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

    Simplify Payment Processes with Biometric Authentication

    b-imf-sinplify

    A developing trend that is altering how customers handle their money is the use of biometric authentication in debit cards and payment processing. Utilising a person’s distinctive physical characteristics, such as voice, facial, or fingerprint identification, to confirm their identity is known as biometric authentication

    According to reports, online payment theft costs the global e-commerce industry $48 billion in 2023 compared to $41 billion in 2022. Firms in their early stages may not find online fraud a significant concern. But, when companies expand, they must take into account the amount of daily transactions they get. Ensuring the effective security of such transactions must be the business’s top responsibility. Explore the use of biometrics in payments and its history, work processes, and future.

    The History of Biometrics in Payment Processing

    The origins of biometrics can be found in the ancient societies that identified people by their physical characteristics, such as handprints and facial features. But in the modern era, fingerprint authentication became the most popular biometric technology in the 20th century for verification purposes.

    Since the early 2000s, payment systems have made use of biometrics. To offer safe and practical payment services, government initiatives and financial institutions were the main users of biometric payment systems at first.

    The first biometric payment system was introduced in 2002. Consumers would only need to place their finger on a scanner at the checkout counter to begin utilising the system, which requires them to first provide their fingerprint.

    Mobile payment systems have recently gained popularity, and many now use biometrics. For instance, Apple Pay, which existed in 2014, authenticates payments using the Touch ID and Face ID biometric technology on Apple products. Similarly, biometric authentication is available through Google Pay and Samsung Pay.

    What is Biometric Payment?

    With the help of cutting-edge digital transaction technologies like fingerprint, face, or iris scanning, customers can now successfully complete transactions using biometric payment.

    Users no longer have to provide their bank details each time they make a purchase owing it to the method of payment. Rather, biometric payment verifies authenticity using distinct bodily identifiers like fingerprints or face recognition information. The authentication and transaction are then safely processed by the system in a single, smooth step.

    Because biometric payment technology removes the need for consumers to memorise complex usernames and passwords, it is growing in popularity. Additionally, because each person’s biometric data is unique, it offers a more secure method of making payments.

    Biometrics: An Edge in Payments Security

    Currently, there are a few biometric payment options for confirming e-commerce transactions and payment service provider identities:

    • Digital fingerprinting is a technique that scans a user’s fingerprints digitally; a print mapping is preserved, and the original image is deleted.
    • Rather than saving the user’s actual photo, facial recognition technology maps dozens of distinct spots on the user’s face to produce a unique impression of the person. This technology functions similarly to digital fingerprinting.
    • A pre-recorded sample is compared to the user’s speech pattern through voice recognition. Although voice isn’t always as unique as a fingerprint or facial shape, it does have some benefits over other techniques, such as being less expensive and less invasive.
    • Iris identification uses the irregular pattern of the human iris to help identify distinct people, much like our individual fingerprints. Like a fingerprint, this technology can map eyes at close range using the cameras found on the majority of contemporary smartphones.
    • A palm vein scan maps the distinct vein structures in the palm using infrared light and then encrypts the data points. Palm mapping is still somewhat new and not very common. But with the recent advancements in iOS and Android application development, this will probably change.
    b-info-a-survey

    How are Biometrics Changing the Payment Service Industry?

    The emergence of biometric authentication is being fueled by several causes, such as the arrival of 5G, which will offer businesses and consumers greater speed than ever before, and the widespread use of mobile devices on a large scale. Future developments in biometric authentication will probably come from increased use and ongoing technical advancements rather than from a single, stand-alone hardware update. This technical breakthrough would benefit not only the financial industry but also payment service providers, eCommerce merchants, supply chains, international trade, and other industries.

    How does Biometric Authentication Payment Work?

    Integrating the aforementioned technologies, biometric payment offers users a simple, secure, and safe way to make digital payments. This is how the payment process works when biometrics are used:

    Step 1: Verification of Identity

    To confirm the user’s identity, biometric authentication must occur before money is handled. To verify their identity, this usually entails detecting their iris, face, or fingerprint. Initially, the user applies the chosen verification technique that the organisation has incorporated. The user will use their thumb, index finger, or any other fingerprint for the process, for example, if the digital fingerprinting method is used. 

    Step 2: Processing

    The user’s biometric is scanned, and it is then compared to the previously saved database. In order to ensure that no fraudster got past the security, authority, and legitimacy are examined for additional assessment. This procedure entails authenticating the transaction with the appropriate payment processor and confirming the user’s payment credentials.

    Step 3: Permission

    The payment is executed after the biometric data has been confirmed. The transaction is then finalised once the payment processor authorises it. 

    Biometric payments provide users a safe and easy way to make digital payments by fusing biometric technology with processing and authorisation. 

    The Future of Biometric Authentication and Payment Processing 

    Consumers will gain from biometrics in a manner that many may not have anticipated in the future. Every year, businesses lose huge sums of money due to fraud, which negatively impacts profitability and ultimately impacts customers by raising the cost of services and goods.

    Smart device users are probably aware of the evolution of biometric authentication in the last few years, from fingerprints to face ID check and beyond. Businesses can increase their profitability and consumers can benefit from more affordable, higher-quality items thanks to biometrics’ increased ability to prevent fraud. Authentication with biometrics can help create this promising future.

    As consumers continue to input more data into their devices, such as health information like blood pressure, for example, this will grow more advanced in the coming years. Individualised multi-factor authentication patterns will be enhanced with the use of this data.

    Businesses constantly challenge these advancements because they might provide far greater security for customers. More than ever, the need for this is because new technologies are changing the fraud scene.

    For instance, early biometrics can now be defeated by Artificial Intelligence (AI), which enables attackers to mimic people’s voices and faces. Businesses must combine various biometric patterns and solutions to provide the next degree of security in response to this ever-evolving threat. This will prevent fraud and give customers a safe and reliable payment experience.

    Biometric Authentication in Payment Processing with Shufti

    Shufti uses state-of-the-art biometric technologies to transform digital security. Our cutting-edge biometric authentication services, which include fingerprint and face recognition, guarantee the best possible defence against fraud and unauthorised access. With features like the “selfie login,” we put the convenience of our users first, streamlining the login procedure and improving the payment processing industry’s overall user experience. 

    Shufti leads the way in contemporary biometric security solutions by thwarting spoofing, and impersonation attempts and offering a safe and easy user experience for cross-border payment services and payment processing. Organisations can safely protect systems and critical data with Shufti whilst still providing a simple, hassle-free user experience. Our dual emphasis on security and usability establishes it as a reliable partner in the ongoing fight against fraud and threats. 

    Still, confused about which biometric authentication is suitable for your business that provides complete security whilst maintaining compliance? 

    Talk to an Expert

    Related Posts

    Blog, Online Marketplace

    Fraud Protection services for Online Retail Businesses

    Online Marketplace faces Chargeback issues Fraud Protection Services are an integral part of reta...

    Fraud Protection services for Online Retail Businesses Explore More

    Blog, Fraud Prevention

    Credit Card Frauds- How Can You Prevent It?

    Ever since credit cards were introduced, credit card fraud has been elevating. One needs to stay ...

    Credit Card Frauds- How Can You Prevent It? Explore More

    Blog

    KYC Compliance for DeFi Platforms – Finding the Balance for a Secure Future

    The rise of decentralized services in the form of digital asset trading platforms and DeFi consta...

    KYC Compliance for DeFi Platforms – Finding the Balance for a Secure Future Explore More

    Blog

    Enhancing Workplace Safety: The Role of Employment Screening

     Recruiting new hires can often be a daunting task, as it is a time-consuming and work-i...

    Enhancing Workplace Safety: The Role of Employment Screening Explore More

    Blog

    Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services

    Cryptocurrencies have been around for a decade and investors have found a feasible option for inv...

    Preventing Criminal Abuse of the Australian Crypto Market with Shufti’s AML Screening Services Explore More

    Blog

    5 Key Cybersecurity Threats for 2020

    Cybersecurity threats have become remarkably common and they continue to gain traction with the p...

    5 Key Cybersecurity Threats for 2020 Explore More

    Blog

    Keeping AI Bias Out of the IDV Game with Shufti

    Consider this: 85% of financial institutions today use some form of AI in their products. The tec...

    Keeping AI Bias Out of the IDV Game with Shufti Explore More

    Anti Money Laundering, Blog

    How is Libra’s Launch Changing the Cryptocurrency Landscape?

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

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

    Blog

    May 2023 Recap: Major Security Breaches and Penalties

    May 2023 witnessed several security breaches wreaking havoc on the digital landscape. High-profil...

    May 2023 Recap: Major Security Breaches and Penalties Explore More

    Blog, Fraud Prevention

    Identity Theft Frauds – How can you stay a step ahead?

    Identity theft is ‘a hot potato’ these days. Every day we come across news of online fraud that h...

    Identity Theft Frauds – How can you stay a step ahead? Explore More

    Artificial Intelligence, Blog

    Artificial Intelligence – What is it and Why it Matters

    Artificial intelligence (AI) emphasizes the creation of intelligent machines that work and react ...

    Artificial Intelligence – What is it and Why it Matters Explore More

    Blog, Business Technology, Financial Crime / AML, Identity & KYC

    AML Technology Eradicating the Perils of Money Laundering

    In the past few years, we have seen a substantial increase in the number of legislations regardin...

    AML Technology Eradicating the Perils of Money Laundering Explore More

    Blog

    KYC | Complete Guide to KYC Compliance & KYC Regulations 2021

    Introduction to KYC or Know your customer Know your customer or KYC history dates back to 2001 in...

    KYC | Complete Guide to KYC Compliance & KYC Regulations 2021 Explore More

    Blog

    AML Verification Services: Fighting Back Financial Crimes in 2023

    The Covid-19 outbreak has increased reliance on eCommerce and digital banking — cultivating a lus...

    AML Verification Services: Fighting Back Financial Crimes in 2023 Explore More

    Blog

    AML Compliance – Eliminating Financial Crimes in FinTech Firms

    The FinTech industry is growing rapidly across various sectors with investments and large-scale a...

    AML Compliance – Eliminating Financial Crimes in FinTech Firms Explore More

    Blog

    AML in Real Estate – Combating Property Scams at the Forefront

    Real estate is deemed to be a profitable and safe business to invest in thanks to its ever-growin...

    AML in Real Estate – Combating Property Scams at the Forefront Explore More

    Blog

    Identity Proofing – 7 Reasons Why Businesses Need it Now!

    Modern-day cyberspace has effortlessly diminished the boundary between the real-life and digital ...

    Identity Proofing – 7 Reasons Why Businesses Need it Now! Explore More

    Blog

    Enhancing security in the cryptocurrency world with KYC verification

    Almost 20 years after the legislation on combating money laundering, regulators around the world ...

    Enhancing security in the cryptocurrency world with KYC verification Explore More

    Blog

    Initial Art Offering – Everything you need to know about it

    Initial Art offering is an innovative way to support artists and their brilliant art without worr...

    Initial Art Offering – Everything you need to know about it Explore More

    Blog, Business Technology

    Fintech Trends – Unlocking the Unmapped Potential

    Fintech, a blend of two words Finance and Technology, represents the collision of two worlds that...

    Fintech Trends – Unlocking the Unmapped Potential Explore More

    Blog

    High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help?

    In today’s continuously evolving world, businesses should not only focus on the revenue they gene...

    High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help? 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

    How Businesses Can Avoid Identity Verification Fraud in 2019?

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

    How Businesses Can Avoid Identity Verification Fraud in 2019? Explore More

    Blog

    Securing Identities with Photo ID Verification

    ID verification has seen unprecedented growth not only in the processes but also in the crime com...

    Securing Identities with Photo ID Verification 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

    Politically Exposed Person – An unsaid threat to Businesses

    A politically exposed person or PEP is the one who has been assigned to perform prominent public ...

    Politically Exposed Person – An unsaid threat to Businesses Explore More

    Blog

    Top 5 Technologies Disrupting the Healthcare Sector

    Within the next five years, experts are anticipating major technological disruption in the 808 bi...

    Top 5 Technologies Disrupting the Healthcare Sector Explore More

    Blog

    The Crucial Role of Face Liveness Check in Fintech

    Fintech firms lose approximately $51 million to scams annually. However, the cost of fintech frau...

    The Crucial Role of Face Liveness Check in Fintech Explore More

    Blog, Online Marketplace

    How API-based Technologies Can Transform the Future of Online Marketplace

    API Based Technologies: Application Programming Interfaces (APIs) are giving advanced ways of dig...

    How API-based Technologies Can Transform the Future of Online Marketplace 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

    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

    5 Key Questions About KYC Compliance to Look Out for in 2021

    With the COVID-19 pandemic bringing challenges every day for businesses, the rate of identity fra...

    5 Key Questions About KYC Compliance to Look Out for in 2021 Explore More

    Blog

    COVID-19 and Travel & Tourism Industry – What Opportunities Await Post-Pandemic?

    The world is completely exhausted with the COVID-19 pandemic. The corporate sector has lost enoug...

    COVID-19 and Travel & Tourism Industry – What Opportunities Await Post-Pandemic? Explore More

    Blog

    Common Types of BNPL Fraud and the Role of KYC/AML Regulations

    The Buy Now Pay Later (BNPL) services are growing rapidly. 42% of credit customers are interested...

    Common Types of BNPL Fraud and the Role of KYC/AML Regulations Explore More

    Blog

    FATF’s High-Risk Jurisdictions [2022 Update] – How Business Can Comply

    Paris-based global watchdog FATF (Financial Action Task Force) maintains lists of countries that ...

    FATF’s High-Risk Jurisdictions [2022 Update] – How Business Can Comply Explore More

    Blog

    Blockchain and NFTs – Setting New Standards for Cybersecurity and Identity Management

    Non-fungible tokens (NFTs) are an evolution over the emerging concept of cryptocurrencies. As fin...

    Blockchain and NFTs – Setting  New Standards for Cybersecurity and Identity Management Explore More

    Blog

    NFTs, Art Market – What Investors Need to Know About ID Verification

    In recent years, Non-Fungible Tokens (NFTs) have gained global attraction from individuals as wel...

    NFTs, Art Market – What Investors Need to Know About ID Verification Explore More

    Blog

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud

    Throughout the United States, an emerging scam has taken the nation by storm. Unemployment Insura...

    AI-based IDV Can Effectively Curb Unemployment Insurance Fraud Explore More

    Blog

    5 Key Market Trends in Identity Verification

    The year 2020 has caused a dramatic shift in the business industry and our way of living.  The si...

    5 Key Market Trends in Identity Verification Explore More

    Blog, Financial Crime / AML

    “Brexit” Greasing the Wheel of Money Laundering

    Brexit is in the global news for many years. The reason is that several countries have their stak...

    “Brexit” Greasing the Wheel of Money Laundering 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

    What is an OCR Screening and How Does it Work?

    In our digital environment, where automated technology has already taken over corporate processes...

    What is an OCR Screening and How Does it Work? Explore More

    Blog

    KYC in 2021 – Shaking Things Up in the Financial World

    Despite the considerable investments made by industry leaders, KYC is still a challenge in the fi...

    KYC in 2021 – Shaking Things Up in the Financial World Explore More

    Blog

    DSAR Under GDPR and CCPA – Understanding the Key Differences

    Data protection is one of the key concerns of organisations these days. For the same reason, data...

    DSAR Under GDPR and CCPA – Understanding the Key Differences Explore More

    Blog

    How Can Businesses Detect Arbitrage Sports Betting?

    Various gamblers have investigated and exploited potential weaknesses in betting markets for mill...

    How Can Businesses Detect Arbitrage Sports Betting? Explore More

    Blog

    Top 10 Forged ID Documents on the Dark Web in 2023

    As criminal activity increases every year, the massive amounts of data being uploaded to the inte...

    Top 10 Forged ID Documents on the Dark Web in 2023 Explore More

    Blog

    Biometric Authentication: The Importance, Use Cases & Myths

    Today’s business owners rank security among the highest priorities. As hackers continue to ...

    Biometric Authentication: The Importance, Use Cases & Myths Explore More

    Blog

    What is an OCR Screening and How Does it Work?

    In our digital environment, where automated technology has already taken over corporate processes...

    What is an OCR Screening and How Does it Work? 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

    Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud

    With online services picking up pace, cybercriminals are ramping up their  digital attacks and us...

    Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud Explore More

    Blog

    June 2023 Recap: Major AML Violations and How Can Shufti Help

    In global financial systems, the increasing frequency of Anti-Money Laundering (AML) violations h...

    June 2023 Recap: Major AML Violations and How Can Shufti Help Explore More

    Blog, Reg Tech

    EU’s 4th AML Directive Aims to make the Payment Ecosystem Crime Free

    On June 26, 2018, the European Union landed the fourth AML directive that is targeted at combatin...

    EU’s 4th AML Directive Aims to make the Payment Ecosystem Crime Free Explore More

    Blog

    FBO Accounts and Fintech – Securing Financial Operation with ID Verification

    With global digitization, online financial services are becoming mainstream. Due to this, maintai...

    FBO Accounts and Fintech – Securing Financial Operation with ID Verification Explore More

    Blog

    UK Elections: Photo ID Law Change Raising Concerns for Voters

    Law changes bring several hassles for the public and government authorities. The recent photo ID ...

    UK Elections: Photo ID Law Change Raising Concerns for Voters Explore More

    Anti Money Laundering, Artificial Intelligence, Blog

    AI a Blessing – AML compliance cost reduced by $217 billion

    The U.S. financial firms spend approximately $25.3 Billion in terms of compliance, risk managemen...

    AI a Blessing – AML compliance cost reduced by $217 billion Explore More

    Blog

    The ‘What’ and ‘How’ of Address Verification Service

    The rising number of chargebacks and other fraudulent activities has led organisations to develop...

    The ‘What’ and ‘How’ of Address Verification Service Explore More

    Blog

    KYC Verification – Fraud Prevention in FinTech & the Payments Industry

    The growth of the online payment industry and FinTech companies comes with a simultaneous increas...

    KYC Verification – Fraud Prevention in FinTech & the Payments Industry Explore More

    Blog

    Ensuring KYC/AML Compliance In Cryptocurrency Firms – The Role of Shufti

    With emerging technologies in the financial industry, cryptocurrency is picking up the pace, and ...

    Ensuring KYC/AML Compliance In Cryptocurrency Firms – The Role of Shufti Explore More

    Blog

    How Artificial Intelligence is taking ID verification to the next level?

    Identity theft is deemed as a growing problem. Particularly with the increase in online shopping,...

    How Artificial Intelligence is taking ID verification to the next level? Explore More

    Blog

    How Age Verification Protects the E-commerce Industry From Potential Risks

    Online shopping has become the new normal since the COVID-19 pandemic struck. With digital produc...

    How Age Verification Protects the E-commerce Industry From Potential Risks 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

    High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help?

    In today’s continuously evolving world, businesses should not only focus on the revenue they gene...

    High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help? 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

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance

    Money laundering has always remained a huge challenge for global economies, and all the major jur...

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance Explore More

    Blog

    Money Laundering & Cybercrime on DeFi Platforms – Ensuring KYC/AML Compliance

    As a result of rapid digitization and the emergence of decentralized services, the financial mark...

    Money Laundering & Cybercrime on DeFi Platforms – Ensuring KYC/AML Compliance Explore More

    Blog

    The Evolution of Video KYC: Revolutionise the Fintech Industry

    FinTech encompasses financial organisations’ use of computing and communications tools to b...

    The Evolution of Video KYC: Revolutionise the Fintech Industry Explore More

    Blog

    Bitcoin ATMs – how it works and KYC compliance

    Bitcoin ATMs are everything an ATM is and isn’t. The world of finance and banking has chang...

    Bitcoin ATMs – how it works and KYC compliance Explore More

    Blog

    Significance of Facial Recognition Technology in FinTech Fraud Detection

    Compliance with Anti-Money Laundering (AML) requirements is challenging for financial organisatio...

    Significance of Facial Recognition Technology in FinTech Fraud Detection Explore More

    Blog

    Romance Scams: Protect Your Heart and Wallet with Identity Verification

    People searching for love online sometimes meet the unfortunate fate of a broken heart and someti...

    Romance Scams: Protect Your Heart and Wallet with Identity Verification Explore More

    Blog

    How Will Simplified Due Diligence SDD Help Industries in 2024?

    For businesses, the due diligence process is an integral part of the Know Your Customer programme...

    How Will Simplified Due Diligence SDD Help Industries in 2024? Explore More

    Blog

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill

    Being the largest economy in Southeast Asia, Indonesia is experiencing enormous growth in the dig...

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill Explore More

    Blog

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening Can Help

    Using gold for financial crimes has a long history and in many countries, jewellery is not only c...

    Gold Industry and Prevailing Financial Crimes – How Shufti’s AML Screening 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