The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    18.97.9.168

    Phishing Attacks and the Role of Two-Factor Authentication

    Phishing attacks

    In today’s digital world, almost everything we do is on the internet, be it for official purposes or activities in our personal lives. Digitization definitely brought convenience to lives and it is easier to communicate now. Businesses have so many opportunities now thanks to technological advancements. Nonetheless, the emergence of technology is also benefitting criminals. The traditional methods of stealing and terrifying people are gone, and the virtual road is a better way for them. With the help of Artificial Intelligence and Machine Learning algorithms, cybercriminals can barge into anyone’s social media that does not have strict privacy measures. Businesses experience ransomware and data breach attacks now and then. The financial losses have significantly increased over time. Banks introduced digital methods of transactions but cybercriminals have figured out a way to fulfill their malicious intent here too. 

    Norton’s report on cybersecurity estimated that cybercriminals stole £130 billion in 2017 from the consumers along with £4.6 billion from British internet users. Identity theft, account takeover fraud, and catfishing are some of the common scams that are continuously increasing. Apart from these few scams, phishing attacks are also on the rise. It may come to you as a surprise, but phishing is the deadliest threat of all for any business and the most successful one too. Want to know more about phishing? Keep reading to find out. 

    This link is the main issue. Once clicked, victims are redirected to a different website that seems legitimate but it’s a trap. The new website will ask for sensitive information like your personal information, social media credentials, or bank account information. If any of your employees provide such information, your customers’ information can be accessed and used for illegal gains.

    The link you clicked may include a virus that can install malware or ransomware software that can threaten your business later. A report from Keepnet Labs estimated that only 3 per cent of the employees report phishing attacks to the management. Have you ever wondered about the number of phishing emails your employees might have ignored? 

    Sp_Phishing_sites_Infographic

    Types of Phishing Attacks

    With time, cybercriminals have also developed different kinds of phishing attacks that fit their needs.  Every type has its consequences for companies. Here are some of the common kinds of phishing attacks that you must know about.

    Business Email Compromise (BEC)

    Your middle-level management or first-line managers will receive information that says that you (or anyone from the higher management like CFO) is contacting due to some inconveniences. The email will show a high level of credibility with compelling statements. Some of the common reasons in such emails are:

    • Issues related to tax 
    • Demotion or promotion matters 
    • Security issues in the company 

    Employees generally panic about issues like these and respond to emails. The message may ask for your company’s information and official bank account details. Your company’s information can be used for creating a fake bank account that can be used for money laundering or the information will be acquired for data breach later. 

    Sp_Phishing_sites_Infographic_design__-02

    Whaling

    The CEO, CFO, CTO, and other top-level managers are also unsafe nowadays. Whaling is another type of phishing attack that targets senior management. Since the targets are highly sophisticated, the emails are extremely sophisticated as well so that they can’t be traced. Maybe you receive an email from the central bank of the state saying that your firm was involved in money laundering and you have to pay a hefty fine to clear your name along with the company’s information. 

    Spear Attacks

    These attacks are sometimes targeted to individuals – employees of the firm, and the majority of the time firms are the target. The sender uses personal information or appears as a legitimate company to get in touch. Winning your trust gets simpler this way and you can get a link that redirects you to a website for further information. On the other hand, you may be asked to reply to the email with sensitive information. In either case, you are being tricked into sharing confidential information.  

    Sp_Phishing_sites_Infographic_design

    How to Spot a Phishing Attack?

    Some tips and tricks can always save your business from any phishing attacks. There is a cyberattack every 39 seconds and half of them are attempted through emails. So, you cannot stop the attacks but you can spot them on time to stay safe. Here are some hacks for identifying a phishing attack. 

    Invalid Links

    Always check for the validity of the link shared in the mail. No matter how hard a cybercriminal tries, it is impossible to get a legitimate domain and use it for illegal purposes. Search engines have restricted such actions. If you take a closer look at the links, the search engine will indicate a ‘not secure’ tab with such links. Moreover, the link shared in the email will never match with the one displayed in the search tab of the search engine. 

    Demand for Personal Information 

    Fraudsters often ask for personal information in the email so that they can use it for identity theft and synthetic identity fraud. Do not share any of the person or company’s information over the mail, especially if the source is unknown. 

    Learn more about identity theft: 5 types of identity theft fraud and How businesses can prevent it?

    Technical Issues

    Since you are receiving emails for compromising corporate information, you can check for technical mistakes. Spelling and grammar issues in statements along with the spelling of the names are not hard to identify. For instance, your CEO’s name on official documents is spelled as ‘Sarah’ but in the email, it is spelled ‘Sara.’ It may be a phishing attack and you can confirm the email before communicating further. 

    Tone of the Email

    It is natural that your tone changes with the type of email and the motive of scam emails are to threaten victims for acquiring information. Always sense the tone of the email. Your employees will never order you or threaten you, so if the email from a ‘subordinate’ says that the ‘company’s domain has been suspended’, be sure to cross-verify the information before responding. 

    How Can Two-Factor Authentication Help?

    Protecting your business is essential no matter what, and phishing attacks are the worst of all the cybercrimes. They can easily trick you or your employees into sharing confidential information. How to secure the firm is still an unanswered question. Nevertheless, you have two-factor authentication to make emails secure, be it your personal email or business email. 

    2FA is two-step verification in which one step is very common and everyone is obligated to do it. Setting a complex password is what we are talking about. Passwords are a combination of upper and lower case alphabets along with numbers and special characters. The second step is a verification code that is shared on your mobile number or recovery email registered. 

    The cybersecurity department of your company can enable two-factor authentication for all the emails of the business. If any of the credentials have been compromised, 2FA will not give access to the fraudster. How? A code is sent to the registered phone number (ideally, this must be your company’s number) and without verifying this code, no one can access the emails. 

    Read more: Why 2 Factor Authentication is vital for Online Identity Risk Management? 

    To Sum Up

    Cybercriminals have become more sophisticated than ever and there is a dire need for enhanced security measures for companies. Confidential information through emails has often compromised that accounts for a significant part of data breach every year. Business Email Compromise (BEC), smishing, and whaling are some of the common types of phishing attacks that every company experiences. There are 2244 cyber attacks every day, which means your business is also attacked almost every day. You can protect your business accounts with two-factor authentication and ensure the security of all the employees. 

    Get more information about two-factor authentication from our experts.

    Related Posts

    Blog

    Safeguarding Telecommunication Industry with Robust ID Verification Solutions – What Shufti Offers

    Technology transformation, growing transactions and global digitisation are increasing the potent...

    Safeguarding  Telecommunication Industry with Robust ID Verification Solutions – What Shufti Offers 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

    Navigating the Evolving Landscape of Forex Trading: Insights from Hachem Rifai

    The foreign exchange (Forex) market stands apart as the largest and most liquid financial market ...

    Navigating the Evolving Landscape of Forex Trading: Insights from Hachem Rifai Explore More

    Blog

    The Real Cost of Convenience: Securing 
E-Commerce in the Age of Instant Gratification

    In just a few years, E-commerce has transitioned from a simple, modern convenience to the backbon...

    The Real Cost of Convenience: Securing 
E-Commerce in the Age of Instant Gratification Explore More

    Blog

    KYC Compliance – Identity Verification for Brokerage Companies & Trading Platforms

    Online trading platforms provide businesses with the convenience to keep an eye on financial mark...

    KYC Compliance – Identity Verification for Brokerage Companies & Trading Platforms Explore More

    Blog

    Global Expansion, Digitization, and Crimes – How Shufti Can Help Financial Industry

    The financial industry has seen significant technological changes over the past recent years. Man...

    Global Expansion, Digitization, and Crimes – How Shufti Can Help Financial Industry Explore More

    Blog

    Mobile Banking Adoption and the Rising Fraud Concerns Worldwide

    People have been repeatedly talking about the COVID-driven digital “transformation” in the bankin...

    Mobile Banking Adoption and the Rising Fraud Concerns Worldwide Explore More

    Anti Money Laundering, Blog, Financial Crime / AML, Identity & KYC

    Know Your Business-Pillar of Strength To AML Regulations

    Moving in the world of technology, where every industry is going digital, there has been very les...

    Know Your Business-Pillar of Strength  To  AML Regulations Explore More

    Blog

    What Makes the Automotive Industry a Vehicle for Money Launderers

    The automobile industry is the world’s biggest revenue-generating sector. In the global aut...

    What Makes the Automotive Industry a Vehicle for Money Launderers 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

    The Latest KYC Regulation Bill for Bitcoin ATMs and DeFi Platforms

    As the digital revolution takes hold worldwide, there has been an unparalleled surge in the adopt...

    The Latest KYC Regulation Bill for Bitcoin ATMs and DeFi Platforms Explore More

    Blog

    Brazil to Launch CBDC: Its Impact on Financial Firms and How KYC/AML Can Help

    Where does the cash come from? The country’s central bank authorises the printing of paper ...

    Brazil to Launch CBDC: Its Impact on Financial Firms and How KYC/AML Can Help Explore More

    Blog, Online Marketplace

    Secure Online Gaming with Digital KYC

    Here is a scenario that shows the importance of having a digital KYC system integrated with your ...

    Secure Online Gaming with Digital KYC Explore More

    Blog

    How Optical Character Recognition is Changing the Financial Industry

    Banking and other financial services are the world’s most closely watched and strictly gove...

    How Optical Character Recognition is Changing the Financial Industry Explore More

    Blog

    Securing Transactions and Operations with Biometric Consent Verification in Digital Banking

    In the modern digital world, secure business operations are crucial.  The focus on maintaining se...

    Securing Transactions and Operations with Biometric Consent Verification in Digital Banking Explore More

    Blog

    MiCA Goes Global: How to Stay Ahead with a Future-Ready Compliance Strategy

    What Is MiCA? At the end of 2024 and just weeks after the crypto market reached an all time high ...

    MiCA Goes Global: How to Stay Ahead with a Future-Ready Compliance Strategy Explore More

    Blog, Identity & KYC

    Common Online Scams You Need to Know About

    The explosion of the internet and the world moving towards the fourth industrial revolution have ...

    Common Online Scams You Need to Know About 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

    California Privacy Rights Act – What Businesses Must Do to Comply

    The California Privacy Rights Act (CPRA), also known as Proposition 24, was approved on November ...

    California Privacy Rights Act – What Businesses Must Do to Comply 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

    What Counts as Proof of Income? A Guide for Businesses That Need to Verify Financial Status

    Verifying a person’s income isn’t just about numbers, it’s about trust. Whether you’re approving ...

    What Counts as Proof of Income? A Guide for Businesses That Need to Verify Financial Status 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, Online Marketplace

    Why age verification matters to online businesses?

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

    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

    Blog

    Know Your Business (KYB) | Ensuring Financial Security

    The Know Your Business solution standard verifies a company’s legal standing and confirms i...

    Know Your Business (KYB) | Ensuring Financial Security Explore More

    Blog

    AUSTRAC’s ML/TF Risk Assessment 2021 – Other Domestic Banks Report [Part 2]

    Australia is an important member of the Financial Action Task Force and plays a substantial role ...

    AUSTRAC’s ML/TF Risk Assessment 2021 – Other Domestic Banks Report [Part 2] 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

    The Shufti Difference: Speed, Security, and Fairness Without Compromise

    With over 100 fraud and identity companies operating worldwide, you might assume that something l...

    The Shufti Difference: Speed, Security, and Fairness Without Compromise Explore More

    Blog, Identity & KYC

    Digital KYC Streamlines Customer On-boarding Process

    Shufti brings forth digital KYC verification services to perform identity verification proces...

    Digital KYC Streamlines Customer On-boarding Process Explore More

    Blog

    Surging Crimes in NFT Marketplaces – Setting New Security Standards Using Shufti’s AML Solution

    The emergence of Non-Fungible Tokens (NFTs) has created new investment opportunities for business...

    Surging Crimes in NFT Marketplaces – Setting New Security Standards Using Shufti’s AML Solution Explore More

    Blog

    Industries that Need Digital Identity Verification and Why?

    With continuous improvements in technology, different industries of the world are streamlining th...

    Industries that Need Digital Identity Verification and Why? Explore More

    Anti Money Laundering, Blog

    Danske Bank Scandal: Banks Under Strict AML Scrutiny of FSA

    Money laundering is becoming a global phenomenon. As per the United Nations Office on Drug and cr...

    Danske Bank Scandal: Banks Under Strict AML Scrutiny of FSA Explore More

    Blog

    Identity Verification | A Complete Guide to Compliance and Risks

    The United Nations says $2 trillion is laundered globally every year. Of that, less than 10% is d...

    Identity Verification | A Complete Guide to Compliance and Risks Explore More

    Blog

    4 Industries Where OCR Technology Can Work Wonders

    Today, online businesses need to meet the constantly evolving customer needs to survive market co...

    4 Industries Where OCR Technology Can Work Wonders Explore More

    Blog

    The Changing Landscape of KYC/AML Regulations in 2021

    Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations have been evolving over time...

    The Changing Landscape of KYC/AML Regulations in 2021 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, Identity & KYC

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services

    Canada Revenue Agency or CRA in collaboration with an identity verification service called Secure...

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services 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

    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

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes

    Bitcoin, Ethereum, Dogecoin, and Tether along with thousands of other cryptocurrencies are rising...

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes Explore More

    Blog

    Shufti Turns Three – A journey of building trust globally

    October 31, 2020, marks the third anniversary of Shufti and three successful years of buildin...

    Shufti Turns Three – A journey of  building trust globally Explore More

    Blog

    Navigating the New Era of Customer Identity: Strategies for Compliance Professionals

    Introduction The identity verification and authentication landscape is undergoing a rapid transfo...

    Navigating the New Era of Customer Identity: Strategies for Compliance Professionals Explore More

    Blog

    Understanding Facial Identification: Face Verification vs. Face Recognition

    Many terms in the biometrics field are used interchangeably, particularly regarding facial verifi...

    Understanding Facial Identification: Face Verification vs. Face Recognition 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

    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, Financial Crime / AML

    South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance

    South Korea is soon going to adopt regulatory measures to bring in crypto exchanges under regulat...

    South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance 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, Financial Crime / AML, Reg Tech

    AMLD5 – Regulations catching up with Technology

    In this era of technology, it is a common saying that “Innovation leads and regulation follows.” ...

    AMLD5 – Regulations catching up with Technology 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 Compliance – Identity Verification for Brokerage Companies & Trading Platforms

    Online trading platforms provide businesses with the convenience to keep an eye on financial mark...

    KYC Compliance – Identity Verification for Brokerage Companies & Trading Platforms 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, Online Marketplace

    Industrial significance of KYC / AML Compliance in 2019

    As the type and amount of fraudulent activities have increased over the years, governments and re...

    Industrial significance of KYC / AML Compliance in 2019 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

    Know Your Player – Preventing Identity Fraud in Sports Events

    The ongoing trend of globalizing sports activities since the last few decades has resulted in a l...

    Know Your Player – Preventing Identity Fraud in Sports Events 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

    Biometric Technology, Blog, Online Marketplace

    Why a Business would need Biometric Consent Verification?

    Biometric consent verification is a unique solution from Shufti that enables businesses and c...

    Why a Business would need Biometric Consent Verification? 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

    5 Tech Upgrades That Can Revamp Your Customer Onboarding Process

    When businesses brainstorm ways to scale, they generally think about focusing more on sales. Howe...

    5 Tech Upgrades That Can Revamp Your Customer Onboarding Process 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

    COVID Certificate Verification – Mounting Cases of Worldwide COVID-19 Fraud

    Where the coronavirus pandemic has been all about social safety protocols and vaccine distributio...

    COVID Certificate Verification – Mounting Cases of Worldwide COVID-19 Fraud 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

    Blog

    Digital Wallet Fraud | How AML Screening Solution Can Help

    Digital wallets are becoming everyone’s go-to transaction method and the total number of e-wallet...

    Digital Wallet Fraud | How AML Screening Solution Can Help Explore More

    Blog

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

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

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

    Blog

    Addressing Business Challenges Using OCR Scanner

    OCR text recognition is similar to how humans process and store information through reading. The ...

    Addressing Business Challenges Using OCR Scanner Explore More

    Blog

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution

    Transition is the only thing that is inevitable in the universe. Every passing day is changing ou...

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution Explore More

    Blog

    AML/CFT Regulations of Hong Kong: Paper Over Cracks?

    On September 15, 2021, Hong Kong’s Securities and Futures Commission issued consultation conclusi...

    AML/CFT Regulations of Hong Kong: Paper Over Cracks? 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

    7 Things Businesses Should Know About Online Face Recognition Solutions

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

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

    Blog

    HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector

    In the past few years, global regulatory authorities have been laying new grounds for Anti-Money ...

    HKMA’s Risk Assessment Guidelines for AML/CFT Compliance in the Banking Sector Explore More

    Blog, Online Marketplace

    ID Verification – Fraud Prevention in Online Gambling Industry

    By its very nature, gambling is quite risky. Add to it the potential for fraud that it attracts, ...

    ID Verification – Fraud Prevention in Online Gambling Industry Explore More

    Blog

    Anti-Money Laundering Challenges Faced by the Fintech Industry

    Since the implementation of the bank Secrecy Act (BSA) in 1970, the United States government has ...

    Anti-Money Laundering Challenges Faced by the Fintech Industry Explore More

    Blog

    How FinTech can Leverage on FINMA Blockchain Initiative?

    Swiss Financial Markets Supervisory Authority (FINMA) has taken a revolutionary step in the histo...

    How FinTech can Leverage on FINMA Blockchain Initiative? 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