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Press Release

Cryptocurrency exchange Coinipop joins hand with Shufti Pro to onboard customers

Edward lilly
April 29, 2020
3 minutes read
18878

London (April 2020) – Shufti Pro onboarded Coinipop to verify their customers. Shufti Pro will provide AML and KYC screening services.

Shufti Pro is an identity screening services provider. It provides KYC/AML and KYB screening services to a global clientele. Recently it onboarded Coinipop, which is a crypto to fiat exchange. Shufti Pro holds its pride in its global coverage. It has customers around the globe and has verified people in 230+ countries and territories. The global clientele is provided unparalleled speed, accuracy, price and customer support. With these great services, Shufti Pro has gained global acclaim among different industries.

Cryptocurrency has gained huge acclaim around the globe and the predicted future is also bright for this industry. The growth is not a trend but the beginning of a new era, where regulatory authorities are getting involved to control and prevent bad actors from causing friction in this growth. Common crimes facing identity screening services are money laundering, terrorist financing, fake identity fraud, account takeover fraud, and financial fraud. So, the identity screening of customers is inevitable to prevent these risks.

Coinipop is also a cryptocurrency exchange, registered in Estonia and licensed to provide services of exchanging a virtual currency against a FIAT currency – Converting FIAT currency (USD/EUR/GBP) to Cryptocurrency (BTC/ETH).

For Coinipop, security and regulatory compliance is vital. It wanted to practice stringent security measures on its platform to practice proactive fraud prevention and to give a secure and seamless user experience to its customers. Shufti Pro proved to be a reliable partner with its next-generation KYC/AML solutions. The solutions use Artificial Intelligence (AI) to screen individuals. It delivers 98.67% accurate results and can verify a person within 30 seconds, through real-time screening of its identity documents, and biometric authentication.

Shufti Pro will provide KYC and AML screening services to Coinipop. Talking about this collaboration Oana G A of Coinipop said; “Coinipop AML and KYC procedures are very strict, Coinipop using ShuftiPro as the most advanced systems in order to confirm the authenticity of documents and information provided by Users.”

Victor Fredung CEO Shufti Pro also expressed his thoughts regarding this partnership and said; “We are excited to onboard Coinipop and aim to maintain this partnership for a longer period. For us customer experience is the primary goal, hence we will try our best to provide the best of our services and customer support. Day by day, our clientele is becoming diverse and expanding globally which is definitely exciting for us. With increased customer expectations we are always in a bid to make our services even better.”

About Coinipop

‘Coinipop’ is a cryptocurrency exchange, registered in Estonia and licensed to provide services of exchanging a virtual currency against a FIAT currency – Converting FIAT currency (USD/EUR/GBP) to Cryptocurrency (BTC/ETH). Customers can purchase Bitcoin and Ethereum through its website, using credit cards/wire transfer.

About Shufti Pro

Shufti Pro is an identity verification service provider that offers KYC and AML solutions to worldwide clients. Using a hybrid approach of AI and HI technology, Shufti Pro delivers results within 30 seconds with accuracy as high as 98.67%. Having verified users in over 232 countries, Shufti Pro is a pioneer in IDV services to cover a large number of countries.

Contact sales@shuftipro.com to get on board!

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
Congress to Pass Urgently Needed AML & Whistleblower Protections Against Russian Oligarchs
About Coinipop
About Shufti Pro
Congress is close to passing urgently required AML and whistleblower protections targeting Russian money laundering and sanctions evasion

The bipartisan members of congress understand that the loopholes in the whistleblower laws that cover money laundering and sanctions must be amended in order to hold Russian oligarchs accountable.

A detailed investigation by Danske Bank confirmed that Russian millionaires and billionaires illegally used the bank’s offices in Estonia to perform transactions worth over $230 billion. A whistleblower who first reported the scandal was forced to resign from the job as reported by the Russian newspapers.

Money laundering sanctions were pending in the senate House H.R.7195, sponsored by Reps. Alma Adams (D-N.C.) and Anthony Gonzalez (R-Ohio) and S.3316, sponsored by Sens. Charles Grassley (R-Iowa), Raphael Warnock (D-Ga.), and Elizabeth Warren (D-Mass.). This will enable the department of treasury the ability to monitor the hundreds of billions of dollars that passed via the American banks.

The law enforcement officials who administer the AML programs widely praised the Dodd-Frank whistleblower laws, They recognize them as the most effective and powerful anti-corruption law in the US. The organization for Economic Cooperation and Development’s most recent independent assessment of American international corruption legislation praised the Dodd-Frank whistleblower protections for providing substantial incentives for qualified whistleblowers to reveal foreign bribery.

The effective elements of the Dodd-Frank were entirely on the basis of the legislation currently before Congress. With the use of these clauses, the whistleblowers who provide “Original Information” that leads to successful prosecutions would be encouraged and compensated.

The genius of these laws is that they cost the taxpayer nothing, and generate billions for the victims of crime and the taxpayers. This is done by setting up a “revolving fund” into which the fines collected received from the offenders in cases started by whistleblowers are put. All compensation received from these revolving funds, whether it is given to victims, informants, or taxpayers, is a direct result of the whistleblowers’ generation of penalties and sanctions.

Suggested read: Russians Approach UAE’s Crypto Firms in Search of Safe Havens

Recent Posts

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Identity Verification - Building Trust and Combating Scams in Online Dating
About Coinipop
About Shufti Pro
Since the beginning of civilization, humans have always preferred to live in communities. This concept has given rise to match-making and caused a race among individuals to find the perfect match. With online operations becoming the order of the day, the methods for matchmaking have also evolved and people find it more convenient to find their partners on online dating apps.

As per the statistics, in 2021 there were 323.9 million users on dating sites with 42% of them aiming for marriage. Although there is a myriad of advantages to online matchmaking, fraudsters have also come forward to exploit these dating platforms. It has been reported by FTC that in 2021, there were five times more scams than in 2020.

Identity Fraud in Online Dating Platforms

Online dating platforms have revolutionized the matchmaking industry where users do not have to pass through hefty processes to find a perfect match. While searching for a partner, last thing users will want is to find scammers. Unfortunately, it has adopted the shape of reality and users are not only facing financial losses but also at constant risk of identity loss that could further lead to huge damages. By getting the identities of users, criminals can move towards more heinous crimes including; bank account fraud, fake social media accounts, loans, credit card fraud, and many more.

The online dating industry is considered a highly profitable one which can be estimated by knowing the fact that the dating site Bumble is valued at $3 billion. Moreover, Match Group which is the owner of websites like Tinder, and Match.com have a revenue of more than $1.7 billion. Not only for business owners but the dating industry has proved itself beneficial for users. It has been estimated by Cloudwards that 54% of online dating platform users have reported that their relations have remained successful.

Despite all these facts, the danger of identity theft is always linked with dating sites which is not only discouraging users but also give a bad name to the platforms. All the well-reputed dating apps have implemented stringent measures to curb all these activities but the issue is still persisting. The whole system is in dire need of strict “Know Your Customer (KYC)” measures so that all fraudulent practices and people can be discouraged and kept away from onboarding the system.

Prevalent Dating Scams

Dating scams are not only limited to financial frauds but fraudsters have found a myriad of ways to steal identities and further use data to blackmail and exploit users. Following are some of the major identity theft scams which users are facing nowadays.

Malware Scams

Malware scams have become a huge threat for users which is giving rise to cases of identity theft. Dating apps are the major platforms used by imposters to carry out such crimes. In malware scams, criminals ask users to leave the dating site and visit their personal Facebook, Instagram, or any other web page.

That particular page is usually illegitimate and once the users visit that page, they become a victim of identity theft. All such pages contain malware or span files that do not give second chance to users to escape without theft.

Code Verification Scams

Code verification scam is usually carried out on Tinder where fraudsters send the user a link to verify a Tinder account. The link is actually a third-party link, upon clicking it users can lose their identity like name, address, social security number, and even bank account details.

Tinder has stated multiple times that they do not send any link to the users to verify accounts but still cases are growing. In the span of 2016-2020, the scams related to code verification have increased four times.

Financial Scams

Besides identity theft, users are prone to a huge number of financial scams where criminals are using several tactics to fraudulently take money out of their accounts. For every age group, the number is increasing day by day and people are losing more money.

FTC has reported that users between the ages of 18 and 29 are mostly affected by financial scams. The number of cases in 2021 is ten times more than in 2017 and the median individual has reported a loss of $750.

Global Regulations to Curb Dating Scams

Crimes involving online dating platforms have become a bad dream for the law enforcement authorities which has convinced them to take strict measures to control these activities. All the countries are putting their best efforts to curb this menace and make dating apps a secure and safe platform for users.

USA

USA is leading from the front to discourage criminal activities on online dating platforms. In 2005, International Marriage Broker Regulation Act (IMBRA) was legislated by lawmakers which has become a huge hurdle for fake dating service providers. As per this law, it is mandatory for dating sites to make a background check on the customers to get information about their marriage and criminal record status of users.

Majority of the states have put an age restriction on users to join all such platforms. New Jersey has gone one step forward and made it necessary for dating sites to inform authorities in case verification checks are not practiced.

UK

United Kingdom (UK) is a country where owners of online dating platforms have formed the Online Dating Association (ADO) which has taken responsibility for securing users from fraud.

Additionally, a new dating app has been launched in the UK which has vowed that it will biometrically verify users before joining the platform. In this way, they will eradicate the concept of joining online dating websites without any verification.

Role of KYC in Curbing Dating Scams

Integration of customer verification solutions is the first thing that all online dating businesses need. With help of “Know Your Customer” measures, it will become quite easy for platforms to distinguish legit entities from criminals and onboard those ones who only have the aim of matchmaking.

Facial Verification

Through facial verification, the physical presence of users can be checked using liveness features while onboarding. The facial imprint can further be compared with the picture on the document and in this way, the identity of a user will be verified without leaving any space for fraudsters.

Document Verification

The use of OCR technology in combination with a robust identity verification solution assists in onboarding legitimate customers. Verification through documents is considered the most secure way of verifying users, so any system configured with these stringent measures can serve the purpose.

How Shufti Pro Can Help

Statistics of fraudulent activities on online dating platforms show an alarming situation that immediately needs to be dealt with. Shufti Pro’s IDV suite comes with document verification and biometric facial recognition, and is backed by powerful AI algorithms that can help online dating platforms to keep the bad actors away from the system.

Shufti Pro offers a compatible all-in-one solution for verification of customers from anywhere in the world, which filters out fraudsters effectively. With Shufti Pro’s OCR technology and facial liveness features, dating platforms can verify their users with 98.67% accuracy in less than a second.

Want to learn more about our identity verification solution for dating platforms?

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Cryptocurrency exchange Coinipop joins hand with Shufti Pro to onboard customers

About Coinipop

About Shufti Pro

Identity Fraud in Online Dating Platforms

Prevalent Dating Scams

Malware Scams

Code Verification Scams

Financial Scams

Global Regulations to Curb Dating Scams

USA

UK

Role of KYC in Curbing Dating Scams

Facial Verification

Document Verification

How Shufti Pro Can Help

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.