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

    2a03:2880:f800:1::

    Synthetic Identity – A New Form of Identity Fraud for 2019?

    Synthetic Identity

    Synthetic identity fraud (SIF) is a comparatively new form of identity theft that has gripped the criminal fraud landscape. In synthetic identity fraud, fraudsters steal parts of real information from people’s identities and connect them with fake information to make a new identity for themselves. That identity is then used for a number of financial gains including obtaining credit and opening fake accounts thus making fraudulent purchases. Potentially, using a synthetic identity, a fraudster can steal money from banks and credit card companies by obtaining as many credit cards or loans as possible. They can go so far as to defraud government agencies and bypass tax returns or receive other monetary benefits.

    How Does Synthetic Identity Fraud Work?

    While in traditional identity fraud the fraudster steals the entire information from his/her victim, in SIF the perpetrator starts with only one piece of real information like a social security number. They then construct a fake identity with it, adding fake information to it including a name, phone number, address and date of birth. All this makes it nearly impossible to catch SIF. The number of synthetic identity losses has no precise calculations, but certain individual reports estimate that credit card losses up to $820 million due to SIF. By 2020 these losses are expected to rise up to $1.25 billion.

    Once they manage to cultivate a fake identity, the fraudster is able to obtain credit from financial institutes and credit cards from different credit card companies. They then try to gain as much benefit as they can until the company or bank approaches them for payments. However, only then they are able to find out that the identity used was fraudulent. Undoubtedly it is the fast-growing yet highly undetectable form of fraud that the financial sector has faced to date.

    Often times the criminals committing SIF are sophisticated and will take their time to obtain a good credit rating. At first, they will pay their bills on time and show responsibility on their part. This will build up a good name for them by showing a legitimate source of income, allowing them to obtain large amounts of credit. They are patient and are willing to play along with the system before leveraging the loopholes in it. Most SIF scams are designed by organised criminal gangs who take their time to build identities before pulling the trigger.

    Why is Synthetic Identity Fraud Undetectable?

    There are a number of reasons why SIF is potentially undetectable, one of them being the fault in anti-fraud solutions. A lot of fraud detection systems tend to be reactive rather than proactive. One of FBI’s former chiefs of financial crimes said that most financial services institutes and authorities tend to investigate the fraud rather than prevent it from happening. He also said that to avoid crimes like SIF from happening, a driven approach is required.

    Due to its nature, SIF can go undetected for years on end. Since the criminals themselves are in no hurry to gain benefits, no one even realises that foul play is at hand. Fraudsters will also mostly use SSN of children as they cannot obtain credit until the age of 18. Through synthetic identity deception, they can create fake identities. All they have to do is misrepresent the age, and they end up gaining financial benefits for years on end.

    How to Prevent Synthetic Identity Theft?

    According to comprehensive research and reports, fundamental and institutional level changes are required to combat crimes like SIF. The system of verifying identities by both governments as well as financial institutions needs to change. Technology can play a huge role in storing and sharing personal information of users. Experts suggest that information sharing between governments and financial institutes and trade centres needs to be improved. More to the fact that systems like artificial intelligence and data mining can play a major role in the prevention of frauds like SIF.

    Methods, like Know Your Customer or KYC verification systems, can also play a major role in preventing frauds like synthetic identity theft. Shufti is providing businesses and financial services institutes with real-time verification of clients and end users through a hybrid technology of AI as well as human intelligence. It can identify and verify users and customers with the help of document and facial verification. Both these methods of verification can allow banks and financial institutes to authenticate if the person’s identity is real or a fake one. Through facial recognition tech, they can corroborate the person in the identity document with the individual presenting it.

    Biometrics like facial recognition and fingerprint scanning can allow for a better understanding of an individual’s identity. KYC verification can provide identity authentication of customers and clients that can go a long way to prevent identity fraud. Multiple layers of verification can also increase the security of a business. All such enhanced methods of verification can provide better protection against fraud to financial institutes and enterprises.

    What businesses need is better technology and vigilance to handle crimes like synthetic identity fraud. Businesses can avail Shufti as a KYC service provider to make their practices safer and fraud-free. Its KYC software runs real-time verifications that make the client onboarding process easier and faster for banks. It can also help them adhere to Anti-Money Laundering (AML) regulations through AML background checks of high-risk clients.

     

    Related Posts

    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, 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, 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

    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

    Blog

    First-party, Second-party and Third-party Frauds – How to Stop them?

    Most businesses don’t lose customers because of poor services but due to weak security measures. ...

    First-party, Second-party and Third-party Frauds – How to Stop them? Explore More

    Blog

    Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification

    Online gaming has become more popular since COVID-19. The pandemic forced people to stay indoors,...

    Latest Gaming & Gambling Regulations Worldwide and the Role of Age Verification 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

    5 Industry Leaders Shared Their Insights on the Future of Biometrics

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

    5 Industry Leaders Shared Their Insights on the Future of Biometrics Explore More

    Blog

    Multi-Tier Security – Another Line of Defense Against Bank Account Scammers

    The banking sector has been witnessing a significant rise in criminal activities is a major conce...

    Multi-Tier Security – Another Line of Defense Against Bank Account Scammers Explore More

    Blog

    Know Your Patient | Secure Patient Onboarding and Preventing Healthcare Fraud

    Technology advancement, automation, and digitisation have paved the way for unprecedented growth ...

    Know Your Patient | Secure Patient Onboarding and Preventing Healthcare Fraud Explore More

    Blog

    Securing Business Operations with Address Verification in 2024

    A key component of enhancing customer service and reducing fraud is gathering and validating addr...

    Securing Business Operations with Address Verification in 2024 Explore More

    Blog

    Securing Investment Industry with Shufti’s Investor Verification Solution

    In this tech-driven world, perpetrators and organized crime groups are adopting sophisticated met...

    Securing Investment Industry with Shufti’s Investor Verification Solution Explore More

    Blog

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

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

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

    Blog

    Top 6 Reasons Why RegTech Will Improve AML Compliance

    Global fines imposed to deter money laundering increased by 50% in 2022,  alarming businesses tha...

    Top 6 Reasons Why RegTech Will Improve AML Compliance Explore More

    Blog

    Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution

    During the coronavirus pandemic, the e-commerce industry has witnessed a significant increase in ...

    Post-pandemic eCommerce Landscape Calling for Robust ID Verification Solution Explore More

    Blog

    Biometric Facial Recognition – Combating Identity Fraud with Shufti’s IDV Solution

    Since knowledge-based authentication and passwords were first introduced, security systems in ban...

    Biometric Facial Recognition – Combating Identity Fraud with Shufti’s IDV Solution 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

    Identity Verification: A Bulletproof Vest Against Sharing Economy Fraud

    Over the previous year, you might have observed how the world has become increasingly dependent o...

    Identity Verification: A Bulletproof Vest Against Sharing Economy Fraud Explore More

    Blog

    AML Screening – Identifying Financial Criminals in the Art & Antiquities Sector

    There is no doubt in the fact that art and antiquities are one of the sectors responsible for bil...

    AML Screening – Identifying Financial Criminals in the Art & Antiquities Sector 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

    Digital KYC – Protecting All Generations from ID Fraud

    From baby boomers to Gen Z, identity fraud is the problem of all generations. Studies suggest tha...

    Digital KYC  – Protecting All Generations from ID Fraud Explore More

    Blog, Business Technology

    Business Verification – Foolproof Ways to Secure Happy Customers

    Creating a winning customer experience can make for a significant competitive advantage for busin...

    Business Verification – Foolproof Ways to Secure Happy Customers Explore More

    Blog

    KYC in Crypto Exchanges – Hitting the Nail on the Head

    A few years back, startups related to ICOs (Initial Coin Offerings) were in full swing, driving t...

    KYC in Crypto Exchanges – Hitting the Nail on the Head 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

    KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services

    In today’s credit-thirsty world, Buy Now, Pay Later has emerged as a clear winner, forever changi...

    KYC & AML – A Top Priority for Soaring Buy Now, Pay Later Services Explore More

    Blog

    The Relentless Rise of Fraud in the FinTech Industry – How CDD Helps

    Fraud has always been on the rise ever since the advent of the FinTech industry. As perpetrators ...

    The Relentless Rise of Fraud in the FinTech Industry – How CDD Helps Explore More

    Blog

    e-IDV | Enhancing Fintech Onboarding, Operations & Compliance

    Fintech is unprecedentedly growing and changing as it responds to the always-changing tech landsc...

    e-IDV | Enhancing Fintech Onboarding, Operations & Compliance Explore More

    Blog, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Data Breaches – Types, Sources, and Preventive Measures

    A large number of well-renowned companies are under the threat of high-scale data breaches. After...

    Data Breaches – Types, Sources, and Preventive Measures Explore More

    Blog

    A Brief Overview of the Cryptocurrency Landscape in the US and Canada [2022]

    The adoption of cryptocurrency throughout the world has ignited the launch of new markets and reg...

    A Brief Overview of the Cryptocurrency Landscape in the US and Canada [2022] Explore More

    Blog

    6 Ways Identity Verification Will Unlock Digital Transformation in Airlines

    Airlines were particularly negatively impacted by the Covid-19 pandemic, and the situation was fu...

    6 Ways Identity Verification Will Unlock Digital Transformation in Airlines Explore More

    Blog

    Stronger Global Identity Coverage… Where it Counts

    In today’s globalized economy, businesses are striving to expand their footprint across borders. ...

    Stronger Global Identity Coverage… Where it Counts Explore More

    Blog

    Address Verification: The Cornerstone of Elevating Customer Experience

    Today’s highly emerging technology is changing the way consumers shop online products. Given the ...

    Address Verification: The Cornerstone of Elevating Customer Experience Explore More

    Blog

    How to protect your online gaming platform from ID frauds?

    Gone are the days when online gaming was only restricted to LAN parties. With the development of ...

    How to protect your online gaming platform from ID frauds? Explore More

    Blog, Financial Crime / AML, Online Marketplace

    Smaller Banks are in dire need of AML Compliance to avoid fines

    Smaller banks are being considered an easy target for money laundering activities because of thei...

    Smaller Banks are in dire need of AML Compliance to avoid fines Explore More

    Blog

    Six Ways to Protect Your Business from Christmas Scams

    Christmas is around the corner and all of you must be very excited to decorate christmas trees, e...

    Six Ways to Protect Your Business from Christmas Scams Explore More

    Blog

    KYC/AML Compliance for Startups in the Financial Sector – How Shufti Can Help

    As technology continues to transform the financial industry, the need for identity verification h...

    KYC/AML Compliance for Startups in the Financial Sector – How Shufti Can Help Explore More

    Blog

    Digital KYC – Protecting All Generations from ID Fraud

    From baby boomers to Gen Z, identity fraud is the problem of all generations. Studies suggest tha...

    Digital KYC  – Protecting All Generations from ID Fraud 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, Identity & KYC, Online Marketplace

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

    Online identity risk management is becoming harder and harder on cyberspace. It is a headache for...

    Why 2 Factor Authentication is vital for Online Identity Risk Management? Explore More

    Blog

    AML Screening – Combating Money Laundering in Luxury Vehicle Dealings

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

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

    Blog

    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

    Healthcare Industry and Prevailing Crimes – What Shufti Can Offer

    Over the recent years, the medicare industry has completely transformed, and emerging innovations...

    Healthcare Industry and Prevailing Crimes – What Shufti Can Offer 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

    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

    Blog

    Secure Your Digital Presence | Combat Transaction Fraud and Cyberthreats with IDV

    Financial crimes, especially payment and transaction fraud, have seen a massive surge in recent y...

    Secure Your Digital Presence | Combat Transaction Fraud and Cyberthreats with IDV 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

    Reshaping the Travel Industry with NFC Verification – How Shufti Can Help

    With emerging technologies and the increasing use of digital services, the travel industry has be...

    Reshaping the Travel Industry with NFC Verification – How Shufti Can Help Explore More

    Blog

    Synthetic Identity – A New Form of Identity Fraud for 2019?

    Synthetic identity fraud (SIF) is a comparatively new form of identity theft that has gripped the...

    Synthetic Identity – A New Form of Identity Fraud for 2019? Explore More

    Blog

    April 2023 Recap: Major AML Fines and Key Events

    With the world embracing digital transformation, scammers have adopted sophisticated strategies t...

    April 2023 Recap: Major AML Fines and Key Events Explore More

    Blog

    Key Takeaways from Shufti’s Global Identity Fraud Report 2020

     After the rollercoaster year 2020, Shufti hopes this year will be less distressing for every...

    Key Takeaways from Shufti’s Global Identity Fraud Report 2020 Explore More

    Blog

    Securing Business Operations with Address Verification in 2024

    A key component of enhancing customer service and reducing fraud is gathering and validating addr...

    Securing Business Operations with Address Verification in 2024 Explore More

    Blog

    Know Your Investor | Understanding Which Investors to Onboard

    Investor onboarding is regarded as one of the most critical stages of the business’s lifecy...

    Know Your Investor | Understanding Which Investors to Onboard 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

    Art Market in the Frame of Money Laundering

    The highly volatile finance and crypto sector is not appealing for many investors, so they turn t...

    Art Market in the Frame of Money Laundering Explore More

    Blog

    Elevating Document Verification with OCR in 2024 | Data Extraction in Real-Time

    The Optical Character Recognition (OCR) market was valued at US$15 billion in 2019 and is expecte...

    Elevating Document Verification with OCR in 2024 | Data Extraction in Real-Time Explore More

    Blog

    Facial Recognition KYC Services | Helping Businesses Fight Fraud with Unparalleled Biometric Checks

    The AI revolution has enabled businesses to leverage the power of technology in KYC verification....

    Facial Recognition KYC Services | Helping Businesses Fight Fraud with Unparalleled Biometric Checks Explore More

    Blog

    The Importance of KYC Remediation to Prevent Financial Crimes

    If we talk about financial institutions including banks and their processes, one can freely argue...

    The Importance of KYC Remediation to Prevent Financial Crimes Explore More

    Blog

    Deutsche Bank’s Epstein Fine – Lesson for Financial Institution

    High-risk clients pose a serious threat to banks. Over the past few years, a significant number o...

    Deutsche Bank’s Epstein Fine – Lesson for Financial Institution Explore More

    Blog

    5 Ways Banks Can Minimize Risks In Light of KYC/AML

    If you’re dealing with customers across borders, how can you safeguard your bank by ensuring that...

    5 Ways Banks Can Minimize Risks In Light of KYC/AML Explore More

    Blog

    Top 5 Reasons Why Businesses Need Transaction Monitoring Solution

    Companies are moving towards digitisation, meanwhile, cybercriminals are mastering the art of exp...

    Top 5 Reasons Why Businesses Need Transaction Monitoring Solution 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, Identity & KYC

    Fathoming Financial Inclusion, Innovative KYC Solutions, and Integrity

    Identity – ensures active participation of an individual in social, political and economic ...

    Fathoming Financial Inclusion, Innovative KYC Solutions, and Integrity Explore More

    Blog

    Future Prediction of Identity Verification for Businesses

    Ensuring a user’s real identification has become crucial in the age of digitisation. Busine...

    Future Prediction of Identity Verification for Businesses 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

    Money Laundering Through Cryptocurrency: Red Flags and AML Risks

    As the use of virtual assets becomes widespread, crypto firms have a major dilemma to deal with &...

    Money Laundering Through Cryptocurrency: Red Flags and AML Risks 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

    5 Technology Trends To Disrupt Banking in 2020

    Living in the digital era, technology is driving major changes in almost every industry. Whether ...

    5 Technology Trends To Disrupt Banking in 2020 Explore More

    Blog

    The Most Common Cryptocurrency Scams and the Role of e-IDV

    Cybercrimes and scams are rampant across the digital space, and cryptocurrency is no different. W...

    The Most Common Cryptocurrency Scams and the Role of e-IDV 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

    First-party, Second-party and Third-party Frauds – How to Stop them?

    Most businesses don’t lose customers because of poor services but due to weak security measures. ...

    First-party, Second-party and Third-party Frauds – How to Stop them? 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

    Anti-Money Laundering (AML) Solutions – Ensuring Responsible Gambling and Data Protection

    Like other industries, the gambling industry is also becoming a prime target of criminals. Howeve...

    Anti-Money Laundering (AML) Solutions – Ensuring Responsible Gambling and Data Protection 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