The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Top 10 Cybersecurity Trends for 2021

blogimage

Cybersecurity in 2020 became the biggest challenge thanks to the COVID-19 pandemic. Global lockdown led to digital means of communication and the majority of business operations also took the virtual road. Technology is rapidly evolving and changing the way businesses operate. Cloud computing, Artificial Intelligence, and the Internet of Things (IoT) are unlocking new opportunities for businesses. Unfortunately, advanced technology is not only helping us streamline all the operations, but it is also assisting fraudsters in achieving their malicious goals. They are using AI to develop better strategies for hacking, data breach, account takeover, identity theft, ransomware, malware, and Distributed Denial of Service (DDoS) attacks. Cybersecurity threats are continually increasing and 2021 has some surprising cybersecurity trends in the pipeline. 

Eager to know about the 2021 cybersecurity trends? Read this blog to find out the top 10 cybersecurity trends.

blogimage1

Given the rapid boom in digitisation in 2020, we can expect some deadliest cybersecurity trends in 2021 as well. Let’s take a look at some of the most predicted cybersecurity trends that we are expecting next year. 

On-Premises Solution for Enhanced Security 

Vendor breaches and third-party cybersecurity threats have significantly increased over time. Cloud storages are also vulnerable to threats without robust security measures. To make sure data is not accessible to third-parties, organisations will greatly focus on better substitutes of out-sourced solutions such as on-premises solutions for customer verification. Customer onboarding processes will experience more automation in the future, as on-premises IDV solutions will be in demand due to rising threats of data breaches. Using an on-premises service for verification and customer onboarding is what we can expect in 2021.  

Suggested: The Future of Customer Onboarding Post-COVID-19 Pandemic 

AI-Based Solutions to fight Cybercrime 

Phishing attacks, data breaches, identity theft, and synthetic identity fraud are some of the rising cybercrimes that have been threatening businesses for a very long time. Unfortunately, the advent of technology has made these cybercrimes more sophisticated. Nevertheless, AI-powered solutions for customer verification, fraud detection and prediction and automated data management will be in demand. AI-based customer verification solutions will help fight deep fakes, while fraud detection solutions help identify fraud risk in advance, on the other hand automated data management will be adopted to enhance cyber security and reduce data breaches that happened due to human error. 

Zero-Trust Network Access (ZTNA)

Virtual Private Networks (VPNs) were widely used by organisations to secure networking for remote working employees. Due to the pandemic, VPNs became an inadequate option for companies since every employee had to work from home. Zero-Trust Network Access (ZTNA) has emerged as a secure option during the pandemic and in 2021, the majority of the organisations will opt for ZTNAs to keep control of the remotely accessible applications. 

Better Security Measures for Remote Working 

Since work from home is becoming the new normal for many companies, the need for protecting employees and the information has become the need of the hour. The pandemic has changed the way businesses operate. Verifying employees during remote hiring will be an emerging trend to make sure fraudsters disguised as employees are not hired. Moreover, securing the remote working option will demand extra efforts from companies in terms of identity verification and transaction monitoring, especially in the finance sector. 

Blockchain will be Used for Cybersecurity 

Blockchain has become one of the widely used methods of transacting in the digital world. The technology will soon become the primary means of cybersecurity in different sectors across the world. With its right implementation, many new cybersecurity solutions can be invented to help secure businesses. By creating a standard security protocol, blockchain can secure messaging apps like Facebook. On the other hand, blockchain can also decentralise the administration in devices or systems that can result in secure IoT. 

Multi-Factor Authentication for Security

The trend for multi-factor authentication as a cybersecurity measure will increase in 2021. Mid-sized companies utilised this method of cybersecurity in 2020, but the use of multi-factor authentication will expand over all types of companies; from MNCs to startups. Why will every organisation emphasize so much on cybersecurity in 2021? The remarkable increase in data breaches is the major reason. Only in the US, 540 data breaches were reported in the first half of 2020 according to Statista. Global numbers are yet to be disclosed. Multi-factor authentication is a complex process that has added layers of security including biometric authentication and SMS-based authentication.

blogimage2

Phishing Attacks Will Rapidly Increase  

Phishing attacks are social engineering activities meant to illegally acquire information of individuals and use it for illicit activities. The attacker sends emails with naked links that redirect the user to a new page. Here, individuals are requested to submit their personal information. As soon as the process is complete, the person is left with no money in their bank accounts or a stolen identity that is used for money laundering and other crimes. Unfortunately, businesses have also become the target of fraudsters and Business Email Compromise (BEC), spear phishing, and whaling are some of the phishing attacks targeted at business entities. The trend of targeting the corporate world through phishing will significantly increase in 2021. 

Learn more: Phishing Attacks and the Role of Two-Factor Authentication 

Coercion – The New Method of Ransomware 

Previously, criminals threatened victims’ relatives and close friends for the sake of money. Today, coercion has also digitised. Fraudsters threaten the victim for harming their close friends and family for the sake of information or money through digital means. Ransomware will increase in 2021 and coercion will be the new method of ransomware attacks. 

Replay Attacks Will Gain Popularity 

Digital replay attacks are also expected to grow in 2021. In a replay attack, fraudsters submit the same information with minor changes multiple times during the identity verification process. It gets difficult for the company to identify such attacks because conventional methods of verification involve humans for the process. It is nearly impossible to identify documents submitted multiple times with minor edits. For instance, the fraudster might submit the same ID card thrice by changing the date of birth and expiration date. 

Recommended: Replay Attacks – Another Rising Threat for Businesses in 2021 

Data Breaches will Continue to Increase 

Data breaches have been a threat for businesses for a long time. Unfortunately, data breaches have taken new forms and enhanced cybersecurity measures are essential for companies. Cybercriminals illegally gain access to a company’s database and violate confidential information. The information acquired can be used for identity theft, synthetic identity fraud, account takeover, ransomware, and various other illegal activities. Since online forms of working and collaborating have increased in 2020, we can expect a higher number of data breaches next year.

Summing It Up

Cybersecurity has become the major target of businesses these days. Due to the coronavirus pandemic, all sectors focused on virtual means of operations. Unfortunately, cyberattacks significantly increased this year. Now, predictions for 2021 are not good either and cybersecurity measures must be more robust to protect enterprises. Companies need robust digital identity verification solutions so that legitimate customers are on board only. Lack of such mechanisms will result in more data breaches, ransomware, and identity theft. Moreover, every business is likely to adopt multi-factor authentication to make sure nobody gets illegal access to company’s confidential information. Lastly, employing on-premises identity verification solutions can help your company prevent data breaches through vendors. 

Want to know more about on-premises service? Get in touch with our experts now.

Related Posts

Blog

Digital Identity Verification for Open Finance & FinTech Platforms

Financial applications in the modern world have been sub-categorized into open and closed banking...

Digital Identity Verification for Open Finance & FinTech Platforms Explore More

Blog, Financial Crime / AML

Challenges of AML Compliance under FinCEN

AML Compliance for US based Cryptocurrency companies has been tightened by Financial Crimes Enfor...

Challenges of AML Compliance under FinCEN Explore More

Blog

Regulatory Compliance | The Importance of Age Verification on Betting Sites

Online betting sites and gambling platforms frequently face significant challenges in adhering to...

Regulatory Compliance | The Importance of Age Verification on Betting Sites 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

The Power of Identity Verification Solutions in Ensuring Risk-Free Recruitment Operations

Over the recent years, the employment industry has undergone significant changes, from mass offbo...

The Power of  Identity Verification Solutions in Ensuring Risk-Free Recruitment Operations Explore More

Blog

Secure the Fintech Future with RegTech

Financial Technology (Fintech) refers to the use of technological advancements in the financial i...

Secure the Fintech Future with RegTech Explore More

Blog

Crypto as a Virtual Safe Haven for Russians Amid Sanctions

The Russia-Ukraine conflict has had some serious effects on the global financial landscape. While...

Crypto as a Virtual Safe Haven for Russians Amid Sanctions Explore More

Blog

EU’s AMLD5: What does it mean and how will it impact the AML regulation regimes?

From the Panama papers, Paradise leaks and Danske Bank case to the most recent revelations about ...

EU’s AMLD5: What does it mean and how will it impact the AML regulation regimes? Explore More

Blog

Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help

Since the start of civilization, humans have used money in several different ways, and throughout...

Evolving Regulations Shaping Digital Crypto Ecosystem – How Shufti Can Help Explore More

Blog

AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector

The United Arab Emirates (UAE) is fast becoming the world’s most reputable financial hub, but the...

AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector Explore More

Blog

Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector

Regulated entities must be aware of who they are interacting with. Validating the real identities...

Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector Explore More

Blog

Video KYC: Taking Traditional KYC to the Next Level

Know Your Customer (KYC) has undergone continuous evolution since its inception. Its purpose is t...

Video KYC: Taking Traditional KYC to the Next Level Explore More

Blog

Securing The Digital Landscape with Electronic Identity Verification Services

With a surge in identity document forgery, the likelihood of onboarding a criminal has grown subs...

Securing The Digital Landscape with Electronic Identity Verification Services Explore More

Blog

Establishing trust in Open Banking through Identity Verification

Over the last few years, open banking is becoming an emanated global trend. This rising trend is ...

Establishing trust in Open Banking through Identity Verification Explore More

Blog

Top 7 Gambling Trends to Look Out for in 2023

Going from a few billion dollars to over $81 bn in a matter of a decade is astronomical for any i...

Top 7 Gambling Trends to Look Out for in 2023 Explore More

Blog, Online Marketplace

How crucial is AML/CFT Compliance for Hong Kong based Businesses?

Hong Kong serves as financial hub of trade and financial industry especially due to its strategic...

How crucial is AML/CFT Compliance for Hong Kong based Businesses? Explore More

Blog

Louisiana Age Verification Compliance Updates 2024

 Age verification is crucial for online tasks like purchases and communication. The inte...

Louisiana Age Verification Compliance Updates 2024 Explore More

Blog, Identity & KYC

Which KYC Documents are Required for Customer Verification?

Name, Rank, Brigade, and Serial Number. That’s the only information military organizations across...

Which KYC Documents are Required for Customer Verification? Explore More

Blog, Identity & KYC

Age Verification – Ultimate Online Protection for Minors

The rapid increase in the use of the internet is raising some major concerns for parents regardin...

Age Verification – Ultimate Online Protection for Minors Explore More

Blog

From Crypto to Fiat Currency – Secure Exchanges with Transaction Monitoring Solutions

Transaction processes today are launching innovative possibilities for users across the economic ...

From Crypto to Fiat Currency – Secure Exchanges with Transaction Monitoring Solutions Explore More

Blog

Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19

Coronavirus took the world into clutches forcing people to adopt isolation and businesses are com...

Shufti donates 10 million free ID verifications to help fight fraud amid COVID-19 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

A Quantitative Insight into the Global Gaming and Gambling Industry

The gaming and gambling industry has demonstrated exponential growth in the past decades and is e...

A Quantitative Insight into the Global Gaming and Gambling Industry Explore More

Blog

Global KYC and AML Regulatory Updates To Watch for in 2022

In 2022, the world continues to experience the serious aftermath of the coronavirus pandemic, yet...

Global KYC and AML Regulatory Updates To Watch for in 2022 Explore More

Blog

The Top 6 Holiday Season Scams to Avoid in 2023

As we move further into digitisation, our methods of giving gifts have changed drastically. In to...

The Top 6 Holiday Season Scams to Avoid in 2023 Explore More

Anti Money Laundering, Blog, Financial Crime / AML

Why PEPs are High Risk and a Threat To Your Business?

In the Financial and Trade industry, you may have often heard the term PEPs and the importance of...

Why PEPs are High Risk and a Threat To Your Business? 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

How biometrics in visa process reduce travel difficulties

Biometric technology is enhancing the travel industry in many ways.  Factors that drive the secur...

How biometrics in visa process reduce travel difficulties 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

Understanding the Key Role of Risk Assessment in the Crypto Industry

Cryptocurrencies are becoming a hotspot for scammers to perpetrate financial crime. Over 46,000 i...

Understanding the Key Role of Risk Assessment in the Crypto Industry Explore More

Blog, Online Marketplace

How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue?

The travel industry is a unique business category servicing clients from various destinations and...

How Identity Verification Solutions Can Make Summer Travel a Breeze and Generate Revenue? 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

How Shufti Identity Verification User Experience Impacts Business Outcomes

User experience (UX) isn’t only about design or even metric-driven decision making. It’s a busine...

How Shufti Identity Verification User Experience Impacts Business Outcomes Explore More

Blog

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

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

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

Blog

Video KYC Verification – Reimaging Customer Onboarding in 2023

As technology is advancing so do fraudsters, ringing security alarms for financial businesses and...

Video KYC Verification – Reimaging Customer Onboarding in 2023 Explore More

Blog

KYC Trends To Watch Out For In 2024

Within the last year, there has been significant transformation in the global identity verificati...

KYC Trends To Watch Out For In 2024 Explore More

Blog

Top 5 Trends for the Government Sector in 2022

With the emergence of the new variant of COVID-19 “Omicron” in South Africa, it is possible that ...

Top 5 Trends for the Government Sector in 2022 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

Covid Report Verification: New Restriction for Airports

The Covid-19 cases have drastically increased over time and as of February 6, 2021, 18,262 new ca...

Covid Report Verification: New Restriction for Airports Explore More

Blog

Understanding the Difference Between Money Laundering and Embezzlement

Money laundering and embezzlement are two financial offences involving the movement of significan...

Understanding the Difference Between Money Laundering and Embezzlement Explore More

Blog

UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021

A dramatic increase in Anti-Money Laundering (AML) fines was seen in 2021 as financial watchdogs ...

UK Watchdogs Hit Financial Institutions with Record AML Fines in 2021 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

What are chargeback frauds and what do they mean for businesses?

The world we live in no longer seems to be honest and fair. A large number of individuals are par...

What are chargeback frauds and what do they mean for businesses? Explore More

Blog

How biometrics in visa process reduce travel difficulties

Biometric technology is enhancing the travel industry in many ways.  Factors that drive the secur...

How biometrics in visa process reduce travel difficulties Explore More

Blog, Fraud Prevention

Fraud Prevention through Secure Payment Processes

Here’s a question, why do people always say things like  “the good days”? The fact is a number of...

Fraud Prevention through Secure Payment Processes 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

Age verification regulations demanding better compliance from businesses

“Youth is the hope of our future.” Jose Rizal  It is no secret that the youth is a valuable asse...

Age verification regulations demanding better compliance from businesses Explore More

Blog

Anti-Money Laundering (AML) Screening | Combat Online Gambling Scams Effectively

Online gambling has seen significant adoption in the past few years because of the convenience, v...

Anti-Money Laundering (AML) Screening | Combat Online Gambling Scams Effectively Explore More

Blog

5 Best Practices to Combat Identity Fraud on Social Media Platforms

Social media has demonstrated extraordinary growth in the past decade as a result of improvements...

5 Best Practices to Combat Identity Fraud on Social Media Platforms Explore More

Blog

AML Compliance – Global Watchlists that Businesses Need to Consider

Coordinated sanctions after the Russian invasion of Ukraine have made the headlines due to their ...

AML Compliance – Global Watchlists that Businesses Need to Consider Explore More

Blog, Online Marketplace

New Rules by the UK Gambling Commission and Their Impact

The UK Gambling Commission announced new gambling rules earlier this year to make gambling safer ...

New Rules by the UK Gambling Commission and Their Impact Explore More

Blog

KYC and AML Compliance – Addressing the Challenge of Money Laundering in Online Trading Platforms

An online trading platform is a program where shareholders and traders deal through financial int...

KYC and AML Compliance – Addressing the Challenge of Money Laundering in Online Trading Platforms Explore More

Artificial Intelligence, Blog

What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud?

Criminals and organized crime groups have become creative and sophisticated in concealing sources...

What are the 3 Stages of Money Laundering and How Can AML Checks Combat Fraud? 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

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

A Brief Insight Into Anti-Money Laundering (AML) Regulations in Colombia

Money laundering has become a global issue, and almost all countries are facing this threat in va...

A Brief Insight Into Anti-Money Laundering (AML) Regulations in Colombia Explore More

Blog, Business Technology, Identity & KYC

The Reason Why Companies Painstakingly Screen Customers

Remote identity Proofing:  generally believe that more customers bring more revenue. But that is ...

The Reason Why Companies Painstakingly Screen Customers Explore More

Blog

Debunking the Top 7 Myths about Video KYC with CEO of Shufti

Businesses were looking for more robust and remote ways of verifying the identities of customers ...

Debunking the Top 7 Myths about Video KYC with CEO of Shufti Explore More

Blog, Financial Crime / AML, Identity & KYC, Reg Tech

Significance of AML Compliance in Money Services Business

The financial sector landscape is evolving with the advent of the FinTech industry. Many revoluti...

Significance of AML Compliance in Money Services Business Explore More

Blog

The Most Common Use Cases of Identity Document Verification

As data breaches and other crimes increase, regulators must impose strict rules that corporations...

The Most Common Use Cases of Identity Document Verification Explore More

Blog

Enhance Time Efficiency with Shufti’s KYC Solution

The Past Quick and secure e-KYC verification might not have been of importance in the days prior ...

Enhance Time Efficiency with Shufti’s KYC Solution Explore More

Blog

Biometrics Bucking the Trend of KYP in Healthcare

Over the last few years, biometric technology is deeply entrenched in various commercial marketpl...

Biometrics Bucking the Trend of KYP in Healthcare Explore More

Blog

SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023

There is no denying the fact that the financial industry has vital importance in the contemporary...

SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023 Explore More

Blog

Fighting ID Fraud in the Healthcare Industry With Online ID Verification

While the coronavirus outbreak has emerged with a lot of challenges for the healthcare industry, ...

Fighting ID Fraud in the Healthcare Industry With Online ID Verification 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

Video KYC – Ultimate Solution for Financial Institutions

With social distancing becoming the necessity during the pandemic, more and more companies began ...

Video KYC – Ultimate Solution for Financial Institutions Explore More

Blog

Top Applications of Facial Recognition Technology in the Digital Age

Facial recognition technology is biometric security in which an individual’s physical trait...

Top Applications of Facial Recognition Technology in the Digital Age Explore More

Blog

Avoid Non-Compliance Fines with AML Transaction Monitoring

Cybercriminals in the realm of fraud and financial crime are constantly revising exploitation met...

Avoid Non-Compliance Fines with AML Transaction Monitoring Explore More

Biometric Technology, Blog, Online Marketplace

Face Verification Becoming Vital For Travel Industry

Over the past few years, biometric technology has become increasingly mainstream. This is due in ...

Face Verification Becoming Vital For Travel Industry Explore More

Blog

Top 7 Gambling Trends to Look Out for in 2023

Going from a few billion dollars to over $81 bn in a matter of a decade is astronomical for any i...

Top 7 Gambling Trends to Look Out for in 2023 Explore More

Blog, Identity & KYC

Identity Proofing – Prevention from Data Breaches

World economic forum states that Cyberattack is mapped as one of the top threats to global stabil...

Identity Proofing – Prevention from Data Breaches Explore More

Blog

A Brief Insight into the AML and CFT Framework of Thailand

Thailand has become quite a popular and well-reputed financial hub, attracting investors worldwid...

A Brief Insight into the AML and CFT Framework of Thailand 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