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

    216.73.217.4

    Transforming the KYC Experience Using Automated Document Verification Checks

    b-img-transforming-kyc

    In 2021, reported fraud losses were $5.8 billion, a more than 70% rise in a single year. As identity fraud becomes a bigger problem in the financial industry, KYC processes are becoming essential to reduce account takeovers, streamline user onboarding, and mitigate suspicious activities. A recent international survey found that one in four financial institutions suffered from identity fraud, with the average loss amounting to more than $31,000.

    In light of this risk, 91% of businesses expect to boost spending on identity verification in 2024. A trustworthy means of identity verification is essential in the digital world. Trust between institutions, businesses, and individuals can be built through the use of identity document verification in a variety of contexts.

    Getting through the Know Your Customer procedure shouldn’t take too much time. Using a document verification solution, businesses can save time and effort verifying customers’ identities. This technology may scan, analyse, and validate documents instantaneously, saving time and ensuring correctness.

    Document Verification History

    The adoption of digital methods is rapidly expanding. In 2020, an estimated 2.9 billion people will use smartphones, which has led to a surge in the demand for services delivered via digital channels.

    Businesses are responding to the preferences of nearly 40% of customers who would instead buy services from a company if it offered a remote channel.

    Businesses must rethink their approach to the KYC process in light of the new digital paradigm. Due diligence methods are especially important for financial institutions (FIs), which are subject to stringent oversight.

    As a result of these considerations, regulators and FIs have had to alter their understanding of client identity verification.

    The strong client authentication procedures, a set of regulatory standards under the EU Revised Directive on Payment Services (PSD2), require authentication of the following factors for complete client identity verification.

    What customers only know

    This involves a secret identifier known only to the customer (password, PIN, one-time password, etc.) to confirm the user’s identity.

    What only customers can provide

    This involves necessitates confirming information that can only come from the customer, such as a photo ID or passport.

    What no one but the customer knows

    This involves confirming a customer-specific physical trait. Biometric authentication, keyboard pattern typing, iris scanning, face matching, etc., are all examples.

    Consequently, document verification is crucial in KYC verification for account opening, investor verification before onboarding, and vendor onboarding in retail. Digital document verification replaces the manual cross-checking of details on paper papers with an automated process.

    Now, we’ll discuss the role of identification document verification in the KYC process and provide some examples of how this practice has helped other organisations succeed.

    Use Identity Document Verification to Accelerate the KYC Process

     Verifying the legitimacy of potential clients’ ID documents, like passports, driver’s licence, and utility bills, is an integral aspect of the Know Your Customer (KYC) procedure. This step is crucial since it helps banks to verify that the customer’s information is genuine and correct. Document verification often uses a specialist identity document verification solution to detect inconsistencies or forgeries between the submitted data and the original document.

    For instance, if a customer submits a passport for authentication, the system will analyse it and compare it to a database of known passports to determine if it is legitimate. The solution will also look for apparent indicators of tampering, such as changing text or inconsistent font sizes. Financial institutions can better detect fraudulent conduct and safeguard their clients.

    Preventing fraudulent actions, maintaining customer trust, and protecting reputations can all result from the implementation of solid identity verification systems. Strict regulatory frameworks like KYC and AML apply to the banking, healthcare, and telecommunications sectors. To stop criminal acts like money laundering and terrorism financing, these regulations demand proof of identity. There may be severe repercussions for failing to comply, including legal action and harm to one’s reputation.

    b-info-identity

    Benefits of KYC Document Verification solution

     The use of document verification solutions is becoming standard in KYC. Businesses and banks can now quickly and safely verify their customers’ identities. Today, ID verification can be automated and streamlined with the help of systems that employ AI and ML technology. New automated IDV systems have allowed enterprises to move away from time-consuming and error-prone manual document verification processes in favour of a more scalable, accurate, and cost-effective automated alternative. Here are several instances where a document verification solution has helped strengthen a company’s know-your-customer (KYC) procedures.

    •         To modernise the brokerage sector, businesses use an artificial intelligence (AI) document verification module, which uses AI algorithms to scan and evaluate identity document verification submitted by clients during the Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. 
    •         To validate identification papers in real-time through a secure digital workflow, digital trade financing platforms have started using the digital identity documentation verification method. 

    Digital Document Verification Vs. KYC

    Digital Document Verification and conventional KYC approaches are at loggerheads in the rapidly changing identity verification world. The KYC process has traditionally played a protective role by requiring the submission of tangible papers to verify an individual’s identification. Similar to the traditional method of doing things using form and personal contact. However, Digital Document Verification stands out as the cutting-edge upstart, thanks to its streamlining the process using artificial intelligence. Customers’ identities can be verified via biometrics and electronic documents.

    Digital document verification has a considerable efficiency advantage. The days of waiting in lengthy lines and mailing confidential paperwork are over. Individuals can quickly and safely verify their identities by uploading papers online. Since human error is minimised, the onboarding process for new services is sped up, and accuracy is improved. Conversely, traditionalists say human interaction is essential to the KYC process and cannot be substituted. Companies are at a crossroads as they weigh the benefits of digital verification (quickness, ease of use) against the security and comfort of tried-and-true KYC procedures.

    Conclusion

     Trust, fraud prevention, and secure data storage are just a few of the many uses for identity verification. Implementing robust identity verification methods helps businesses reduce vulnerabilities, meet legal and compliance standards, and protect their users.

    Multiple verification methods, keeping abreast of new tech, and putting users first will all be crucial in the future. The future of identity verification is bright, thanks to the convergence of AI, ML, blockchain, and decentralised identity systems. These innovations may completely alter identity documentation verification by increasing precision, safety, and user agency over private information.

    Shufti is a forward-thinking organisation that simplifies the identity verification procedure for its clients. With Shufti, your business can verify customers’ identity on the blockchain in a safe and open environment. Through reusable and interoperable gateway passes, our solutions enhance the user experience and decrease onboarding friction.

    Want to learn more about document verification solutions?

    Talk to a KYC Expert

    Related Posts

    Blog, Identity & KYC

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services

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

    CRA Looking to Launch Digitally Secure Ways with Identity Verification Services Explore More

    Blog

    Know your transactions (KYT) boosts your KYC efforts

    Integration problems, lack of adequate attributes, and how Know Your Customers (KYC) are handled,...

    Know your transactions (KYT) boosts your KYC efforts Explore More

    Blog

    Risk Assessment and Management | Why do Businesses need it?

    B2B partnership always carries risks that must be managed whilst staying compliant. Business part...

    Risk Assessment and Management | Why do Businesses need it? 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

    Is Your Company Safe? The Importance of Document Verification to Strengthen KYC Checks

    Businesses across the globe are still vulnerable to threats like money laundering, terrorist fina...

    Is Your Company Safe? The Importance of Document Verification to Strengthen KYC Checks Explore More

    Blog, Reg Tech

    GDPR Phishing Scams – A Novel Trap to Scoop up Information

    General Data Protection Regulation (GDPR), an EU regulation comes into force on 25 May 2018 and a...

    GDPR Phishing Scams – A Novel Trap to Scoop up Information 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

    Real Estate Crimes – What Meets the Eye is not only AML Compliance

    Cleaning black money has always been the incentive behind every financial crime. Owing to this fa...

    Real Estate Crimes – What Meets the Eye is not only AML Compliance 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

    Panama Moves Forward With New Crypto Bill – A Step Towards Legalizing Digital Assets

    Cryptocurrencies have been around for a decade now. As new technologies are emerging, criminals a...

    Panama Moves Forward With New Crypto Bill – A Step Towards Legalizing Digital Assets Explore More

    Blog, Fraud Prevention

    Identity Theft – One Fraud Multiple Facets

    Identity theft is a global crime. All types of identities, including the financial, medical and b...

    Identity Theft – One Fraud Multiple Facets Explore More

    Blog

    Top 5 Ways to Improve Transaction Monitoring in Fintech

    Fintech is a fast-growing sector that combines finance and technology to assist businesses and cu...

    Top 5 Ways to Improve Transaction Monitoring in Fintech 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, Financial Crime / AML, Reg Tech

    AML Checks: An Emerging Frontier in RegTech Revolution

    The Anti Money Laundering (AML) landscape has been around since the signing of BSA (Bank Secrecy ...

    AML Checks: An Emerging Frontier in RegTech Revolution Explore More

    Blog

    Digital COVID Certificate Verification: Prevalent Problems and Viable Solutions

    Following the rollout of viable vaccines to combat COVID-19, the prospects of normalcy are on the...

    Digital COVID Certificate Verification: Prevalent Problems and Viable Solutions 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, Financial Crime / AML, Online Marketplace

    Billion Dollar AML Compliance Plan for the Financial Sector

    The financial services sector has long been blamed for the spread of financial crimes like money ...

    Billion Dollar AML Compliance Plan for the Financial Sector 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

    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

    The Most Frequently Asked Questions About Perpetual KYC

    Maintaining the accuracy of customer data presents a considerable challenge. Automating it has tr...

    The Most Frequently Asked Questions About Perpetual KYC Explore More

    Artificial Intelligence, Blog, Identity & KYC

    How Biometric Technology is Shaping Up for 2020

    The verification of individuals for security measures has become remarkably important for organiz...

    How Biometric Technology is Shaping Up for 2020 Explore More

    Blog, Financial Crime / AML

    AUSTRAC tightens regulations for enhanced AML Compliance

    Australian regulator AUSTRAC has imposed a multi million dollar fine on Commonwealth Bank of Aust...

    AUSTRAC tightens regulations for enhanced AML Compliance 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

    Electronic Identity Verification | Technology and Regulations

    Demand for efficient AML and KYC solutions increases as criminals develop more complex methods of...

    Electronic Identity Verification | Technology and Regulations Explore More

    Blog

    Prevailing Crimes in Identity Verification – How Shufti’s Forensic Document Verification Can Help

    Identity fraud has become quite prevalent in digital businesses which is not only affecting opera...

    Prevailing Crimes in Identity Verification – How Shufti’s Forensic Document Verification Can Help 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, Financial Crime / AML, Fraud Prevention, Identity & KYC

    The FinTech Industry: A Snapshot

    What is FinTech? Financial technology, known more commonly as FinTech, is a term that refers to t...

    The FinTech Industry: A Snapshot Explore More

    Blog

    AML and KYC Regulations in China – New Requirements to Secure Financial Industry

    China’s financial system is undergoing a pivotal transformation. The country is limiting sharehol...

    AML and KYC Regulations in China – New Requirements to Secure Financial Industry Explore More

    Blog

    What You Need to Know About Switzerland’s Crypto AML Rules by FINMA

    Switzerland is historically famous for being a global hub for gold. However, the new digital gold...

    What You Need to Know About Switzerland’s Crypto AML Rules by FINMA Explore More

    Blog

    EDD: Safeguarding Business Interests with Comprehensive Risk Mitigation

    Traditional due diligence practices may not provide sufficient insights into higher-risk business...

    EDD: Safeguarding Business Interests with Comprehensive Risk Mitigation Explore More

    Blog

    Augmented Intelligence – What 2019 have for AI systems?

    Admittedly, Artificial Intelligence or AI has gained a considerable amount of ill reputation from...

    Augmented Intelligence – What 2019 have for AI systems? Explore More

    Blog

    11 Common Mistakes End-Users Commit During KYC – Shufti

    KYC identity verification is one big challenge for end-users. Your customers might be making a lo...

    11 Common Mistakes End-Users Commit During KYC – Shufti Explore More

    Blog

    ID Verification for High-Potential Digital Fraud Cases

    Instances of digital frauds and payment scams are highly damaging for banks and financial institu...

    ID Verification for High-Potential Digital Fraud Cases 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

    Biometric Technology, Blog, Business Technology

    Speed Up customer Onboarding with Online Facial Recognition

    Banks are spending loads to digitize their operations. The competition is mounting, plus, people ...

    Speed Up customer Onboarding with Online Facial Recognition Explore More

    Blog

    Crypto Regulations 2021 – What Digital Currency Providers Need to do

    Cryptocurrency has been a hot topic ever since its advent in 2009. The ability to draw investor a...

    Crypto Regulations 2021 – What Digital Currency Providers Need to do Explore More

    Blog

    Understanding AML Sanction Lists: Key Global Regimes and their Importance

    Sanction lists are expanding regularly and sanctions imposed by different authorities do not alwa...

    Understanding AML Sanction Lists: Key Global Regimes and their Importance Explore More

    Blog

    A Guide to Understanding KYC in Banking

    2022 has witnessed a rise in the number of fraudulent cases by 18% compared to 2021, damaging bus...

    A Guide to Understanding KYC in Banking Explore More

    Blog

    UAE’s Crypto Landscape – Eliminating Financial Crime to Ensure Regulatory Compliance

    The UAE is the Middle East’s rapidly growing cryptocurrency hub that is experiencing a heated-up ...

    UAE’s Crypto Landscape – Eliminating Financial Crime to Ensure Regulatory Compliance Explore More

    Blog

    The Complete Guide | Transaction Monitoring for Financial Institutions

    With technological advancement, financial criminals have also been given a wider range of tools a...

    The Complete  Guide | Transaction Monitoring for Financial Institutions Explore More

    Blog, Identity & KYC

    KYC Compliance – Strengthening Fraud Prevention Across the Globe

    Know Your Customer (KYC)  The widespread availability of the internet has made our world more con...

    KYC Compliance – Strengthening Fraud Prevention Across the Globe Explore More

    Blog

    Shufti Celebrates 5 Years of Innovation in the IDV Industry

    October 2022 marks Shufti’s 5th anniversary – five successful years of building trust globall...

    Shufti Celebrates 5 Years of Innovation in the IDV Industry Explore More

    Blog

    ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024?

     In today’s data-driven, digitized world, various business processes have been automated...

    ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024? Explore More

    Blog

    4 Tips to avoid digital payment frauds

    Due to the contingency caused by the rapid expansion of the Covid-19, online transactions have in...

    4 Tips to avoid digital payment frauds Explore More

    Blog

    A Detailed Insight into Due Diligence for SMEs in Europe

    Recent developments in due diligence legislations have prompted debate on SMEs being subject to t...

    A Detailed Insight into Due Diligence for SMEs in Europe Explore More

    Blog, Fraud Prevention

    6 Steps of Online Fraud Prevention for Businesses

    With the rapid development in the online retail industry and banking industry, there is an increa...

    6 Steps of Online Fraud Prevention for Businesses Explore More

    Blog

    Effective AML Compliance – Top 5 Tips for Businesses in Australia

    Given the significant increase in money laundering and terror financing activities, many countrie...

    Effective AML Compliance – Top 5 Tips for Businesses in Australia 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

    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

    The UK “Children’s Code” – Laying New Grounds for Age Verification

    A 12-month grace period for compliance with a set of standards, introduced for protecting childre...

    The UK “Children’s Code” – Laying New Grounds for Age Verification Explore More

    Blog

    The Trade-off Between Fraud Losses and Compliance Costs in the Banking Sector

    The modern era’s demand for digital-first services in sectors ranging from e-commerce, online dat...

    The Trade-off Between Fraud Losses and Compliance Costs in the Banking Sector Explore More

    Blog

    E-Learning Platforms and Prevailing Crimes – How Shufti Can Help

    The global pandemic is prompting a phenomenal increase in online service. From doing groceries to...

    E-Learning Platforms and Prevailing Crimes – How Shufti Can Help Explore More

    Blog, Online Marketplace

    KYC for Financial Institutions

    E-KYC for Financial Institutions Imagine you’re the owner of a brokerage firm. You’re not exactly...

    KYC for Financial Institutions Explore More

    Blog

    European Payments Initiative Calling for IDV Solutions

    The rise in the popularity of Visa and Mastercard in Europe, both US-headquartered companies, was...

    European Payments Initiative Calling for IDV Solutions Explore More

    Blog

    EDD in Banking: Going Beyond CDD to Establish Trust in the Digital Age

    With technological advancement, hackers are also becoming smarter to bypass verification processe...

    EDD in Banking: Going Beyond CDD to Establish Trust in the Digital Age Explore More

    Blog

    Age Verification Laws and Regulations Worldwide

    The world has become increasingly digital, making it easier to access age-restricted products, se...

    Age Verification Laws and Regulations Worldwide Explore More

    Blog

    AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering

    Cryptocurrency has been notoriously criticised for money laundering and other illicit activities ...

    AML Compliance – Korean Crypto Exchanges Join Hands to Fight Money Laundering Explore More

    Blog

    FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities

    The rise in money laundering, terror financing and other financial crime has encouraged regulator...

    FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities Explore More

    Blog

    Impact of Beneficial Ownership Transparency on Real Estate Crimes

    The high price tags of real estate in the US open doors for corrupt politicians, kleptocrats, and...

    Impact of Beneficial Ownership Transparency on Real Estate Crimes Explore More

    Blog

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020

    Facial recognition has grown by leaps and bounds with the arrival of the sophisticated pattern-ma...

    Facial Recognition Technology Pioneered at Olympic and Paralympic Games Tokyo 2020 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

    Blockchain and cryptocurrency security Guide

    Online bitcoin business might have experienced a slump in recent months but still, it remains to ...

    Blockchain and cryptocurrency security Guide Explore More

    Blog

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

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

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

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

    Global Economies are joining forces with FATF against money laundering

    Financial Action Task Force (FATF) has been very keen on eliminating financial crime (money laund...

    Global Economies are joining forces with FATF against money laundering Explore More

    Blog

    Is Your Company Safe? The Importance of Document Verification to Strengthen KYC Checks

    Businesses across the globe are still vulnerable to threats like money laundering, terrorist fina...

    Is Your Company Safe? The Importance of Document Verification to Strengthen KYC Checks Explore More

    Blog

    KYC ID Verification – A Critical Component for Securing Online Dating Activities

    Social manipulation in online dating platforms targets numerous users and their personal informat...

    KYC ID Verification – A Critical Component for Securing Online Dating Activities 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

    International Tax Body to curb Cryptocurrency based Tax Evasion

    Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the U...

    International Tax Body to curb Cryptocurrency based Tax Evasion Explore More

    Blog

    Mobile Payments – Way of the Future or a Fad of the Digital Age?

    Are we moving towards a world where retailers may one day say “We don’t take cash”? As mobile pay...

    Mobile Payments –  Way of the Future or a Fad of the Digital Age? Explore More

    Blog

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer

    From the world’s glitziest gaming development to betting shops on the high streets, the global ga...

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer Explore More

    Blog

    The Future of Customer Onboarding Post-COVID-19 Pandemic

    The COVID-19 pandemic has changed our lives to the fullest and businesses have suffered a lot as ...

    The Future of Customer Onboarding Post-COVID-19 Pandemic Explore More

    Blog

    Anti-Smurfing Solutions | Safeguard Your Business Against Money Laundering Risks

    Businesses are under constant threat of financial damage. This is primarily because cybercriminal...

    Anti-Smurfing Solutions | Safeguard Your Business Against Money Laundering Risks 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