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

    Understanding eKYC | The Benefits, Processes & 2024 Forecast

    Understanding eKYC | The Benefits, Processes & 2024 Forecast

    Governments worldwide require firms, such as financial institutions, to know who their customers are and who they’re associated with. The identification procedures, often known as Know Your Customer (KYC) or customer due diligence (CDD), are intended to detect and prevent money laundering as well as other financial crimes.

    The term eKYC electronic Know Your Customer originated from the shift of certain important procedures in sectors that require more severe controls than typical to authenticate the identity of their consumers and end-users. Although eKYC has only become popular in recent years, the term widely recognised as Know Your Customer KYC process that professionals in the relevant fields have used for much longer. 

    Learn more about eKYC, its importance, and the benefits it brings to businesses as well as individuals. Understand the eKYC signal process and countries implementing it, as well as differentiate manual KYC from eKYC, along with the top prediction for 2024 and businesses’ way to go for digital KYC

    What is eKYC?

    Electronic KYC verification is an automated means of validating identity and other KYC requirements. The method will differ depending on the industry, corporate requirements, and client preferences. However, it mainly refers to the use of e-forms, electronic records, and various levels of automation. eKYC, like traditional KYC process, is often performed during the start of the account creation process and is then maintained regularly.

    eKYC vs KYC

    Traditionally, KYC had to take place at a physical location. This meant that to open an account; businesses would generally demand a consumer to present paperwork and documents for verification. eKYC is basically a digitised version of KYC in which consumers fill out forms and provide documents as well as other information digitally via apps or web portals.

    The collection and verification of customer or client information is where KYC and electronic KYC differ. Whilst KYC may require offline procedures such as obtaining and verifying physical documents, eKYC accomplishes the same goals through digital technology. Compliance risk assessment can be done via eKYC without either meeting in person or exchanging physical documents. It is the next evolutionary stage in a crucial process that safeguards businesses as well as society from fraud, scams, terrorism, and other criminal conduct. 

    Why is eKYC Important?

    Because of the increased demand for digitised products and services, businesses are focusing on expanding into markets beyond their geographical borders. Scalability is one of the primary medium-term goals of organisations, allowing them to leverage their value offer and the capabilities of digital technologies to function easily anywhere worldwide.

    In this view, eKYC, which responds to criteria adopted in the majority of states, can allow enterprises to include users and consumers in any state with full legal safeguards if appropriately done and tailored to each market.

    Productivity and efficiency, however, are critical for any organisation. The eKYC increases ratios to previously impossible levels by utilising error-free systems that allow staff to focus on more vital duties whilst ignoring bureaucracy.

    Ekyc Industries Infographic

    Which Countries have Implemented eKYC? 

    Many nations throughout the world have given banking institutions the authority to undertake KYC procedures electronically. Nonetheless, Estonia and India are frequently regarded as at the forefront of the eKYC transformation.

    Since 2001, Estonia’s national ID card has featured electronic features, making the country an example for many other countries seeking to adopt e-IDs. Citizens utilise these e-IDs to access hundreds of government facilities as well as for commercial interests.

    In contrast, India’s Aadhaar system combines a 12-digit number (akin to an SSN) with unique signals such as a person’s photograph, fingerprint, and iris scan. This information is kept in a centralised database and is accessible when a person’s identity has to be verified for government-related purposes. Other than Estonia and India, many other countries are adopting and implementing eKYC, including, but not limited to:

    Countries are adopting ekyc

    The Benefits of eKYC

    eKYC has various benefits, mainly because it may leverage automation more than traditional identity verification methods.

    The Benefits of eKYC for Customers

    Convenience 

    Individuals and businesses can fill out forms and apps without scanning real papers, printing paperwork, visiting physical branches, and standing in line waiting for their turn.

    Rapid Approval Process

    Customers benefit from speedier account opening approvals because of the automated electronic data review.

    Enhanced Privacy 

    Using eKYC often results in fewer human beings examining sensitive data since the system processes it automatically. Customers will benefit from increased privacy overall.

    The Benefits of eKYC for Businesses

    Enhanced Processing Speed

    Identity verification can be accomplished in seconds after submitting customer information, which is substantially faster than a traditional review. This speeds up the process, lowering drop-offs and increasing conversion rates.

    Reduced Workload

    With low reliance on traditional inspection, financial organisations require less staff committed to KYC, allowing resources to be reallocated to other areas.

    Scalability

    eKYC systems enhance corporate growth and flexibility by reducing the requirement for hiring and educating manual reviewers. Additionally, the accessibility of electronic KYC services 24 hours a day, seven days a week, ensures that business operations continue beyond typical working hours.

    Reduced Human Errors

    Reducing human involvement reduces the likelihood of inaccuracies, resulting in better operations.

    The Stages of eKYC

    Biometric identification is the most reliable and fastest technique of verifying identity in any industry or sector, and it works in the following manner:

    Steps in the Ekyc Process
    1. The user enters information into the platform.
    2. Scan the ID card, and AI extracts data from documents, verifying its reliability and accuracy.
    3. As proof, the user is required to present their face and execute the commanded action for live detection.
    4. To identify the consumer, the automated system pulls identifiable patterns from them, creates a user in the system, and compares the data to that included in the identity documents provided.
    5. The system creates credentials that grant the user access to the system as well as the goods and services that are contracted afterward using facial biometric identification.
    6. When the procedure is finished, and the user is onboarded, the data is saved and continually monitored in the future. 

    Examining the user experience and interface in which these steps in the eKYC process will take place is critical. Only the most refined eKYC online identity verification systems can avoid mid-process dropout and ensure excellent outcomes.

    Different Signals to Use When Performing eKYC

    eKYC can help businesses gain a better understanding of their consumers’ identities. This is because eKYC can use a greater variety of information and indicators than standard KYC procedures. Traditional KYC is based on proactive signals like Personally Identifiable Information (PII) the user provides and data from third parties like sanctions or watchlists. eKYC, on the other hand, combines these with passive signs and cognitive signals that are difficult to detect manually by evaluating human forms and papers.

    Active Signals

    Active signals include data provided explicitly by the individual, such as:

    • Name
    • Residence 
    • Birthdate
    • Social Security number (SSN or any other identification number)

    Furthermore, active signals include documents and images uploaded, such as government-issued identification cards, financial records, photos, etc. Along with the shift to eKYC governments such as India, Pakistan, and Estonia have implemented electronic identification forms that serve the same objective as traditional IDs. Although the notion of eID has yet to receive general adoption at the national level in the US and the UK.

    Third-Party Data

    Third-party information refers to signals that are collected from sources other than the people, such as government agencies, business entities, data libraries, and authorised databases. These datasets come in different forms, including:

    • Federal government watchlists
    • Phone risk reports
    • Lists of sanctions
    • Adverse media reports
    • Politically Exposed Persons (PEP) lists
    • Email risk reports

    Third-party data is often acquired in the background throughout the process of opening an account, allowing businesses to improve their understanding of clients without adding further barriers to the KYC process. Additionally, many businesses cross-reference client profiles with these data sources regularly to verify that the person’s position remains constant.

    Passive Signals

    Passive signals, also known as device signals, are generated by the device people use to complete the KYC procedure. Typically, these indicators are acquired in the shadows without anyone’s knowledge. They include a variety of data points, such as:

    • IP address or location information
    • Software fingerprint
    • Browser identifier
    • Metadata
    • VPN information

    Passive signals are important in eKYC because they allow digital verification and contrasting details provided voluntarily by an individual with information silently transmitted through the device. For example, if someone claims to be in Berkeley, but their IP address shows they are now in Miami, additional inquiry may be required to determine their legitimacy.

    Behavioural Signals

    When interacting with web-based interfaces or programmes, individuals’ activities generate behavioural indications. Individuals are generally ignorant that their behavioural indicators may be monitored, examined, and analysed. Among the behavioural indicators are:

    • Recognising hesitations
    • Identification of disengagement
    • Cursor clicks and keypad strokes 
    • Application of developer tools
    • Copy-cut-and-paste operations 
    • Using autofill functionality

    Behavioural signals can be used for a variety of purposes, such as identifying between legitimate individuals and artificially intelligent bots when filling out a form. Additionally, it can aid in detecting probable identity theft situations, such as if an application is filled out mysteriously or by a real person. As a result, behavioural signals, like passive indications, are essential in the realm of eKYC.

    KEy ekyc facts

    Top 5 Predictions for eKYC for 2024

    Automation Take Over to Manual KYC Processes

    Advanced technology like artificial intelligence and machine learning remain poised to gain progress in replacing manual, difficult, and repetitive KYC processes that would otherwise cost a significant amount of energy and time. Fintechs, financial institutions, cryptocurrency exchanges, and IT safety service providers are all starting to use AI-based Customer Due Diligence (CDD) solutions. Nonetheless, the main concern remains how AI or any other technology determines the legitimacy of a document; it checks the following information in a streamlined manner: 

    • The size of the font
    • The distance between phrases and words
    • Recognising altered pictures
    • Examining the document’s expiration date
    • Identifying photoshopped papers
    • Detecting forged unique identification numbers
    • Deepfake detection

    Advanced technology and machine learning will continue to assist businesses in detecting and combating fraudulent activities. The automation and related technologies market is developing at a 20% annual pace and is expected to reach $5 billion USD by 2024.

    Ongoing eKYC to Become a Part of AML Compliance

    Some people and businesses will always be more vulnerable than others. In this instance, a one-time KYC for onboarding high-risk businesses may not be sufficient, so continuing KYC will become an essential component of risk mitigation. High-risk customers, such as PEPs (Politically Exposed Persons), must be examined annually instead of three or five years for low-risk customers. As opposed to relying on continuous traditional KYC, the automated technique shows potential red flags connected with questionable activity, such as:

    • The unusually high volume of transactions
    • Change in ownership of a firm
    • Dealing with high-risk countries and corporations

    Suspicious behaviours will assist corporations in determining the continuous risks connected with interacting with high-risk enterprises and entities.

    Real-time risk profiling using AI and IoT

    The Internet of Things, or IoT, is a network of interlinked physical devices equipped with software and sensor technology that allow data to be shared with other devices. Whilst it is still in its early stages, it will eventually form the cornerstone for all we do digitally.

    The IoT market is only getting started, with a CAGR of 25%. When advanced technology like machine learning or artificial intelligence is used, eKYC will be taken to an entirely different level. IoT will be used by financial institutions, fintechs, and other businesses to save time, effort, and money in establishing digital client identities and tracking money-related activities in real-time. It will also aid companies in risk assessment and profiling to reduce fraudulent activity.

    Additional UBO Information Requirement 

    The Corporate Transparency Act of 2021 with Final Updates makes one thing clear: American corporations must identify their beneficial owners as soon as possible. As a result of recent regulatory developments, ID verification and data about ownership will now be necessary.

    Unidentified ultimate business owners (UBOs), on the other hand, continue to be a significant component of the KYC problem. Frequently, insufficient information on firm ownership creates a barrier to efficient KYC operations.

    Some countries, such as Luxembourg or Panama, are notorious tax havens and might require longer to adapt to new regulations. Nonetheless, regulator bodies and governments will exchange owner-beneficiary data soon to reinforce and comply with KYC requirements.

    More Data Sharing

    Lastly, sharing information with legislative and judicial organisations will only increase soon. Many nations worldwide have made it necessary for enterprises to provide information about the organisations and individuals with whom they do business. All of this takes place in an attempt to reduce fraud and prevent heavy penalties for money laundering and terrorist financing. As AI improves the efficiency of eKYC verification, it will speed up the onboarding and data exchange procedures.

    How Can Companies Implement eKYC? 

    One of the first considerations for companies intending to transition from traditional KYC to eKYC is the technology or mixture of technologies to employ. It is critical to balance company demands with eKYC compliance standards, information security, onboarding simplicity, and, of course, budget. 

    • When searching for the best eKYC solution, seek one that can Integrate with current systems
    • Reduce friction in customer interactions and unnecessary delays
    • Meet and far exceed any applicable regulatory standards
    • Provide real-time filtering against reputable information sources
    • Evolve and adapt to a shifting fraud-detecting landscape via advanced technology like AI and ML
    • Demonstrate its worth by obtaining certification from organisations such as the International Organisation for Standardisation (ISO) 27001

    Having discussed the many advantages that a third-party eKYC solution provider can bring. When businesses begin their search, many providers state that their system is built on powerful AI and machine learning algorithms. That is all well and good, but some go beyond AI and incorporate human touch. All data their AI verifies gets revalidated by live people, adding an additional layer of verification and reducing the possibility of inaccuracy.

    Why Verify Digitally with Shufti?

    Every day, authorities and governments face increased pressure to strengthen money laundering regulations to eliminate financial crimes. Shufti assists businesses in onboarding new clients by understanding consumer behaviour, developing risk profiles, and monitoring ongoing eKYC. Shufti provides electronic KYC solutions in 240+ nations and regions whilst supporting 150+ languages. Shufti is assisting businesses in avoiding scams and complying with stringent regulations.

    Here’s what sets apart Shufti’s eKYC solution: 

    • API and SDK that can easily integrate into the client’s existing system
    • No document uploading 
    • 99.77% accuracy rate and verifies clients in seconds
    • Comply with stringent AML and KYC regulations
    • Fast customer onboarding reduces friction and unnecessary delays
    • Real-time authentication from government databases
    • Risk profiling using advanced technology and AI

    Tired of manual KYC processes and looking to onboard clients whilst maintaining compliance?

    Talk to us

    Related Posts

    Blog

    Marketing Firms embracing KYC Services for Better service Delivery

    Browsing through your Facebook newsfeed and you come across one of ‘Those’ friends – “Hey P...

    Marketing Firms embracing KYC Services for Better service Delivery Explore More

    Blog

    DHSC’s Counter-fraud Strategy to Combat Healthcare Fraud

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

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

    Blog

    The need for identity verification solutions spiking in demand

    At present, we are living in a digital world. Everyone is on the internet which is an anonymous s...

    The need for identity verification solutions spiking in demand Explore More

    Blog

    Shell Companies and Money Laundering: How to Combat Them?

    Shell companies are notorious for all the right reasons. These entities often called ghost compan...

    Shell Companies and Money Laundering: How to Combat Them? Explore More

    Blog

    10 Fraud Signals Every Industry Must Monitor

    Gone are the days when businesses paid attention to customer verification only. Today, organizati...

    10 Fraud Signals Every Industry Must Monitor 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

    ETSI Identity Proofing Standard – How to Meet the New Regulations

    Rapid digitization trends have led banks and financial institutions into competition for providin...

    ETSI Identity Proofing Standard – How to Meet the New Regulations Explore More

    Blog

    How to Create a Wow! Fraud Prevention System with Shufti

    The ever increasing threat of identity fraud skyrocketed when the coronavirus pandemic struck the...

    How to Create a Wow! Fraud Prevention System with Shufti Explore More

    Blog

    Case Study: How Shufti anchors Rapid Global Expansion for BigCash, a Popular Gaming Technology Platform

    Witzeal Technologies, India’s leading gaming platform BigCash, with its 40 million+ users and 1.5...

    Case Study: How Shufti anchors Rapid Global Expansion for BigCash, a Popular Gaming Technology Platform Explore More

    Blog, Fraud Prevention

    What is Loan Fraud and How to Detect it?

    Loan fraud simply means when someone uses your identity to illegally obtain a loan. The crime has...

    What is Loan Fraud and How to Detect it? 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

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications

    The Financial industry is introducing a digital revolution globally. The term Fintech corresponds...

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications Explore More

    Blog

    Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services

    The global art industry is embracing digitization. However, the technological advancements and a ...

    Curbing Financial Crimes and Securing Art Market With Shufti’s AML Screening Services 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

    The Looming Threat of Deepfake Apps for the Financial Industry

    Deepfakes gained prominence back in 2017 when an anonymous Reddit user manipulated Google’s open-...

    The Looming Threat of Deepfake Apps for the Financial Industry Explore More

    Blog

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks?

    The eCommerce industry continues to grow rapidly, so are fraudulent activities. According to Stat...

    Card-Not-Present (CNP) Fraud – How to Prevent False Chargebacks? Explore More

    Blog, Online Marketplace

    ID Verification Ensuring Safety Deals in Real Estate Sector

    Buying and selling properties for people are major, thought-provoking decisions. It requires week...

    ID Verification Ensuring Safety Deals in Real Estate Sector Explore More

    Blog

    Facial Recognition in UAE to Protect Private and Government Sector

    Continuous developments in the world of technology have led to many innovative solutions like fac...

    Facial Recognition in UAE to Protect Private and Government Sector Explore More

    Blog

    Top 5 Payment Trends Transforming the Commerce Sector in 2021

    Financial markets across the globe saw many unpredictable changes due to the pandemic last year. ...

    Top 5 Payment Trends Transforming the Commerce Sector in 2021 Explore More

    Blog

    How machine learning changed facial recognition technology?

    We are entering a new era of fast and secure authentication clubbed with a perfect storm of digit...

    How machine learning changed facial recognition technology? Explore More

    Blog

    May 2023 Recap: The Latest Global Regulatory Updates

    Technological advancements have paved the way for scammers to perpetrate various financial crimes...

    May 2023 Recap: The Latest Global Regulatory Updates Explore More

    Anti Money Laundering, Blog, Financial Crime / AML

    Mastercard’s EFM Compliance – Another Reason to Invest in Verification

    The modern world is an era of technology. Moving into the fourth industrial revolution, digitizat...

    Mastercard’s EFM Compliance – Another Reason to Invest in Verification Explore More

    Blog

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

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

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

    Blog

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

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

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

    Blog

    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

    Blog

    Combating Modern ID Document Forgery: Threats, Trends, and Solutions

    As criminal tactics grow more advanced in the age of digitization, forged identity documents have...

    Combating Modern ID Document Forgery: Threats, Trends, and Solutions 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

    Case Study: Enhancing Security in Live-Streaming with Fast ID

    A global social media company faced a critical challenge: preventing the misuse of its live-strea...

    Case Study: Enhancing Security in Live-Streaming with Fast ID Explore More

    Blog

    How Can You Make Your Onboarding Process Cost-Effective?

    The customer onboarding process can cost your business a fortune if it is complex. In the modern ...

    How Can You Make Your Onboarding Process Cost-Effective? Explore More

    Blog

    How Optical Character Recognition Improves the Process of Identity Verification for Businesses

    Evolving technologies have created a competitive market where every business strives to optimize ...

    How Optical Character Recognition Improves the Process of Identity Verification for Businesses Explore More

    Blog

    Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay

    With almost 70% of the world’s population interacting through social media platforms, businesses ...

    Identity Fraud on Social Media Platforms – How Shufti Keeps Fraudsters at Bay Explore More

    Blog

    Know Your Patient (KYP) – Effective Way to Prevent Identity Fraud and Safeguard Health Care Services

    Like other industries, the medicare industry is also experiencing digitization. However, the heal...

    Know Your Patient (KYP) – Effective Way to Prevent Identity Fraud and Safeguard Health Care Services Explore More

    Blog, Business Technology, Online Marketplace

    Asian Banks push for greater Fintech to cut down AML Compliance cost

    Asian Banks are now asking their regional and national regulators to allow more fintech in order ...

    Asian Banks push for greater Fintech to cut down AML Compliance cost Explore More

    Blog, Business Technology

    Why have IPOs started Implementing Digital KYC?

    Have you heard the phrase “I’m afraid we have to go public Mark”, well then you are on right page...

    Why have IPOs started Implementing Digital KYC? Explore More

    Blog, Online Marketplace

    Know Your Customer Verification for Charity Organisations

    They say no good deed goes unpunished, if we were to take a look at it literally the frauds that ...

    Know Your Customer Verification for Charity Organisations Explore More

    Blog

    How AI is Transforming the Banking Sector

    Artificial Intelligence has extensive applications across several domains: from banking to health...

    How AI is Transforming the Banking Sector Explore More

    Blog

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution

    Telecommunication technology in the healthcare industry is already widely used and is expanding t...

    Building Trust in Health and Telemedicine Services With Shufti’s Facial Biometric Verification Solution Explore More

    Blog, Identity & KYC

    4 Ways KYC Banking Regulations are Shaping the Future

    Know Your Customer (KYC) regulations are vital for the banking system. Money laundering, depositi...

    4 Ways KYC Banking Regulations are Shaping the Future Explore More

    Blog

    Document Authentication | Streamlining Onboarding, Compliance & Fraud Prevention

    Before the world experienced digitisation due to the advent of smartphones, fast-speed internet, ...

    Document Authentication | Streamlining Onboarding, Compliance & Fraud Prevention Explore More

    Blog

    Understanding Digital Identity

    What is Digital Identity? In the digital world, your identity is made up of your p...

    Understanding Digital Identity Explore More

    Blog, Identity & KYC

    Identity Verification – Key to Eliminate BEC Fraud

    Fraud prevention and cybersecurity are the major concerns of the companies in the digital era. No...

    Identity Verification – Key to Eliminate BEC Fraud 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

    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

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks

    Today, money laundering has permeated almost every regulated market and has become the most occur...

    Top 5 Countries Impacted by Money Laundering – How Shufti Helps Mitigate the Risks Explore More

    Blog

    A Go-To Guide to Proof of Address Verification in 2024

    Customer identity verification is significant in today’s digital world – from buying produc...

    A Go-To Guide to Proof of Address Verification in 2024 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

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes

    Bitcoin, Ethereum, Dogecoin, and Tether along with thousands of other cryptocurrencies are rising...

    AML Compliance – How to Steer Clear of Cryptocurrency Crimes Explore More

    Blog, Identity & KYC

    Facial Recognition Technology – Behind The Curtains

    Business competition has made security technology critical. There are many innovative security te...

    Facial Recognition Technology – Behind The Curtains Explore More

    Blog, Financial Crime / AML, Identity & KYC

    5AMLD: Implications for Cryptocurrency

    What is 5AMLD? As part of the Action Plan against terrorism, the 5th Anti-Money Laundering Direct...

    5AMLD: Implications for Cryptocurrency Explore More

    Blog

    Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference?

     Often, people confuse CIP and KYC and think both are the same. Customer Identification ...

    Customer Identification Programme (CIP) vs Know Your Customer (KYC) | What’s the Difference? Explore More

    Blog

    NFC Verification – Making Digital Payments Mainstream from Alternative

    With time, payment methods have evolved from coins to paper-based money, then plastic, and now sm...

    NFC Verification – Making Digital Payments Mainstream from Alternative Explore More

    Blog

    License Verification for Online Transport Services

    License Verification for Online Transport Services The world of transport services has dramatical...

    License Verification for Online Transport Services Explore More

    Blog

    How Shufti’s KYC Solution Can Ensure Compliance For Call Centers Fighting Crime

    With emerging technologies and rapid digitization, the world is relying on the web and a variety ...

    How Shufti’s KYC Solution Can Ensure Compliance For Call Centers Fighting Crime 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

    A Brief Overview of 2021 AML Trends

    Over the last decade, regulatory scrutiny on Anti-Money Laundering (AML) compliance has remained ...

    A Brief Overview of 2021 AML Trends Explore More

    Blog, Fraud Prevention

    4 Fraud prevention tips that you must follow this Holiday Season

    The holiday season is around the corner and it is the time of the year when online shopping and m...

    4 Fraud prevention tips that you must follow this Holiday Season Explore More

    Blog

    Document Verification Services – The Secret Sauce to Keep Fraudsters Away

    Forging someone’s documents is something bad enough but selling them on the dark web is just rubb...

    Document Verification Services – The Secret Sauce  to Keep Fraudsters Away Explore More

    Blog

    Adverse Media Screening Requirements and Why Do FIs Need It?

    The financial services industry is under a lot of regulatory requirements recently, and for all t...

    Adverse Media Screening Requirements and Why Do FIs Need It? Explore More

    Blog

    20 Facts and Statistics About the Global Finance Sector

    The finance sector makes up around 20 to 25% of the global GDP. With the market capitalization re...

    20 Facts and Statistics About the Global Finance Sector Explore More

    Blog

    Shufti Beyond Borders – Customer Experience That Drives Results

    About Stanton Brooks Stanton Brooks is a global customer experience (CX) leader specializing in d...

    Shufti Beyond Borders – Customer Experience That Drives Results Explore More

    Blog

    The Looming Threat of Deepfake Apps for the Financial Industry

    Deepfakes gained prominence back in 2017 when an anonymous Reddit user manipulated Google’s open-...

    The Looming Threat of Deepfake Apps for the Financial Industry Explore More

    Blog

    Biometrics technology a key to key-free world

    In 2016, the biometric market in the United States reached $3.52 billion U.S Dollars and is expec...

    Biometrics technology a key to key-free world Explore More

    Blog

    KYC Compliance Will Become Your Competitive Edge

    Businesses, particularly the financial services sector, have been observing Know Your Customer KY...

    KYC Compliance Will Become Your Competitive Edge Explore More

    Blog, Reg Tech

    How Identity Verification Services make Regulatory Compliance Easier?

    Financial institutions and banks have ended up in a loop of dumping billions of dollars because o...

    How Identity Verification Services make Regulatory Compliance Easier? Explore More

    Blog

    Key Takeaways From Shufti’s ID Fraud Report 2021

    The year 2021 was all about determining and reducing the growing number of biometric identity fra...

    Key Takeaways From Shufti’s ID Fraud Report 2021 Explore More

    Blog

    A Brief Insight into AML Regulations for the Art Market

    While the banking sector faces increased scrutiny to prevent illicit financial flows, a significa...

    A Brief Insight into AML Regulations for the Art Market 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

    Top 10 Biometric Technology Trends to Watch For in 2022

    Biometric innovations in present times have manifested various technological advancements and the...

    Top 10 Biometric Technology Trends to Watch For in 2022 Explore More

    Blog

    Securing Business Operations with Risk Assessment

    The increasing connectivity and dependence of the world on technology have led to a rise in sophi...

    Securing Business Operations with Risk Assessment Explore More

    Blog

    Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers

     The speed of innovation has never been faster. Re-emerging from a global pandemic, busi...

    Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers Explore More

    Blog

    Enhanced Due Diligence: Identifying High-Risk Customers in the Banking Sector

    The digitisation of our world and economies have introduced greater ease and efficiency to our pr...

    Enhanced Due Diligence: Identifying High-Risk Customers in the Banking Sector Explore More

    Blog

    What Makes the Automotive Industry a Vehicle for Money Launderers

    The automobile industry is the world’s biggest revenue-generating sector. In the global aut...

    What Makes the Automotive Industry a Vehicle for Money Launderers 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