Shufti Doubles Revenues in 2020 on Biometrics and Compliance for Digital Shift

Originally published on Biometicupdate 

Revenues from Shufti’s biometric identity verification service grew by 100 percent in 2020, as did its customer onboarding, driven by the global acceleration of digital transformation.

The company’s clientele also diversified significantly during the past year, and now includes businesses across the banking and financial, healthcare, e-commerce, digital currency, travel, education, food services, media and real estate sectors, according to the announcement.

“Shufti is driven by the spirit of its team members and the executives who are always pushing their boundaries and striving to achieve the best,” Shufti CEO Victor Fredung comments. “Looking back to where we have started and now what we have achieved is an extraordinary milestone that could not have been possible without the passion, hard work, dedication of the entire Shufti’s family. Now we are looking forward to enhancing the business operations with our future plans.”

The Global Identity Fraud Report 2020 published by Shufti in February shows a 3.36 percent increase in digital identity fraud, and the company notes a recent Gartner report indicates demand for digital solutions has increased at 69 percent of businesses.

Shufti credits the suitability of its know your customer (KYC) and anti-money-laundering (AML) compliance solutions, document scanning and selfie biometric verification solutions to address the requirements that go with increasing digitization for its growth results over the past year.

“The global pandemic has pushed the businesses worldwide to adapt with the digital transformation for their survival,” observes Shufti CTO Shahid Hanif. “The digital identity verification solution is the key element that enabled enterprises to operate remotely without any security breaches. Shufti is always one step ahead and it never fails when it comes to safeguarding its customers.”

Shufti also joined the Azure Marketplace in 2020. So far this year, the company has launched an auto-capture feature for its selfie biometrics and an NFC-scanning capability to allow data to be extracted directly from the chips embedded in ID documents like passports.