The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


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

    n-exit-img-roi-cross

    Thank you for your demo request

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

    Close

    us

    216.73.216.219

    Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions

    Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions ftr img

    Startups, SMEs, and the gig industry have seen unprecedented growth. Not to mention, COVID-19 was a blooming period for freelancers and gig economy officers. The gig economy offers workers the flexibility to work from anywhere, provides flexibility, and makes cross-border communication or working easier than ever. In the US alone, more than 73.3 million Americans are part of the gig economy, and it is predicted that the figure will increase and will be more than labours, rising to 76.4 million by 2024. As the sector is continuously blooming and growing, payment companies, marketplace platforms, and other institutes need to verify the merchants or contractors to combat financial crimes like terrorist financing and money laundering. Understand the landscape of the gig industry, why it is important in the era of digitisation, and how to protect the identities, ensure security whilst maintaining compliance. 

    What is the Gig Economy?

    The gig economy is made of independent contractors who work digitally part-time or full-time via platforms or on their own. Gig workers, in the era of digitisation, are a great contributor to the economy. According to a report revealed by Forbes, 29% of the US economy is considered as an independent contractor. Since the emergence of the gig economy, a broad prospect of people ranging from taxi drivers to field experts has contributed to the economy’s growth. It is estimated that it will be contributing $864 by the end of this year. 

    Securing Gig Economy Operations and Contributing to the Growth with KYC Solutions info

    The Gig Economy and KYC Verification

    Since COVID has passed, many sectors have seen a downfall that cost millions of people being laid off from their jobs and made the survival of many startups, SMEs, and even big organisations difficult. Nonetheless, the gig industry saw unprecedented growth and continued blooming even after. The industry makes the work easy, but with the hundreds of billions of dollars circulating cross-borders, it is easy to get manipulated and become a victim of bad actors. 

    The gig economy deals with billions of dollars and has now greatly attracted a significant number of fraudsters and cybercriminals who have found automated as well as sophisticated ways of money laundering. A report revealed that 48% of employers in almost all industries had to deal with identity fraud among the freelancers in the gig economy. Impersonating as a gig freelance worker is on the rise. Someone pretends to be a field expert, bids on the project, offers competitive prices, and sweeps away without businesses even noticing. Since impersonating is on the rise, companies do not have adequate KYC verification tools to validate the gig workers’ profiles. The fact that they can impersonate anyone and sweep away without any consequence is concerning. To combat financial crimes and secure the identity of users, it is important to incorporate kyc verification services.

    Process of KYC Verification in the Gig Sector

    The gig sector is in the blooming period, but with the rise of financial growth, identity theft has grown, too in the sector. Quickly and efficiently verifying the merchants or contractors, however, is still challenging. The need to manage new business models posed by the gig economy does not eliminate compliance responsibility or fraud concerns. Nonetheless, to successfully approach that, it requires a different, proactive approach to kyc verification as the different businesses require different verification methods. Since the merchants, contractors, and most of the startups or SMEs are not registered or incorporated, verifying them is even harder. Gig economy workers, who are often onboarded as ultimate beneficial owners (UBOs) or merchants, are harder to verify since they don’t have any business registration numbers, making it overwhelming to verify them as a business entity. However, the process of verifying them includes three simple KYC steps: capture, retrieve, and verify. 

    Capture

    In the initial stage, the gig worker is asked to submit the essential documents needed and to take a picture of them for further verification. The gig worker is asked to provide government-issued or authorised identity verification documents, including an identity card, driver’s licence, passport, etc.

    Retrieve

    Once the documents are submitted, the information needed, including address or UBO criteria, is retrieved using the OCR technology. The automated processes make it easy to retrieve the information accurately in seconds, minimising the human effort or involvement needed. 

    Verify 

    Last but not least, all the information extracted is verified in real-time to validate there is no loophole or leaving the benefit of the doubt. The automated process in real-time takes out the information needed and matches it against the government or private databases available. It also screens them against the PEP and AML Screening lists to confirm that the individual doesn’t have any association with the terrorist groups or is a bad actor. 

    Is KYC Solutions Enough for Gig?

    Since the risk has advanced and the cybercriminals have found sophisticated ways to steal identity and wipe off finances, KYC checks alone are not enough. To enhance the verification processes, it is important to integrate liveness detection into the verification system. In liveness detection, the person is verified in real time. Once it is confirmed that the person is exactly the same as he claims to be, they are considered safe to work with and granted access. If any minimal risk is shown, the individual will be further screened till it is tamed down. 

    With strong verification like liveness detection, the break-in of the spoofing attacks will be reduced. It stops biometric spoofing from occurring and introduces a fresh method to validate a person’s identity that requires the system to see beneath the skin’s surface to authenticate that it’s not a bot or fake profile. With this, businesses can in real-time distinguish whether it is the same person and can even identify if that person behind the screen is actually the same as they claim to be. 

    Gig Economy and 2024: What to Expect?

    The gig economy has seen surges and seems not to stop anytime soon in the future. Without any doubt, it brings in many benefits and connects individuals as well as businesses across the border, but it also welcomes unnumbered sophisticated crimes. With this advancement and involvement of Artificial Intelligence (AI) and Machine Learning (ML), more crime is expected, making it crucial to work with kyc verification providers. Whether it’s money laundering, terrorist financing, or identity theft, the gig economy faces stumbling losses due to fraud and scams in the sector. By implementing KYC solutions and liveness detection into the solution, crime can be prevented, and identities can be secured. 

    How Can Shufti Help?

    Protecting users, meeting legal and compliance requirements, and reducing vulnerabilities are some of the benefits of implementing robust kyc verification methods. It is Shufti’s mission to make the KYC process as simple for its clients as possible. With Shufti, businesses can verify contractors’ or merchants’ identities securely in real time. In addition to enhancing the user experience and reducing friction during onboarding, our solutions ensure compliance by providing reusable and interoperable gateway passes.

    Want to learn more on how to secure the gig sector and ensure compliance whilst maintaining secure operations?

    Talk to us

    Related Posts

    Blog

    6 in 10 Leaders Aren’t Ready for Deepfake Fraud Threats

    6 in 10 Leaders Aren’t Ready for Deepfake Fraud Threats Explore More

    Blog, Online Marketplace

    Age Verification – Must Have For Age Restricted Retailers

    Mobile e-commerce makes up for nearly 29% of the entire e-commerce sales in the US. A majority of...

    Age Verification –  Must Have For Age Restricted Retailers Explore More

    Blog

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience

    Website abandonment is a silent revenue killer for online businesses. Whether it’s an unfin...

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience Explore More

    Blog

    Intelligent Character Recognition (ICR) Software – One step ahead of OCR

    What is ICR? Intelligent Character Recognition (ICR) is an extended technology of Optical...

    Intelligent Character Recognition (ICR) Software – One step ahead of OCR Explore More

    Blog

    Expanding the UX Lens with Lisa Kleinman

    Creating a UX experience can feel like a paradox: users are more diverse than ever, yet they expe...

    Expanding the UX Lens with Lisa Kleinman Explore More

    Blog

    KYC Verification – Ensuring Regulatory Compliance in Sports Betting Platforms

    With the growth in organised crime and its infiltration into the sports betting market, businesse...

    KYC Verification – Ensuring Regulatory Compliance in Sports Betting Platforms Explore More

    Blog

    Cross-Border KYC Compliance | Understanding and Overcoming the Challenges

    To handle money laundering incidents and rising regulatory pressure, the banking industry benefit...

    Cross-Border KYC Compliance | Understanding and Overcoming the Challenges Explore More

    Blog

    Fraud Prevention – Challenges, Strategies, Best Practices, and Technologies

    The twenty-first century is by far the most revolutionary time in the history of humans in terms ...

    Fraud Prevention – Challenges, Strategies, Best Practices, and Technologies Explore More

    Blog

    Covid Test Verification To Facilitate Tourism Worldwide

    Due to the coronavirus pandemic, tourism has been adversely affected and the entire travel sector...

    Covid Test Verification To Facilitate Tourism Worldwide Explore More

    Blog

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman

    About Lisa Kleinman Dr. Lisa Kleinman, Ph.D. is a UX leader, researcher and design strategist who...

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman 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

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans

    Shufti Ltd. began operations in 2017 and within three years, the company has onboarded more t...

    More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans Explore More

    Blog

    Don’t Need AML Compliance? Think Again!

    The majority of the businesses believe that they do not need to comply with AML regulations at al...

    Don’t Need AML Compliance? Think Again! Explore More

    Blog

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

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

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

    Blog

    Trade-Based Money Laundering – How Shufti’s AML Screening Solution Helps

    International trading instruments have significant features that are making them potentially attr...

    Trade-Based Money Laundering – How Shufti’s AML Screening Solution Helps 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

    Age-Verification Evasion in 2025: How Minors Outsmart Weak Age Gates — and How to Fight Back

    Introduction Minors are no longer deterred by simple “What’s your date of birth?” pop-ups. Armed ...

    Age-Verification Evasion in 2025: How Minors Outsmart Weak Age Gates — and How to Fight Back Explore More

    Blog

    AML Screening – Securing Alternative Payment Market and Overcoming Prevailing Risk of Crimes

    Escalating demand for innovative, new, and robust alternative payment options across the world is...

    AML Screening – Securing Alternative Payment Market and Overcoming Prevailing Risk of Crimes Explore More

    Blog

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

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

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

    Blog

    Securing Public Facilities with Touchless ID Verification Kiosks

    Due to the coronavirus pandemic, social distancing became the utmost need of the hour. Given the ...

    Securing Public Facilities with Touchless ID Verification Kiosks Explore More

    Blog

    GDPR Checklist – Practices to adopt as Business Norms

    It’s been a little over eight months since the GDPR came into effect on 25 May 2018. From that po...

    GDPR Checklist – Practices to adopt as Business Norms Explore More

    Blog

    Employee Verification – First Line of Defence Against Corporate Fraud

    One day you wake up to the fact that the employee you’ve been trusting for years has been embezzl...

    Employee Verification – First Line of Defence Against Corporate Fraud Explore More

    Blog

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

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

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

    Blog

    Top 5 Cryptocurrency Trends to Look Out for in 2023

    2022 has been one of the most turbulent years for the cryptocurrency sector. For starters, Bitcoi...

    Top 5 Cryptocurrency Trends to Look Out for in 2023 Explore More

    Blog

    EU’s Upcoming Regulation for Cryptocurrency ‘Wild West’

    The use of cryptocurrencies as an integral part of criminal schemes is growing immensely. However...

    EU’s Upcoming Regulation for Cryptocurrency ‘Wild West’ 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, Reg Tech

    3 Reasons why RegTech is the Future of Innovation?

    Regulatory Technologies, commonly referred to as RegTech, is an innovative use case of Financial ...

    3 Reasons why RegTech is the Future of Innovation? Explore More

    Blog

    Understanding False Positives in AML Transaction Monitoring

    Financial institutions such as banks, neo-banks, insurance companies, investment companies, finte...

    Understanding False Positives in AML Transaction Monitoring Explore More

    Blog

    Protect Your Bitcoin Business With KYC Compliance

    Even with a lot of resistance to its use as a form of currency, Bitcoin and its blockchain techno...

    Protect Your Bitcoin Business With KYC Compliance Explore More

    Blog, Identity & KYC

    KYC/AML Compliance in light of FinTRAC

    Witnessing the updated AML/CTF regime; the guidelines by FinTRAC regarding ID verification have b...

    KYC/AML Compliance in light of FinTRAC Explore More

    Blog, Financial Crime / AML

    AML Rules for Virtual Currency and Legal Sector – FATF 2019

    Financial Action Task Force (FATF) is an inter-governmental regulatory authority. It was founded ...

    AML Rules for Virtual Currency and Legal Sector  – FATF 2019 Explore More

    Blog, Online Marketplace

    Verify ID For a Secure Travel Experience

    Since we are using the Internet for a great many things including shopping to online booking of f...

    Verify ID For a Secure Travel Experience Explore More

    Blog

    Singapore’s Digital Payment Token and AML Regulations [2022 Updates]

    Financial crimes are an ever-increasing threat to the global economic climate. As a financial hub...

    Singapore’s Digital Payment Token and AML Regulations [2022 Updates] Explore More

    Blog

    Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering?

    As regulatory authorities are seizing the yachts and real estate belonging to Russian oligarchs, ...

    Russian Sanctions Evasion – Is the Art Industry the Next Target for Money Laundering? Explore More

    Blog

    Analyzing the UK and US Gambling Industry by Numbers

    Businesses and people in the gambling sector are aware of the risks involved and what are their p...

    Analyzing the UK and US Gambling Industry by Numbers 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

    Artificial Intelligence, Blog

    Knowledge Based Authentication a Thing of Past

    If you are wondering what is knowledge-based authentication or KBA, let me ask you a question, ‘w...

    Knowledge Based Authentication a Thing of Past Explore More

    Blog, Online Marketplace

    Document Verification Services for a Secure Freelance Platform

    Picture this you have recently started a freelance website you have marketed it properly and foll...

    Document Verification Services for a Secure Freelance Platform 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

    Money laundering and UAE’s KYC/AML Regulatory Regime [2022 Update]

    The United Arab Emirates (UAE) has become the world’s most exotic and well-reputable financial hu...

    Money laundering and UAE’s KYC/AML Regulatory Regime [2022 Update] Explore More

    Blog

    Know Your Investor | Sophisticated Investor Verification in Real-Time

    In today’s data-driven digital world, organized crime groups and fraudsters have developed more s...

    Know Your Investor |  Sophisticated Investor Verification in Real-Time Explore More

    Blog

    A Statistical Analysis of Prevalent Crimes in the Global Financial Industry – [2022 Overview]

    Over the past few years, the financial industry has witnessed significant technological changes, ...

    A Statistical Analysis of Prevalent Crimes in the Global Financial Industry – [2022 Overview] Explore More

    Blog

    Intelligent Character Recognition: How it Drives the Industry with a Breeze

    Data is the nucleus of any business and how efficiently it is processed is the key to digital tra...

    Intelligent Character Recognition: How it Drives the Industry with a Breeze Explore More

    Blog

    KYC For Sharing Economy – Building a Safe & Trusted Environment that Retains Customers

    “Sharing Economy” is a term that has become popular in recent years, and the current digital worl...

    KYC For Sharing Economy – Building a Safe & Trusted Environment that Retains Customers 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

    AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps

    Money laundering has spread like a virus in today’s globalized society. Banks and other fin...

    AML Compliance for Money Service Businesses (MSBs) – How Shufti’s AML Screening Helps 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

    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

    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

    Blog

    10 High-Risk Jurisdictions for Money Laundering According to FATF

    Innovations like stablecoins and non-fungible tokens (NFTs) created quite the hype in the past ye...

    10 High-Risk Jurisdictions for Money Laundering According to FATF 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

    Japan’s AML/CFT Assessment – August 2021 Report

    Financial crime is soaring sky high with digitisation becoming a part of our daily lives. Cyber a...

    Japan’s AML/CFT Assessment – August 2021 Report 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

    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

    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, 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

    Which KYC Solution is Right for Your Business?

    KYC solutions are vital for assessing consumer risk and a legal necessity for complying with Anti...

    Which KYC Solution is Right for Your Business? Explore More

    Blog

    Why Payment Processors Need Mobile ID Verification?

    One of the many by-products of progressing technology is payment systems that have cropped up ove...

    Why Payment Processors Need Mobile ID Verification? Explore More

    Blog

    Shufti’s ID Fraud Report: Reviewing 2022 and a Preview of 2023

    Twenty years back, “identity theft” was imagined as pictures of shady figures rifling through gar...

    Shufti’s ID Fraud Report: Reviewing 2022 and a Preview of 2023 Explore More

    Blog

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs)

    Identifying UBOs and their control over a business is crucial for financial firms to meet regulat...

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs) Explore More

    Blog

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes

    Luxury goods and high-valued assets are frequently but not always found at the integration stage ...

    AML Screening – Solution for Luxury Goods Market to Fight Financial Crimes Explore More

    Blog

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman

    About Lisa Kleinman Dr. Lisa Kleinman, Ph.D. is a UX leader, researcher and design strategist who...

    Designing for the World: UX, Automation & Inclusivity with Lisa Kleinman Explore More

    Blog, Online Marketplace

    How Car Rentals can safeguard their interest with Digital KYC?

    Car rentals stand to benefit a great deal from Digital KYC as it will enable them to verify the c...

    How Car Rentals can safeguard their interest with Digital KYC? Explore More

    Blog

    Top 6 trends in Anti-Money Laundering for 2020

    To enhance the scope of AML compliance, new regulations were brought into force throughout last y...

    Top 6 trends in Anti-Money Laundering for 2020 Explore More

    Blog

    The Definitive Guide to Anti-Money Laundering & Countering of Terrorist Financing

    In this modern globalized era, money launderers, terrorist financiers and other criminal elements...

    The Definitive Guide to Anti-Money Laundering & Countering of Terrorist Financing Explore More

    Blog

    Central KYC (CKYC) in 2025: The Ultimate Guide to Seamless Compliance

    Central KYC is entering a new era in 2025. RBI’s November 2024 amendments and the Union Budget 20...

    Central KYC (CKYC) in 2025: The Ultimate Guide to Seamless Compliance Explore More

    Blog

    DHSC’s Counter-fraud Strategy to Combat Healthcare Fraud

    Healthcare remains one of the most lucrative industries for criminals with nearly $272 billion lo...

    DHSC’s Counter-fraud Strategy to Combat Healthcare Fraud Explore More

    Blog, Online Marketplace

    How Identity Verification Makes Remote Account Opening Efficient for Banks

    Banks have a lot to benefit from the remote account opening service as it allows them to bring a ...

    How Identity Verification Makes Remote Account Opening Efficient for Banks Explore More

    Blog

    How Deepfakes Deceptions are Affecting Businesses

    The word deep fake comes from the terms “deep learning” and “fake,” and is a type of artificial i...

    How Deepfakes Deceptions are Affecting Businesses Explore More

    Blog

    Facial Recognition Kiosks: A Modern Innovation in the Food Industry?

    Background of Technological Advancement Technology is regarded as a new way of thinking or doing ...

    Facial Recognition Kiosks: A Modern Innovation in the Food Industry? Explore More

    Blog

    Fintech 2021: KYC/AML Bringing New Innovation to the Table

    2020 was all about surviving the pandemic, but it has also kickstarted a new wave of innovation. ...

    Fintech 2021: KYC/AML Bringing New Innovation to the Table 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

    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