Balancing convenience and security: the IDV challenge in Fintech
Fintech companies leverage advanced technology to offer global services like remote banking and payment systems. The wide accessibility of these services exposes them to increased fraud risks, resulting in significant annual financial losses.
Fintechs face several challenges when implementing identity verification systems (IDV), including navigating diverse AML and KYC regulations across different countries, combating high levels of criminal activity, and staying ahead of identity fraud – while maintaining excellent customer experiences. For example, criminals frequently exploit vulnerabilities in digital verification by creating synthetic IDs during account creation. Fraudsters also use emerging technologies like deepfakes to impersonate users. And if fintechs don’t adhere to a regulatory entity’s compliance structure, it can lead to severe penalties.
Effective fintech identity verification solutions must meet stringent compliance standards, offer robust fraud resistance, continuously adapt to new security threats, integrate with the latest devices and software, and adapt to regulatory changes.
Break through industry
challenges to achieve your
organization’s full potential
Ensure complete regulatory compliance with Shufti’s AI-powered AML screening
Shufti’s AML monitoring ensures companies stay compliant with the latest laws and regulations. We continuously screen adverse media databases, Politically Exposed Persons (PEP) lists, sanctions lists, and watchlists. Our platform authenticates documents like passports, driver’s licenses, and national ID cards, ensuring compliance with global KYC and AML regulations. AML screening is continuous and comprehensive; Shufti makes sure you will never be caught off-guard by new requirements ever again.
Drive growth and safety in the fintech industry with rapid onboarding
Our user interface ensures a smooth customer onboarding experience. The Shufti IDV process is extremely fast, typically completed in seconds to increase customer throughput and minimize dropout rates, manual reviews, and operational costs. Supporting over 150 languages, global regulations, and thousands of document types, Shufti adapts to fintechs with a global reach. The result is robust protection with higher conversion rates.
Reduce fraud with Shufti’s comprehensive IDV solution
Shufti’s powerful IDV solutions help fintechs seamlessly prevent a wide range of fraudulent activities and streamline customer verification. Shufti's multi-layer authentication includes facial recognition and liveness detection to defeat identity theft and deepfakes.
How it works
Verify users
Users begin the verification process by uploading documents such as passports, driver’s licenses, and national ID cards. Shufti uses liveness detection, 3D technology, and facial expression analysis to ensure the user is a real person. For countries that require a live KYC session, Shufti makes it easy to create real-time video verification. Shufti makes it easy to reuse stored identity data with multiple verification options (including FastID).
Verify identity data
Shufti’s due diligence forms allow you to collect user data with predefined or custom industry models to ensure regulatory compliance. As part of the verification process, we make it easy to verify a user’s age to Identify minors and restrict their access to protect your business from non-compliance fines. Shufti also extracts address information from multiple documents with sophisticated OCR technology to ensure the accuracy of all provided addresses.
Assess risk
Shufti rapidly evaluates user identities for any associated risks using our AI-driven platform. Our reach spans over 240 countries and territories and 150+ languages, ensuring global verification that checks applicants against 1700+ global watchlists to mitigate fraud.
Perform ongoing AML monitoring
Shufti screens users against global watchlists, PEP lists, and adverse media databases to uphold regulatory standards and ensure a smooth gaming experience.
Verify and monitor investors and businesses
Shufti helps you access global databases to verify business information – including addresses, business statements, and Ultimate Beneficial Owners (UBOs). We also continuously screen users against global watchlists, PEP lists, and adverse media databases to uphold multiple regulatory standards using AI-powered AML monitoring.
Unlock opportunity with next-generation capabilities
Document Verification
Use advanced data extraction and AI-powered verification to process 10,000+ document types worldwide rapidly.
Facial Biometrics
Leverage advanced facial mapping and deep fake detection for secure customer identity confirmation and authentication.
eIDV
Verify customers remotely and paperlessly using e-IDs checked against government databases for quick, accurate results.
Business AML Screening
Screen businesses against PEP lists, sanctions watchlists and monitor media databases to support know your vendor, trader, or supplier requirements.
Investor Verification
Quickly and accurately vet investor identities and credentials to establish trust and achieve compliance with AML and CFT directives.
Transaction Trust Screening
AI-driven decision-making empowers companies to deliver low-friction interactions, ensure compliance, and confidently conduct high-value transactions.
Document Verification
Use advanced data extraction and AI-powered verification to process 10,000+ document types worldwide rapidly.
Facial Biometrics
Leverage advanced facial mapping and deep fake detection for secure customer identity confirmation and authentication.
eIDV
Verify customers remotely and paperlessly using e-IDs checked against government databases for quick, accurate results.
Business AML Screening
Screen businesses against PEP lists, sanctions watchlists and monitor media databases to support know your vendor, trader, or supplier requirements.
Investor Verification
Quickly and accurately vet investor identities and credentials to establish trust and achieve compliance with AML and CFT directives.
Transaction Trust Screening
AI-driven decision-making empowers companies to deliver low-friction interactions, ensure compliance, and confidently conduct high-value transactions.
Document Verification
Use advanced data extraction and AI-powered verification to process 10,000+ document types worldwide rapidly.
Facial Biometrics
Leverage advanced facial mapping and deep fake detection for secure customer identity confirmation and authentication.
eIDV
Verify customers remotely and paperlessly using e-IDs checked against government databases for quick, accurate results.
Business AML Screening
Screen businesses against PEP lists, sanctions watchlists and monitor media databases to support know your vendor, trader, or supplier requirements.
Investor Verification
Quickly and accurately vet investor identities and credentials to establish trust and achieve compliance with AML and CFT directives.
Transaction Trust Screening
AI-driven decision-making empowers companies to deliver low-friction interactions, ensure compliance, and confidently conduct high-value transactions.
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