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

    216.73.217.4

    Online Privacy, Security & Inclusivity in a Digital World: Congress Hearing 2021

    blog 1

    On 16 July 2021, the US Financial Services Task Force on Artificial Intelligence held a virtual hearing entitled: “I Am Who I Say I Am: Verifying Identity while Preserving Privacy in the Digital Age”. The hearing, hosted by Congressman Bill Foster, aimed to gain insights from industry experts on the future of digital identity, how to better secure customer data and digital privacy, making artificial intelligence more inclusive and diverse, and the use of technologies. 

    Speakers at the hearing included experts in the field of digital technology and security. Victor Fredung, the CEO of Shufti, was also invited to give his testimony. Before we dive deeper into the key takeaways from this hearing, it is essential to understand the difference between digital privacy and digital security

    Let’s take a look at the key areas of concern when it comes to online privacy and security. 

    blog

    1- Identity Theft

    Online data has become the most valued asset for the modern-day economy. This is because the collection of customer data allows companies to target a market niche, provide customized services, advertise products according to demographics, analyse future demands, and much more. On the flip side, it’s a major asset for criminals as well. As mentioned by Congressman Bill Foster in the hearing, the FTC received 1.3 million complaints regarding identity theft from US citizens in 2020 alone. Once cybercriminals have stolen sensitive data, they can use it to their advantage. This can damage the victim’s credit score, ruin loan history, drain their bank account, or even get them wrongfully arrested. 

    “Digital identity verification is a long overdue and necessary tool for the United States economy to transition into the digital age”, stated Foster, and added how this tool powered by AI technology can prevent such frauds while protecting privacy. “Digital identity will provide Americans with a way to prove who they are online in a secure manner”. He further stated that digital identity can be used to sign up for government benefits, withdraw cash from banks, and even view medical records online, with the risk of identity theft approaching zero. 

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

    2- Influence of the Pandemic

    While the healthcare sector was the prime target of the COVID-19 pandemic, other industries were impacted as well. The Congress hearing highlighted that as most transactions shifted online, digital platforms became a lucrative target for criminals. “More than $63 billion was stolen from state unemployment insurance programs by cybersecurity criminals according to the Labour Department”, revealed Jeremy Grant, the Coordinator of the Better Identity Coalition. “The problem has magnified over the last 18 months … ID theft losses soared by 42% just last year, and hackers have caught up with most of the first generation tools we use”. The pandemic unveiled inadequacies in the existing digital identity infrastructure, enabling cybercriminals to steal billions of dollars and creating major barriers for legitimate Americans that tried to access critical benefits and services. According to Grant, the US government needs to play the lead role in defending the future of digital identity. 

    Suggested Read: COVID-19 pandemic turning into a financial crime threat

    3- Issues with Existing ID Verification Process 

    The CEO and Co-founder of Shufti, Victor Fredung, highlighted another key area of concern at the virtual hearing – the verification of online identities. As mentioned by Grant, conventional tools are no longer sufficient to minimise the threat of today’s tech-savvy criminals. Fredung stated that due to such crimes, “it is the end-users that get compromised, but there are different ways of solving this”. Victor further shed the light on the difficulties customers face when asked to verify their identities. He stated that the problem arises due to vast variations in ID document types and regulatory requirements across the country. 

    Here’s how Fredung believes the above-mentioned obstacles can be effectively tackled.

    1- AI-backed technologies have proven to be the best alternatives to traditional verification methods. Victor stated that to help the customers, “We developed our anti-spoofing technology that can verify if the customers are actually who they say they are. By experimenting with the usage of automated technology, we not only saw verification could be processed at a much faster pace, but identity fraud can decline significantly”. 

    2. The formation of a universal framework to streamline ID verification. “We strongly suggest the pursuit of a universal framework that each state needs to follow when it comes to the selection of ID documents and a unified requirement when it comes to what information needs to be verified and how verification should be performed in all states”.

    blog3

    4- Inclusion of the Unbanked 

    Dr. Louise Maynard-Atem, a research lead at the non-profit organisation, Women in Identity, also provided her two cents at the hearing on the importance of making the digital infrastructure more inclusive. She stated that according to recent research in the US, 11% of adults do not have government-issued ID documents, 80% of adults don’t use a smartphone, and 5.4% of US households are unbanked. Bank accounts and government-issued ID documents are often the building blocks used for creating a digital identity. Thus, she believes that future technologies and frameworks must be devised in a way that all groups of society can reap the benefits of a digital identity. “In order to reach the full potential of digital identity verification, inclusion requirements must be specifically and explicitly mandated in all regulations and legislation”. 

    It All Boils Down to “Improving Digital Identity Act 2020” 

    At the start of the hearing, Congressman Bill Foster introduced the Improving Digital Identity Act 2020. This bill, once it comes into effect, would help develop a government-wide approach towards modernising the country’s lagging digital identity infrastructure through the formation of a special task force in the executive office of the President. 

    He believes that the time has come for the United Stated to catch pace with the rest of the world when it comes to digital identity. “The work and routine of daily life is increasingly done online – whether it’s banking, investing, shopping, or even communicating with doctors – and the COVID-19 pandemic has only accelerated this digital evolution. It’s become vitally important to ramp up safeguards to protect against identity theft and fraud, so consumers and businesses can have confidence in online transactions and the peace-of-mind of protecting sensitive information.”

    All speakers at the hearing mentioned their support for the Act, citing that this legislation would set a high bar for improving online privacy, security and inclusivity in today’s digital world. 

    Need to secure the digital identity of your customers? Talk to our experts!

    Related Posts

    Blog, Identity & KYC

    Online Identity Verification – Why Shufti is Perfect for Digital Authentication

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

    Online Identity Verification – Why Shufti is Perfect for Digital Authentication Explore More

    Blog

    AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021

    After the skyrocketing fines and penalties on banks for AML non-compliance in 2020, the year 2021...

    AML Non-Compliance Penalties Soaring Sky High in the First Half of 2021 Explore More

    Blog

    Top 4 Reasons that will Increase Money Laundering Risks in 2022

    Unlike other frauds, like like tax evasion, drug trafficking, extortion, and misappropriation of ...

    Top 4 Reasons that will Increase Money Laundering Risks in 2022 Explore More

    Blog

    Fighting identity fraud with AI-enabled ID document verification

    It’s no secret that identity fraud has become one of the most increasing problems for online busi...

    Fighting identity fraud with AI-enabled ID document verification Explore More

    Blog

    Identity Verification Isn’t Just for Compliance Anymore

    Identity verification solutions are well-known in regulatory compliance environments, particularl...

    Identity Verification Isn’t Just for Compliance Anymore Explore More

    Blog

    A Guide to Understanding KYC in Banking

    2022 has witnessed a rise in the number of fraudulent cases by 18% compared to 2021, damaging bus...

    A Guide to Understanding KYC in Banking Explore More

    Blog

    Restricting Criminals from Exploiting Investment Industry with Shufti AML Screening Solution

    Investing the accumulated capital of investors in financial securities is the primary task of inv...

    Restricting Criminals from Exploiting Investment Industry with Shufti AML Screening Solution Explore More

    Blog

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help

    Whether you’re an e-commerce store that needs to verify delivery addresses or a bank that has to ...

    Top 10 Real-World Scenarios Where Shufti’s IDV Can Help 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

    KJM Age Restrictions Breaking New Grounds for Gaming Industry

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

    KJM Age Restrictions Breaking New Grounds for Gaming Industry Explore More

    Blog, Fraud Prevention

    Cryptocurrency Scams – Checklist for Protection

    Headlines about some cryptocurrency exchange being hacked are not unusual. So far, hackers have s...

    Cryptocurrency Scams – Checklist for Protection Explore More

    Blog

    Business transformations for operational resilience amid COVID-19 crisis

    The pandemic continues affecting businesses and consumer operations along with having economical ...

    Business transformations for operational resilience amid COVID-19 crisis Explore More

    Blog

    A guide to choosing the right ‘Digital Identity Verification Solution’

    Living in the digital era, everything is now just a click away. From customer onboarding to onlin...

    A guide to choosing the right ‘Digital Identity Verification Solution’ Explore More

    Blog

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

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

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

    Blog

    Digital Safety for Social Media, Gaming & E-Commerce Platforms

    As people and businesses are getting more and more connected online, social media continues to pl...

    Digital Safety for Social Media, Gaming & E-Commerce Platforms Explore More

    Blog, Business Technology

    Biometric Verification – Shaping the Future of Payments

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

    Biometric Verification – Shaping the Future of Payments Explore More

    Blog

    Working from Home Spikes Demand for Digital Identity Verification

    Due to the Coronavirus Pandemic, many businesses are grounded or are enforced to work from home. ...

    Working from Home Spikes Demand for Digital Identity Verification Explore More

    Artificial Intelligence, Blog, Identity & KYC

    How Biometric Technology is Shaping Up for 2020

    The verification of individuals for security measures has become remarkably important for organiz...

    How Biometric Technology is Shaping Up for 2020 Explore More

    Blog

    Cyber Monday Scams on the Rise Due to COVID-19

    Thanksgiving – a day that reminds us of all the bounties of Mother Nature that we should be...

    Cyber Monday Scams on the Rise Due to COVID-19 Explore More

    Blog

    A Year In Review of the FinTech Industry [2021 Update]

    The FinTech industry is soaring with a record of $91.5 billion in global funding so far this year...

    A Year In Review of the FinTech Industry [2021 Update] Explore More

    Blog

    AI-Powered OCR to Combat Challenges During Manual Data Processing

    Every industry has to deal with tons of customer data on a daily basis. Receiving information, ex...

    AI-Powered OCR to Combat Challenges During Manual Data Processing Explore More

    Blog

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer

    From the world’s glitziest gaming development to betting shops on the high streets, the global ga...

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer Explore More

    Blog

    AML Compliance for Luxury Goods Market – How Shufti can Help

    Money laundering using high-value goods such as jewelry, yachts, motor vehicles, watches, fine ar...

    AML Compliance for Luxury Goods Market – How Shufti can Help Explore More

    Blog, Financial Crime / AML

    Global AML Regimes – Tightening Reins on Money Launderers

    Money laundering is a global menace. Money laundering and terrorist financing are the major targe...

    Global AML Regimes – Tightening Reins on Money Launderers Explore More

    Blog

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

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

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

    Blog

    The Most Frequently Asked Questions About Perpetual KYC

    Maintaining the accuracy of customer data presents a considerable challenge. Automating it has tr...

    The Most Frequently Asked Questions About Perpetual KYC 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

    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

    10 Fraud Signals Every Industry Must Monitor

    Gone are the days when businesses paid attention to customer verification only. Today, organizati...

    10 Fraud Signals Every Industry Must Monitor Explore More

    Blog

    Embedding online identity verification methods for enterprise security

    The internet knows a lot about us now. And businesses are using this information to verify our di...

    Embedding online identity verification methods for enterprise security Explore More

    Blog

    KYC Checklist: A Comprehensive Guide for Businesses and Financial Institutions

    In the ever-evolving landscape of finance, having a solid defence against financial crime is cruc...

    KYC Checklist: A Comprehensive Guide for Businesses and Financial Institutions 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

    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, Online Marketplace

    KYC for Banks: Reducing financial risk with a perfect digital solution

    The banking sector has to tread a very balanced path between compliance regulations and customer ...

    KYC for Banks: Reducing financial risk with a perfect digital solution Explore More

    Blog

    Top KYC Compliance Laws to Follow in 2023

    The rising number of scams has put a dent in the financial sector’s reputation. More than t...

    Top KYC Compliance Laws to Follow in 2023 Explore More

    Blog

    Identity Verification and Prevailing Crimes – How Shufti’s Proof of Verification Services Can Help

    With growing digitization, emerging technologies, and increased use of online transactions, a hug...

    Identity Verification and Prevailing Crimes – How Shufti’s Proof of Verification Services Can Help 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

    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

    Travel Fraud and the Crucial Role of e-IDV

    The travel sector is booming in this age of digitisation, and air travellers are estimated to dou...

    Travel Fraud and the Crucial Role of e-IDV Explore More

    Blog, Business Technology, Fraud Prevention

    How Identity Theft Protection Can Increase Your Profit!

    Identity theft protection is something that is not only a concern for ordinary users anymore. Bus...

    How Identity Theft Protection Can Increase Your Profit! Explore More

    Blog

    Shufti’s Insights on Enhancing Customer Onboarding Experience

    The digital world nowadays requires a lot of effort from businesses to ensure customer satisfacti...

    Shufti’s Insights on Enhancing Customer Onboarding Experience Explore More

    Blog

    AML Compliance – Mitigating Money Laundering Risks in Insurance Companies

    The huge influx of funds through insurance companies has led criminals to exploit the whole syste...

    AML Compliance – Mitigating Money Laundering Risks in Insurance Companies Explore More

    Blog

    The need for identity verification solutions spiking in demand

    At present, we are living in a digital world. Everyone is on the internet which is an anonymous s...

    The need for identity verification solutions spiking in demand Explore More

    Blog

    Identity Document Verification | Revolutionising Customer Onboarding

    Companies worldwide are undergoing a radical digital transition to keep up with today’s lig...

    Identity Document Verification | Revolutionising Customer Onboarding Explore More

    Blog

    Addressing the Challenge of Money Laundering Risks for Payment Service Providers (PSPs)

    During the last few decades, the financial industry has altogether revolutionized, and digital tr...

    Addressing the Challenge of Money Laundering Risks for Payment Service Providers (PSPs) Explore More

    Blog

    Sim Swap Fraud: A new battle in the war of your Identity

      In our connected world, we are using mobile devices for communication, work, banking, and enter...

    Sim Swap Fraud: A new battle in the war of your Identity 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

    Top 4 Reasons that will Increase Money Laundering Risks in 2022

    Unlike other frauds, like like tax evasion, drug trafficking, extortion, and misappropriation of ...

    Top 4 Reasons that will Increase Money Laundering Risks in 2022 Explore More

    Blog, Financial Crime / AML, Identity & KYC

    5AMLD: Implications for Cryptocurrency

    What is 5AMLD? As part of the Action Plan against terrorism, the 5th Anti-Money Laundering Direct...

    5AMLD: Implications for Cryptocurrency Explore More

    Blog

    AML/KYC 2020 – how 2019 changed the landscape of global regimes?

    Copy pasting your 2019 AML/KYC compliance strategy to 2020 plan will not do the job. Businesses n...

    AML/KYC 2020 – how 2019 changed the landscape of global regimes? Explore More

    Blog

    Anti-Money Laundering (AML) Solution- Eradicating Money laundering and Securing Ride-Hailing Services

    Due to the coronavirus global pandemic, the ride-hailing sector continue to grapple. As per new e...

    Anti-Money Laundering (AML) Solution- Eradicating Money laundering and Securing Ride-Hailing Services Explore More

    Blog, Identity & KYC, Online Marketplace

    Age Verification – Does Your Business Need It?

    Several businesses are unaware of the significance that age verification holds for their business...

    Age Verification –  Does Your Business Need It? Explore More

    Blog

    AML Solutions: Eliminating the Risks of Money Laundering

    Money laundering is a serious crime that can have serious and long-term consequences for your bus...

    AML Solutions: Eliminating the Risks of Money Laundering Explore More

    Blog

    Transforming the KYC Experience Using Automated Document Verification Checks

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

    Transforming the KYC Experience Using Automated Document Verification Checks Explore More

    Blog

    Shufti Celebrates 5 Years of Innovation in the IDV Industry

    October 2022 marks Shufti’s 5th anniversary – five successful years of building trust globall...

    Shufti Celebrates 5 Years of Innovation in the IDV Industry Explore More

    Blog

    Shufti to Revamp Customer Experience with Enhanced Video KYC UX

    Would you ever want to use a product that is hard to understand? A McKinsey Report revealed that ...

    Shufti to Revamp Customer Experience with Enhanced Video KYC UX 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, 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

    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

    Top Cryptocurrency Trends to Look Out for in 2022

    2021 has been a remarkable year for cryptocurrency as because of COVID-19 outbreak crypto industr...

    Top Cryptocurrency Trends to Look Out for in 2022 Explore More

    Blog, Fraud Prevention

    8 Fraud Prevention Tips for a smooth business uptake in 2018

    The Need for Fraud Prevention As technology has evolved over the years, the way we do business ha...

    8 Fraud Prevention Tips for a smooth business uptake in 2018 Explore More

    Blog, Reg Tech

    Here’s How Compliance to KYC and AML Regulations May Help Crypto Rebound

    Cryptocurrency was the talk of the day in the months and even years leading up to the present wee...

    Here’s How Compliance to KYC and AML Regulations May Help Crypto Rebound Explore More

    Blog

    Identity Verification – Addressing the Challenge of Fraud in the Telecommunications Sector

    Transforming technology, growing digitization, and increased use of online transactions have acco...

    Identity Verification – Addressing the Challenge of Fraud in the Telecommunications Sector Explore More

    Blog

    European Payments Initiative Calling for IDV Solutions

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

    European Payments Initiative Calling for IDV Solutions Explore More

    Blog

    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

    Transforming the KYC Experience Using Automated Document Verification Checks

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

    Transforming the KYC Experience Using Automated Document Verification Checks Explore More

    Blog

    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, Business Technology

    Fraud Prevention in Fintech Industry

    The FinTech industry has really made its mark in the last couple of years. FinTechs have been pro...

    Fraud Prevention in Fintech Industry 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

    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

    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

    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

    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