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

    135.237.131.211

    How ID Verification Helps in Fighting Digital Scams?

    why is id verification

    ID VERIFICATION: Digital scams are common phenomena and it affects all types of businesses in every corner of the world. Research states that 76% of businesses reported being the victim of a digital scam in 2017. Most common scams are, fake identities, data breaches, credit card fraud and account takeover fraud, and as per IBM, the estimated cost of a data breach is $3.86 million. 

    Online businesses have been the victims of various types of fraud which cause financial and non-financial damage. The financial losses include loss of profit, penalties and extra expenses incurred for fraud management. Non-financial loss includes the loss of credit rating, customer value, and competitive edge of the company.

    Fraudsters are always in search of advanced methods to defraud businesses. The regulatory compliances have been amended in response to these multi-facet frauds happening globally. KYC and AML compliance is an integral part of the businesses these days. Digital KYC backed by AI-based solutions is the ultimate digital risk prevention used by online businesses worldwide.

    How online businesses are defrauded?

    Credit Card Frauds

    Online businesses are exposed to credit card fraud just because they accept online card payments. It could happen in different ways, most common are card-not-present(CNP), friendly fraud, lost and stolen card and counterfeit card fraud.  

    According to a survey of Insurance Information Institute (III), more than 40% of the stolen identities in 2018 in the USA were used to commit credit card fraud. These frauds caused the loss of millions of dollars to businesses. 

    Account Takeover Fraud

    The account credentials of a genuine customer are stolen to carry out illegal transactions. This fraud happens often in the financial and fintech sector where money launderers and fraudsters steal account credentials of a client to transfer funds to suspicious accounts. At times account takeover is conducted for monetary gain but most of the time it is conducted with the intention to transfer funds anonymously to terrorists and criminals. 

    Such frauds cause a financial loss in two major forms. Firstly, the business bears loss when it makes a refund to a customer whose account was used illegally. Secondly, major loss occurs in the form of penalties and loss of credibility that occur due to non-compliance of businesses with KYC and AML regimes. 

    So, to prevent monetary loss online businesses are introducing digital KYC and AML screening solutions into their systems.

    Fake Identities

    According to the Insurance Information Institute (III), 3 million identities were stolen in the USA in 2018 and most of these were used to defraud businesses. Stolen identities are sold on the dark web to commit frauds and crimes, targeting businesses, government organizations, and even non-profit organizations.

    Fake identity fraud is committed using fake or stolen ID cards and other identity documents. 

    Common frauds and crimes committed with fake identities are account opening for illegal funds transfer, buying age-restricted goods, money laundering, terrorist financing, etc. 

    Often the fake identities of merchants are used to conduct business with credible entities. Shell companies’ owners hide behind stolen identities to conduct business. Later financial proceeds are manipulated to incorporate black money within the legal proceeds of the businesses. Digital ID Verification and AML compliance solutions mitigate fraud and loss of revenue.

    Data Breaches

    Data is a vital asset for any company. Businesses make profits by selling confidential data of their customers to third parties. That is why data protection regulations like GDPR (General Data Protection Regulations) and CCPA (California Consumer Privacy Act) were introduced to protect the privacy of individuals. 

    Data breaches are a common fraud with businesses causing losses of worth millions of dollars. In the digital era, online businesses have big data that they utilize for revenue generation and improving online customer experience. Hackers steal the credentials of an employee and use them for gaining illegal access to confidential data. Data breaches target business from many angles and use several channels. 

    System hacking 

    Collaboration software are used in companies for communication among teams. Such software are also used for data transfer which is often confidential and could harm the company if a competitor or a hacker gets access to that data. 

    B2B relations

    The businesses are selling the confidential data of their customers to make huge profits, and such data is shared and used under the strict scrutiny of regional regimes and in-house protocols. Scammers are aware of the importance of data and they often exploit the loopholes in the business models of the businesses and steals the confidential data. 

    Recent Equifax data breach is a befitting example here. Equifax had the data of many individuals and business entities, which has been compromised in the database. Now the compromised data will harm the businesses that were in a B2B relation with Equifax. 

    Huge damage could happen due to these data breaches. Frauds and losses entailing them could be prevented if online businesses and organizations of all types use digital identity verification tools before allowing access to databases. Biometric authentication, ID verification are feasible solutions for preventing data breaches. 

    How ID verification is the Savior that you need?

    ID verification is very crucial for online businesses to prevent fraud and losses These solutions screen each and every client that tries to penetrate your online portal, a website or an app, etc. 

    Below is an infographic that describes how identity verification will not only prevent fraud but will be a source of value and profit generation. 

     

    Digital identity verification has more than just fraud prevention for online businesses. It helps businesses in building strong and trustworthy relations with their clients and merchants. On the other hand regulatory compliance is made easy and seamless and helps in value generation for the company. 

    How Digital identity verification works?

    Digital identity verification is a seamless process that verifies the identity of individuals within 30 to 60 seconds. Shufti’s unrivaled identity proofing solution gathers information from an ID card or other identity documents in real-time and matches it with the information entered by the end-user.

    Also to add up to the security, end-users ID verification is conducted and matched with the image on an ID card. On the other hand, documents are scanned for default format and forged information. 

    The detailed screening of documents and information provided by the end-users eliminates fraud at the very first stage. 

    Below is a graphical representation of Shufti’s ID verification process.

    id verification process

    To wrap up, online businesses have huge growth potential so is their exposure towards cybercrimes. Digital identity verification is the ultimate fraud prevention solution for online businesses to reduce their fraud losses and to improve profits.

    KYC and AML compliance is inevitable. Shufti helps you to do it efficiently by providing customized solutions that suit your cost and compliance needs. Every business is a separate entity, its compliance and security needs are unique as well. Therefore plan your customized identity verification solution with Shufti today to stay one step ahead of fraudsters and your competitors. 

    Related Posts

    Blog

    Eradicating Financial Crimes in Online Gambling using NFC Verification

    Emerging technologies have altogether revolutionized the online gambling industry and instead of ...

    Eradicating Financial Crimes in Online Gambling using NFC Verification Explore More

    Blog, Identity & KYC

    Online Age Verification Keeps A Tight Rein On Minors

    According to The Newyork Times, online age verification is a daunting task, even for experts. How...

    Online Age Verification Keeps A Tight Rein On Minors 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, Online Marketplace

    Nordic Banks brace for Digital KYC with centralized Database

    Five major Nordic banks have formed a partnership to establish a company that will compile a cent...

    Nordic Banks brace for Digital KYC with centralized Database Explore More

    Blog, Identity & KYC

    ICOs and KYC Compliance

    With the surge in digitalisation of payments and crowdfunding; the need to set proper standards f...

    ICOs and KYC Compliance 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

    NFTs and Surging Crimes – How Shufti’s AML/KYC Solution Can Secure The Digital Ecosystem

    Non-Fungible Tokens (NFTs) are by far one of the most popular topics right now. Artist Mike Winke...

    NFTs and Surging Crimes – How Shufti’s AML/KYC Solution Can Secure The Digital Ecosystem Explore More

    Blog

    China’s New Data Security and Personal Information Protection Laws [2022 Update]

    For the purpose of identification, interdiction, and prevention, many governments, regulators, an...

    China’s New Data Security and Personal Information Protection Laws [2022 Update] Explore More

    Blog

    KYCC – Going an Extra Mile to Prevent Financial Crimes

    As cases of money laundering and terror financing are increasing globally, the concerns to overco...

    KYCC – Going an Extra Mile to Prevent Financial Crimes Explore More

    Blog

    5 AML Compliance Trends for 2023 – New Regulations and Technological Advancements

    From digital payments to new regulations on preventing fraud and FINRA’s guidelines on penalising...

    5 AML Compliance Trends for 2023 – New Regulations and Technological Advancements Explore More

    Blog

    Financial Regulations Against Crypto Sanctions Evasion in the UK – Is the Crypto Sector Safe?

    Many governments throughout the world are facing concerns of money laundering and sanctions evasi...

    Financial Regulations Against Crypto Sanctions Evasion in the UK – Is the Crypto Sector Safe? Explore More

    Blog

    UK’s FIU Issues New Guidelines for Suspicious Activity Reporting

    The UK’s Financial Intelligence Unit (UKFIU) has issued new guidance in August 2021. The latest i...

    UK’s FIU Issues New Guidelines for Suspicious Activity Reporting Explore More

    Blog

    Romance Scams: Protect Your Heart and Wallet with Identity Verification

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

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

    Blog

    Affiliate Fraud Detection | How to Prevent it in 2024

    Affiliate marketing is growing at an exceptional rate, worth $17 billion by the end of 2023, and ...

    Affiliate Fraud Detection | How to Prevent it in 2024 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

    GDPR Checklist – Practices to adopt as Business Norms

    It’s been a little over eight months since the GDPR came into effect on 25 May 2018. From that po...

    GDPR Checklist – Practices to adopt as Business Norms 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

    Frequently Asked Questions about OCR Scanners

    The way we process and analyse written information has been entirely transformed by Optical Chara...

    Frequently Asked Questions about OCR Scanners Explore More

    Blog

    A Basic Guide to Smurfing and the Role of AML in Combating It

    Scammers employ various strategies to conceal illegally acquired funds, and one increasingly prev...

    A Basic Guide to Smurfing and the Role of AML in Combating It Explore More

    Blog

    Sim Swap Fraud: A new battle in the war of your Identity

      In our connected world, we are using mobile devices for communication, work, banking, and enter...

    Sim Swap Fraud: A new battle in the war of your Identity Explore More

    Blog

    Enhanced Due Diligence – How to Identify and Deal with High-Risk Customers

    Business relationships always come with associated risks that require carefully implemented measu...

    Enhanced Due Diligence – How to Identify and Deal with High-Risk Customers Explore More

    Blog

    The ‘What’, ‘How’ and ‘Why’ of Sanctions Screening | A Basic Guide

    International collaboration and cross-border transactions have become the norm in our interconnec...

    The ‘What’, ‘How’ and ‘Why’ of Sanctions Screening | A Basic Guide Explore More

    Blog

    AML/KYC 2020 – how 2019 changed the landscape of global regimes?

    Copy pasting your 2019 AML/KYC compliance strategy to 2020 plan will not do the job. Businesses n...

    AML/KYC 2020 – how 2019 changed the landscape of global regimes? 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

    Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations

    The stability of the global economy is at risk pertaining to the rapidly growing issues of money ...

    Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations Explore More

    Blog

    Blockchain and Identity Theft: Potential Challenges and how to Tackle Them

    Blockchain has become increasingly popular because of its potential to provide secure transaction...

    Blockchain and Identity Theft: Potential Challenges and how to Tackle Them Explore More

    Blog

    5 Key Questions about Facial Recognition Answered by Experts

    Technology has definitely made life convenient but comes with a gazillion concerns from anyone wh...

    5 Key Questions about Facial Recognition Answered by Experts Explore More

    Blog

    CBN Regulatory Regime – New KYC/AML Requirements Payment Services Banks

    With the increased risk of financial crime, banks and other financial institutions within a state...

    CBN Regulatory Regime – New KYC/AML Requirements Payment Services Banks Explore More

    Blog

    Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks

    Spoofing attacks are not limited to just emails and fake websites. Hackers and cybercriminals hav...

    Identity Verification with Liveness Detection: The Key to Preventing Spoofing Attacks Explore More

    Blog

    AML/CFT Regulations of Hong Kong: Paper Over Cracks?

    On September 15, 2021, Hong Kong’s Securities and Futures Commission issued consultation conclusi...

    AML/CFT Regulations of Hong Kong: Paper Over Cracks? Explore More

    Blog

    Identity verification solutions to fight against faces of fraud

    In this digital world, billions of smart devices are circulating, connecting and communicating wi...

    Identity verification solutions to fight against faces of fraud Explore More

    Blog

    Securing Digital Payments and Mitigating Financial Crimes Through AML Screening Solutions

    The promise of payments technologies is being realized. Consumers are executing frictionless paym...

    Securing Digital Payments and Mitigating Financial Crimes Through AML Screening Solutions Explore More

    Blog

    Online Payment Fraud and the Role of AML Transaction Monitoring

    Imposing travel restrictions worldwide after the COVID-19 pandemic led to an unprecedented surge ...

    Online Payment Fraud and the Role of AML Transaction Monitoring Explore More

    Blog

    Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help

    International trade is exchanging services, capital, and goods across borders or territories, gen...

    Global Trade and Prevalent Crimes – How Shufti’s AML Solution Can Help Explore More

    Blog

    KYC Identity Verification – Building Customer Trust in Ride-Hailing Services

    The transportation industry is in the phase of significant disruption, redefining its services an...

    KYC Identity Verification – Building Customer Trust in Ride-Hailing Services Explore More

    Blog

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution

    In recent years, Know Your Customer (KYC) has gone through significant digital transformations. B...

    Expanding and Securing Financial Services with Shufti’s Video KYC Solution 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, Business Technology

    Business Verification – Foolproof Ways to Secure Happy Customers

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

    Business Verification – Foolproof Ways to Secure Happy Customers Explore More

    Blog

    Prevailing Crimes in Metaverse – How Shufti’s IDV Solution Can Help

    Metaverse is a virtual space where people belonging to the same or different physical regions can...

    Prevailing Crimes in Metaverse – How Shufti’s IDV Solution Can Help Explore More

    Blog

    The Power of Robotic Process Automation in the Banking Industry

    Entering into the fourth industrial revolution, business processes are shifted to the digital sph...

    The Power of Robotic Process Automation in the Banking Industry Explore More

    Blog

    The Crucial Role of Digital Onboarding and Ongoing KYC Monitoring

    In this digital world, users expect convenience, speed, and greater security. Businesses that off...

    The Crucial Role of Digital Onboarding and Ongoing KYC Monitoring Explore More

    Blog

    Forex Market – Are there Enough KYC/AML Regulations to Keep Perpetrators at Bay?

    Regulatory pressure, hefty penalties and increasing criminal instances are some risks associated ...

    Forex Market – Are there Enough KYC/AML Regulations to Keep Perpetrators at Bay? Explore More

    Blog

    How to Combat Document Forgery in 2023 and Beyond

    As digitisation continues to change our world and daily practices at an exponential rate, crimina...

    How to Combat Document Forgery in 2023 and Beyond Explore More

    Blog

    AML Compliance – Eliminating Financial Crimes in FinTech Firms

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

    AML Compliance – Eliminating Financial Crimes in FinTech Firms Explore More

    Blog

    Establishing a KYC/AML Compliance Regime for the FinTech Sector

    Today, more than 60% of the financial institutions in the market consider Fintech startups to be ...

    Establishing a KYC/AML Compliance Regime for the FinTech Sector Explore More

    Blog

    Identity Verification and Prevailing Crimes – How Shufti’s Proof of Verification Services Can Help

    With growing digitization, emerging technologies, and increased use of online transactions, a hug...

    Identity Verification and Prevailing Crimes – How Shufti’s Proof of Verification Services Can Help Explore More

    Blog, Online Marketplace

    Nordic Banks brace for Digital KYC with centralized Database

    Five major Nordic banks have formed a partnership to establish a company that will compile a cent...

    Nordic Banks brace for Digital KYC with centralized Database 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

    Face Verification Technology Grooving in the Education Sector

    We are now in a golden age of face recognition. The main reason for rapid adoption is recognition...

    Face Verification Technology Grooving in the Education Sector Explore More

    Blog, Business Technology

    Biometric Verification – Shaping the Future of Payments

    Today’s world is no longer different from the science fiction world. With the advent of technolog...

    Biometric Verification – Shaping the Future of Payments Explore More

    Blog

    Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks

    With emerging technologies, financial services are witnessing a digital revolution that is changi...

    Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks 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

    Why KYC Solutions are becoming a norm in Cryptocurrency?

    KYC Solutions provide a great opportunity for crypto exchanges and virtual currency enthusiasts t...

    Why KYC Solutions are becoming a norm in Cryptocurrency? Explore More

    Blog

    A Deep Dive into Know Your Business Verification

    Customer verification is essential for all businesses to onboard legitimate customers, but what a...

    A Deep Dive into Know Your Business Verification Explore More

    Blog

    KYC Verification – The Need for Customer Due Diligence in Co-Working Spaces

    The development of coworking platforms has led to a business transformation that brings security ...

    KYC Verification – The Need for Customer Due Diligence in Co-Working Spaces Explore More

    Blog, Online Marketplace

    Demand for KYC & ID Verification in Higher Education

    I remember a friend of mine, Jack, from high school he was one of the most non-serious people I k...

    Demand for KYC & ID Verification in Higher Education Explore More

    Blog

    How Online ID Verification Supports Age-restricted Sellers?

    The online stores selling age-restricted products like gaming services, medicine or drugs are in ...

    How Online ID Verification Supports Age-restricted Sellers? Explore More

    Blog

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution

    Transition is the only thing that is inevitable in the universe. Every passing day is changing ou...

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution 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

    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

    Securing FinTech Startups using Shufti’s AML/KYC Solution

    Financial technology commonly known as FinTech is rapidly growing across the globe with a lot of ...

    Securing FinTech Startups using Shufti’s AML/KYC Solution Explore More

    Blog

    Electronic Identity Verification | Forecasts and Predictions

    Identities change as the world goes more digital. As more activities, like banking, socialising, ...

    Electronic Identity Verification | Forecasts and Predictions Explore More

    Blog

    Secure Ride-Hailing Services – Building Trust Through NFC Verification

    Despite the fact that modern ridesharing has only been operating for approximately a decade, it h...

    Secure Ride-Hailing Services – Building Trust Through NFC Verification Explore More

    Blog

    How identity verification can help prevent Medical Identity Theft?

    Digitization is reshaping the future of healthcare. With the healthcare industry, having more res...

    How identity verification can help prevent Medical Identity Theft? Explore More

    Biometric Technology, Blog, Online Marketplace

    Why a Business would need Biometric Consent Verification?

    Biometric consent verification is a unique solution from Shufti that enables businesses and c...

    Why a Business would need Biometric Consent Verification? Explore More

    Blog

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

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

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

    Blog

    Balancing UX and Security in the Finance Sector with Biometric Authentication

    The global coronavirus outbreak transformed financial operations and forced retailing banks to te...

    Balancing UX and Security in the Finance Sector with Biometric Authentication 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

    Identity Verification Forecast: How Will KYC Evolve in 2023?

    As the world becomes more digital, scammers are honing their craft and employing trickier techniq...

    Identity Verification Forecast: How Will KYC Evolve in 2023? Explore More

    Blog, Identity & KYC

    Digital KYC Streamlines Customer On-boarding Process

    Shufti brings forth digital KYC verification services to perform identity verification proces...

    Digital KYC Streamlines Customer On-boarding Process Explore More

    Blog

    April 2023 Recap: Major AML Fines and Key Events

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

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

    Blog

    Anti-Money Laundering Challenges Faced by the Fintech Industry

    Since the implementation of the bank Secrecy Act (BSA) in 1970, the United States government has ...

    Anti-Money Laundering Challenges Faced by the Fintech Industry 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