Press Release

Tech Connoisseurs Present Shufti Pro for Digital Identity Verification

Ashley Williams
September 15, 2017
3 minutes read
1129

KYC compliant and Identity Verification SaaS, Shufti Pro, is launched for mobile and web-based integration.

BATH, United Kingdom – September, 2015 – A team of talented developers presents Shufti Pro, a SaaS that commences identity verification in real-time through facial recognition and document authentication using artificial plus human intelligence. It solves the current problem of manually having to fulfill the Know Your Customer (KYC) requirements by comparing photo IDs to other documents like driver’s license, credit/debit cards, passports, etc. It makes the task at hand much easier by making it accurate to 99.9% and making it the most cost and time efficient. Shufti Pro provides its customers with a sure shot and simplified way through which they can just hold up their documents to the camera and wait for merely 30 seconds before their documents are flawlessly matched and verified with their identity. The fraud protection service relieves its clients of the hassle and botheration of waiting in long queues to submit the documents by hand in order to get them certified.

Moreover, it reduces the chance of error by incorporating facial image matching, ID verification through holographic overlays, and document verification in the system to facilitate the confirmation of the truth of identity.To prevent the frauds and filter the impostors, Shufti Pro serves as an excellent source of ID checks online so that the real-world person is ensured to be the person who claims to be the owner of the legal identity documents. To detect this, the added layer of human intelligence, comprises of highly specialised personnel, expert at identifying scammers. They will immediately refuse suspected fraudulent customers who fail to pass the ID screening.

With Shufti Pro, customers will have a reliable source of accurate identity substantiation so they may proceed with their daily business transactions without any security concerns or false consumers to worry about, once it is integrated in their systems. Clients have complete authority at their disposal so they are free to use and market Shufti Pro with their systems, according to their terms. This innovation will shape the way digital identity verification has been carried out in the past and will revolutionize the process in a remarkable way. Shufti Pro is definitely the emerging big fish in the market.

About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advance technology. Currently offered in 200 countries and supporting 150 languages, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Team Shufti Pro
info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

Latest News

News
Banks Introduce Confirmation of Payee to Tackle Fraud
The Confirmation of Payee (CoP) system was launched in October 2018 but implementation was delayed multiple times. Now under Payment Systems Regulator rules the six key banking groups—Barclays, RBS, Lloyds, HSBC, Nationwide, and Santander and their subsidiary banks—have a deadline of 30th June to execute the system for Faster Payments and Chaps.
Banks Introduce Confirmation of Payee to Tackle #Fraud https://t.co/gwPKZvpOcb #payments #FasterPayments #CHAPS #BACS #banking #CoP pic.twitter.com/fA8vLiaddQ
— Neira Jones (@neirajones) June 4, 2020
Some banks have already introduced it, so if both your bank and your intended recipient are now taking part, you might be inclined to check who is taking your money. If you can identify a mismatch, the payment can be stopped.
In the past, bank transfers would be complete in spite of the name written and the fact that it matched the account and sort code. This allowed scammers to pose as someone else—often authentic people and companies—and fool people into sending money to the wrong account. Customers could also transfer funds to the wrong account by mistyping the account number by mistake.
Bank of Scotland, Halifax, Lloyds, NatWest, RBS, and Ulster Bank are some of the banks that have already introduced the system to facilitate Faster Payments for both individuals and companies. Faster Payments are the most common type of bank transfer, taking under two hours and for sums up to £10,000. By the end of June, banks from the six main groups will also introduce confirmation for Chaps payments, used for huge sums of money.
After 30 June, banks will be launching the system for Bacs payments, which are mostly adopted for direct payments or by companies to pay salaries. However, the system most likely won’t apply to international payments any time soon.
The Confirmation of Payee system is directed to impede one type of bank transfer scams, namely authorized push payment fraud. According to UK Finance, Britishers lost a staggering amount of £465 million to these scams in 2019. Thit includes unknowingly transferring funds into accounts exploited by criminals or paying for goods and services that were never received.
Last month the Lending Standards Board (LSB) warned that banks aren’t doing enough to protect and compensate victims of this type of fraud, especially their vulnerable customers.

Recent Posts

Blog
CFT & AML Compliance To Hold Back Financial Crimes
In this digital era, many factors are greasing the wheel of money laundering. Due to online transactions, it has become a piece of cake for fraudsters to carry out their financial frauds. But the AML Compliance Program for business is to govern the monitoring of accounts, detection, and reporting of financial crimes to relevant authorities. CFT and AML compliance promote stability in financial markets by mitigating the adverse effects of criminal economic activities and promote stability in financial markets.

In this digital era, many factors are greasing the wheel of money laundering. Due to online transactions, it has become a piece of cake for fraudsters to carry out their financial frauds. But the AML Compliance Program for business is to govern the monitoring of accounts, detection, and reporting of financial crimes to relevant authorities. CFT and AML compliance promote stability in financial markets by mitigating the adverse effects of criminal economic activities and promote stability in financial markets.
AML compliance trace and tackle the frauds like money laundering that any financial institute can face. Customer screening against certain PEP lists and sanction lists is done to complete due diligence and deter money laundering, terrorist funding, drug trafficking and other financial frauds. Anti money laundering checks provide a backbone for CFT (combating the financing of terrorism) and KYC regulations. AML regulations are key components of the US Patriot Act, 2001. In 2005 the Reserve Bank of India made it compulsory for banks across the globe to adhere to AML compliance to detect and prevent the financing of illegal activities.
Financial Regulations for Money Laundering- A Deep Dive:
The Financial Action Task Force, which is a group of 35 countries, work together to curb the risk of financing of terrorism by standardizing regulations to prevent such frauds. These authorities are working to keep a close check on money laundering activities. Many countries are following the guidelines of FATF to impede financial crimes and to restrict terrorist financing and money laundering. There are 40 recommendations of the FATF to put a halt on money laundering which countries follow. The FATF Recommendations are recognized by the global AML and CFT standards. The list of data sets of citizens that is being continuously updated is provided to law enforcement agencies in case any illegal activity is performed by any individual.
What is Combating the Financing of Terrorism?
CFT which is also called Counterfinancing of Terrorism is the process that involves investigation and analysis of sources that are used in the funding of various activities to gain political, religious, or ideological goals. By continuously monitoring transactions and by tracking down the source of the funds that support terrorist activities such activities can be prevented from occurring.
Key Features of CFT:
CFT is achieved by having a proper channel for AML checks. Following are some key features of how CFT works:
CFT is basically restricting the movement of funding of terrorist organizations. By focusing on a variety of entities, including banks, charities, and businesses by regulation, supervision, and reporting.
The efforts which are made to authenticate and put a halt on the movement of money and to monitor transactions to screen out those which are used to fund terrorist activities come under the umbrella of CFT.
The CFT process plays a significant role in identifying money laundering activities from detection to prosecution. Money laundering appears to be legitimate but processes like CFT are used to identify such criminal activities and eradicate them.
Financial Intelligence Units investigate suspicious transactions and information is provided to law enforcement for further investigation or prosecution.
How Combating the Financing of Terrorism Works?
CFT involves guiding and teaching financial investigative techniques and training financial institutes to identify suspicious activities. CFT efforts may examine entities including charities, registered money service businesses, underground banking entities with many others. Money launderers need to conceal the origin and how the money will be used in order to carry out their activities. Such frauds come from legal sources such as legitimate organizations as well as from illegal sources such as drug trafficking and government corruption. Terrorism financing and money laundering, both are interconnected. When an entity is able to detect money laundering activities, it is preventing terrorist funding simultaneously so combating money laundering is a key to CFT.
AML Compliance for Businesses
AML (Anti Money Laundering) practices are used to perform due diligence of customers. Businesses, especially financial institutes need to abide by AML checks to deny the loss of millions in penalties that will be imposed by regulatory authorities for not complying with the regulations. To analyze customer data and to detect suspicious activities financial institutes deploy stringent AML checks. Such checks filter out customer data and classify it accordingto the suspicion level so that high risk customers can be highlighted. Any sudden and abrupt increase in money transfer or large withdrawal should be considered suspicious and businesses should act accordingly. AML checks help financial institutes to impede financial frauds. AML screening detects not only money laundering but also other financial frauds like tax evasion, terrorist financing can also be traced and eradicated.
PEP List Screening- An Integral Part of AML & CFT:
A politically exposed person or PEP is the one who has a high profile role in society. Due to this prominent position that they hold in society they can commit money laundering and other offences. Many case studies and analysis reports have confirmed this fact already. There is a list available that holds all the names of PEPs known as the PEP list. Screening individuals against this list is an integral part of AML and CFT to identify the person. As these people are more likely to be involved in financial crimes so they come under the umbrella of high-risk for financial sectors. With PEP status additional risks which are involved can be highlighted. Businesses need to be more vigilant and must apply additional AML and CFT measures when dealing with such persons. In order to avoid reputational and regulatory damages, PEP list screening is an integral part of AML and CFT regulations.
Read More: Politically Exposed Person – An unsaid threat to Businesses
So in a nutshell, AML and CFT compliance are to eradicate financial crimes. Businesses need to abide by these regulations in order to be safe. If a business fails to comply with these regulations it will end up falling in the pit of money launderers and end up paying a hefty amount of fine which will be imposed by regulatory authorities. So in order to curb financial crimes and meet identity verification requirements businesses should have proper AML checks into their systems.

Tech Connoisseurs Present Shufti Pro for Digital Identity Verification

KYC compliant and Identity Verification SaaS, Shufti Pro, is launched for mobile and web-based integration.

About Shufti Pro

Financial Regulations for Money Laundering- A Deep Dive:

Key Features of CFT:

How Combating the Financing of Terrorism Works?

AML Compliance for Businesses

PEP List Screening- An Integral Part of AML & CFT:

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.

United Kingdom

Sweden

Latvia

Cyprus

Dubai

Tech Connoisseurs Present Shufti Pro for Digital Identity Verification

KYC compliant and Identity Verification SaaS, Shufti Pro, is launched for mobile and web-based integration.

About Shufti Pro

Financial Regulations for Money Laundering- A Deep Dive:

What is Combating the Financing of Terrorism?

Key Features of CFT:

How Combating the Financing of Terrorism Works?

AML Compliance for Businesses

PEP List Screening- An Integral Part of AML & CFT:

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.