Press Release

Open Systems Technologies International Partners with Shufti Pro for KYC Provision

Tyler Braxton
October 26, 2021
3 minutes read
2143

Originally Published at Open PR

CANARY WHARF, UK – OCT. 26, 2021 – Shufti Pro and Open Systems Technologies International (Bahamas) Limited have entered into a strategic partnership for assisting financial institutions in mitigating the risk of financial and identity fraud while staying in line with AML/KYC regulations.

The global AML, KYC, and KYB service provider Shufti Pro has signed a reseller agreement with Open Systems Technologies, an integrated IT solutions and service provider, to help deliver AI-powered identity verification (KYC) and background screening (AML) solutions to customers serviced by Open Systems Technologies. Services rendered by Shufti Pro leverage thousands of in-house AI models to perform comprehensive ID verification, offering a viable alternative for manual KYC processes and traditional passwords.

Customers of Open Systems Technologies International can now utilize Shufti Pro’s solutions as a strategic business advantage for meeting global AML/KYC compliance targets, enabling frictionless client onboarding, and preventing fraud such as identity theft, account takeover, and money laundering among others.

“We are excited to partner with Open Systems Technologies International and have them utilize our AI-based KYC/AML solutions. This partnership will also help expand Shufti Pro’s reach into new territories and business segments, which aligns with our plans of securing global organizations from identity and financial fraud”, said Victor Fredung, CEO of Shufti Pro.

Commenting on the partnership, Peter C. Bridgewater, President and CEO of Open Systems Technologies International stated, “We believe our partnership with Shufti Pro Identity Verification Solutions will provide a key benefit to the Financial Industry and businesses to enhance local and global regulatory requirements utilizing fintech KYC and AML Screening solutions to prevent Fraud using Artificial Intelligence and Machine Learning.”

Shufti Pro, which is marking its 4th anniversary this year, currently provides digital KYC, AML and KYB solutions to 500+ businesses, with complete expertise in ID verification. The SaaS provider offers global coverage in 230+ countries and territories with multiple language support. Earlier this year, Shufti Pro launched NFC verification and COVID certificate verification solutions to authenticate chip-based ID documents and covid vaccine certificates, respectively.

About Open Systems Technologies International

Open Systems Technologies International (Bahamas) Limited is a leading provider of Enterprise Content Management, Business Continuity and Cybersecurity solutions in the Bahamas since 2001. With the primary objective to assist businesses in improving productivity and operational efficiency, the company facilitates knowledge management and continuous improvement for business in a global marketplace.

About Shufti Pro

Shufti Pro is globally acclaimed for providing digital identity verification solutions. Its AI-based IDV services have an accuracy rate of 98.67% and are offered in 230+ countries and territories. By supporting 3000+ identity documents in 150+ languages, Shufti Pro has proven to be ideal for eliminating the risk of financial and identity fraud while maintaining regulatory compliance with GDPR and AML/KYC obligations.

For more information, contact:

Damien Martin

Marketing Executive | Shufti Pro

damien.martin@shuftipro.com

+44 1225290329

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
1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries
About Open Systems Technologies International
About Shufti Pro
In a major money laundering crackdown, European police identified more than 18,000 money mules, arresting a total of 1803 individuals.

On December 1, the seventh European Money Mule Action (EMMA 7) concluded after two and a half months. 27 countries were involved in this initiative along with Europol, Eurojust, the European Banking Federation (EBF), the FinTech FinCrime Exchange, and major companies from the private sector including Microsoft, Western Union, and Fourth line.

The EMMA has been operational since 2016 and the purpose of this initiative was not only to identify money launderers but also the sources of their illicit gains.

According to Europol, the EMMA initiative is the biggest international operation of its kind, where 400 banks successfully reported 7000 fraudulent transactions. As a result, losses counting up to €70m ($79m) were prevented and 324 recruiters were identified.

Europol also claims that money mules are used for money laundering and a variety of online scams, including e-commerce fraud, phishing, SIM-swapping, and man-in-the-middle attacks. These claims are based on the leads that came in from police intelligence and private-sector reports.

Immigrants, students, and those in difficult financial situations are often targeted by giving the hope of easy money. They are approached through various methods including job adverts on social media.

Fraud experts and police issued warnings of an increase in the recruitment of money mules in the pre-pandemic time. A spike was seen in these scams when many lost their jobs during the COVID outbreak.

Recruitment of money mules and the subsequent crimes have called for the police to run regular awareness campaigns like Europol’s “Don’t be a mule” initiative.

Suggested read: Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years

Recent Posts

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Top 5 Cybersecurity Trends to Look Out for in 2022
About Open Systems Technologies International
About Shufti Pro
With 2022 just around the corner, new developments in cybersecurity are already beginning to take shape. Considering the 600% upshot in cybercrime amid the pandemic, the urgency for cybersecurity is further augmented. Given the dependency of modern businesses on digital solutions, it is safe to say that the corporate world may undergo monumental upgrades. New regulations for cybersecurity updates are inevitable to combat the increasing number of cyberattacks.

According to reports, cyberattacks contributed to losses of up to $6 trillion in 2021 alone, which is the single largest economic upset in history. By 2025, cybercrimes are expected to cost the world $10.5 trillion. As governments work towards elevating their cybersecurity posture, the key criteria here is the extent to which businesses can adopt the best practices.

1. Phishing Attacks to Remain a Major Issue

Although Canada is far ahead as compared to the rest of the world in mitigating cyber threats, 78% of Canadian organizations still faced a cyberattack in 2020. This indicates the catastrophic effect of cyberattacks with numbers rising in the negative direction. The most common type of cyberattacks took the form of ransomware and phishing. Looking at the trends of 2021, it’s clear that hackers and malware are becoming advanced with improvements in technology.

A rise in phishing attacks was observed this year, as fake COVID-19 vaccination drives led to e-commerce fraud where credit card information was collected by bogus online shops. The number of overall data breaches recorded by September 2021 was 1,291, which had already exceeded the total of 2020. In order to avoid becoming the victims of phishing sites and emails, businesses must elevate their identity verification measures and conduct employee training. For this reason, the demand for cybersecurity professionals will further increase in 2022, as companies will need their guidance to stay ahead of their competition.

2. Internal Threats & Cloud Attacks

Trojan horses are rightfully named as they can effectively wipe out a large amount of data. However, the origins of all cyberattacks are not malware, as statistics show that 15 to 25 percent of data breaches were due to the involvement of corrupt employees or business partners. In the coming times, virtual workplaces will further gain prominence and companies will need to be more careful at the same time. Therefore, it is becoming essential for businesses to control access levels for new employees, freelancers, and third-party suppliers.

As the pandemic forced businesses to improvise and follow remote working procedures, a lot of data sharing, communication, and other activities are being conducted through cloud services. Although this enables businesses to stay connected and generate revenue regardless of the location of employees, it has a few drawbacks in terms of cybersecurity. In 2022, cloud services are expected to be used by an increasing number of companies as they strive to adopt virtual or hybrid solutions even after the pandemic’s restrictions.

On one hand, cloud services allow scalability and flexibility in business processes. On the other hand, they create risks of cyber attacks and data breaches. 2020 saw more data breaches through cloud systems as compared to on-premises storage. This means that banks and financial institutions will have to take necessary countermeasures to secure their cloud systems and confidential information. In order to avoid data breaches, businesses must not leave out any gaps in their security systems and raise awareness among their staff to follow the best practices for data privacy.

3. Artificial Intelligence as a Saviour

Considering the cybersecurity trends for 2022, artificial intelligence has become increasingly necessary to establish a strong frontier against cyberattacks. In 2020, 47.3% of companies had a medium to high-security automation level, which was a significant increase as compared to 39% in 2019. The basic concept behind AI comes into play here, as experts suggest that the higher the level of automation, the more secure a business system will be.

An officer in charge of security can make errors like falling prey to a phishing email, but today’s advanced AI systems can easily detect such attacks. Automation of security systems also reduces the risk of internal threats as a lesser number of humans will be able to leak confidential information. Moreover, AI allows much more accuracy in analyzing risk as compared to humans.

4. Securing the Supply Chains

A number of cybersecurity concerns are raised due to loopholes and insufficient security protocols in supply chains. These ultimately give way to numerous false allegations on vendors and third parties. However, the industry has responded to this with a positive approach to improve vendor management as a cybersecurity measure. This is being considered as one of the key focus areas for 2022, starting from the disclosure of business information. Despite cloud service providers claiming that a centralized storage system is far more secure, the coming year will prove that this is not true.

As seen from reports of cyberattacks involving cloud storage, the current business operations actually turn out to be the opposite of secure. Businesses will need to incorporate KYB (Know Your Business) measures to verify their partners, third-party vendors, and suppliers. Unless companies put it all on the table at the start of the collaboration, they are welcoming cyber attackers to breach their data. For example, such exposure was created by Amazon in a reported event where AWS appliance installations were hacked. Therefore, it’s clear that 2022 will see more cyber threats unless work is done to improve security.

5. Identity-based Security Protocols

As the techniques of fraudsters continue to evolve, personal information on digital platforms is becoming increasingly vulnerable to cybercrime. To overcome the theft of financial information, digital banking platforms will need to incorporate identity verification measures. With the new methods of hybrid work and the transfer of major business data to cloud applications, the importance of identity verification is further justified. Although the concept in itself is nothing new, the urgency for cybersecurity will force its adoption in companies.

As most cyberattacks begin with a stolen identity, managing the access protocols will be a key aspect in maintaining a business reputation. Misuse of credentials and data breaches will mean the end of small businesses if the modern cyber attackers capitalize on the loopholes in their system. Business directories and employee registries must be configured with security barriers like 2-factor authentication and transaction monitoring systems should be incorporated to detect suspicious activities.

Key Takeaways

Sooner or later, banks, financial institutions, and businesses will need robust identity verification solutions to eliminate the root cause of cyberattacks. Onboarding of legitimate individuals can only be ensured when the company knows who they are every time they try to access the system. Based on the trends, data breaches and ransomware are not going to be eliminated any time soon.

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Open Systems Technologies International Partners with Shufti Pro for KYC Provision

About Open Systems Technologies International

About Shufti Pro

1. Phishing Attacks to Remain a Major Issue

2. Internal Threats & Cloud Attacks

3. Artificial Intelligence as a Saviour

4. Securing the Supply Chains

5. Identity-based Security Protocols

Key Takeaways

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.