloween Scams – Watching Out for Tricks, Identity Fraud, and Financial Crime Explore More

    Blog, Reg Tech

    How Identity Verification Services make Regulatory Compliance Easier?

    Financial institutions and banks have ended up in a loop of dumping billions of dollars because o...

    How Identity Verification Services make Regulatory Compliance Easier? Explore More

    Anti Money Laundering, Blog, Business Technology, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Initial CCPA Compliance Costs Could Hit $55 Billion: Report

    According to an economic impact assessment prepared for the state attorney general’s office by an...

    Initial CCPA Compliance Costs Could Hit $55 Billion: Report Explore More

    Blog

    Online Marketplaces and Increasing Crimes – How Shufti KYC Solution Can Help

    With technological advancements and emerging innovations, online marketplaces have been digitized...

    Online Marketplaces and Increasing Crimes – How Shufti KYC Solution Can Help 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