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London, UK – Feb 7, 2023 – The leading provider of AI-powered end-to-end identity verification, eKYC, KYT, KYB and AML solutions, Shufti Pro, has rolled out a risk assessment service to help global industries fight identity theft and financial crimes by evaluating customers’ risk factors through custom questionnaires and fraud prevention data points.
As the increase in financial crime occurs at an alarming rate, companies need to anticipate fraudulent activities by implementing robust risk assessment procedures to detect and mitigate fraud. Risk assessment is a key component of a company’s internal protocols, controls, and strategies to manage fraud risk and control failures.
Shufti Pro offers a highly customisable risk-scoring solution best fitted to the interests of various industries whilst addressing every possible risk factor to safeguard businesses from financial crimes, reputational damages, and regulatory sanctions. The company’s solution will help enterprises establish trust by evaluating customer risk factors through custom questionnaires and fraud prevention data points.
Here’s How Shufti Pro’s Customer Risk Solution Works
- Initialise Risk Assessment: The compliance officer sets criteria to calculate customer risk based on industry.
- Configure Risk Ranges & Scores: Risk ranges (low, medium, high, prohibited) are set based on your custom criteria.
- Set Fraud Prevention Rules: Fraud prevention rules are created through email, IP, phone number, and velocity.
- Assign Weightage: Weightage is assigned to each constraint based on your business requirements.
- Create Questionnaires: MLRO creates custom questionnaires to get detailed information to evaluate risk.
- Set Risk Scores: Each answer element in the questionnaire is assigned a risk score.
- Develop a Risk Assessment Journey: Creates a custom risk assessment journey based on selected risk levels.
“As it is said, prevention is better than cure, that is why we are assisting businesses to create their customer risk profiling beforehand and reduce the chances of identity fraud and regulatory fines,” said Victor Fredung, CEO of Shufti Pro. “By running your own risk assessment model, businesses can determine a risk rating and risk range for their clients, judging if they are low, medium or high for money laundering. This risk-based approach will help firms nurture business relationships with legal clients and lower their overall risk of violating AML regulations.”
About Shufti Pro
Shufti Pro is a leading identity verification service provider offering KYC, KYB, KYI, AML, and OCR solutions and accelerating trust worldwide. The UK-headquartered company has six international offices and has launched a suite of 17 complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 9000 ID documents in more than 150 languages, Shufti Pro proudly serves customers in 230 countries and territories.
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