Press Release

Shufti Pro takes TE-FOOD onboard for KYC compliance!

Ashley Williams
March 15, 2018
4 minutes read
1141

Trusted services chosen for ensuring end-user identity verification via KYC compliance

Bath, United Kingdom – January 26, 2018 – Shufti Pro, the PCI certified Know Your Customer (KYC) operator has announced its partnership with TE-FOOD, food supply chain solution, today.

Shufti Pro, the rapidly emerging, go-to choice for (KYC) compliance is the official information management collaborator of TE-FOOD. With the increase in demand of seamless user verification services, Shufti Pro has come up with groundbreaking features which redefines the arena of ID checks.

TE-Food is a cost effective and modern solution to ensure transparency of management and steps involved in farm-to-table supply chain. It is an internationally recognized establishment with global user base. Shufti Pro will enable TE-FOOD with KYC verification based on personal data, ID image and business organization data, with at the minimum 10,000 verifications foreseen in February, 2018. TE-FOOD has custom categories, which depict the supply chain roles, tools involved and modules of ordering and management.

Árokszállási, CEO, TE-FOOD International said, “We are happy to work with Shufti Pro. As regulatory compliance and security are our number one priorities, we were looking for a partner to support us in these. In Shufti Pro, we found an excellent partner.”

Fredung, CEO, Shufti Pro said, “We are delighted to have TE-FOOD on board as our newest client in Europe; the company offers an innovation solution to never been thought about before sector. We appreciate the level of sophistication they bring into play. Shufti Pro believes in transparency; it’s a commendable effort in contemporary times. Identity management has its roots in every sector which deals with online human activity.”

Shufti Pro offers pioneering services in identity verification. As the first in line to provide video identification built-in feature and 30 seconds processing time, the team aims to digitally revolutionise this sector. The team of developers are constantly on the lookout for improvement and better mechanisms. Shufti Pro allows for customization to its offered services in order to create strategy best suited to business goals. Time efficiency is an important factor which ensures profitability. As KYC provider for TE-Food, Shufti Pro envisions excellence.

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 advanced technology. Currently offered in 200 countries and supporting over 150 languages, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited
info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About TE-FOOD:

TE-FOOD is the world’s largest farm-to-table food traceability system. Started in 2016, it serves 6000+ business customers, and handles 400,000 transactions each day. It’s the only fresh food ecosystem which integrates farms, supply chain companies, consumers, and governments/authorities to improve food safety, eliminate food frauds, and provide a transparent food supply. TE-FOOD’s primary focus is on the emerging countries, which account for 60% of the world’s population, but need massive technological disruption because of the level of distrust in their food supply chains.

TE-FOOD International’s goal is to make the fresh food supply chain transparent and more effective through a modern, but affordable ecosystem. We have more than 10 years of experience in the development of item traceability solutions in different industries, and 20+ years in software / hardware development.

TE-FOOD International
Germany
info@te-food.com

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
Data Security at Risk Due to the Fake Lending Apps
Trusted services chosen for ensuring end-user identity verification via KYC compliance
Gained network access, pictures, and contact information are at threat due to the fake lending apps that is now an increasing cause of stolen data. Government, as well as regulators, have cracked down on fake digital lending apps and have discovered Chinese nationals behind their operations. They are still working on to discover the amount of data stolen.

Data protection law is required to stop the apps to get away with tons of stolen data and personal information. This has led to a number of suicides as the app operators have blackmailed and harassed people. The borrowers were asked to repay the loan many times even after they have paid it. The operators of the app blackmailed the users by contacting their family or friends and posted stories and private information on social media.

These applications did not require KYC- Know Your Customer information from the users as the legitimate sites ask their customers of the proof identity. They just took basic contact information from the users, copies of their government-issued identity documents and then used their application to enable access to their smartphones. The data breach by this fake application has become one of the biggest data breach schemes.

Banks and police officials are working towards tracing the money that these applications have stolen through data breach, blackmailing and identity theft.

Co-convenor of Cashless Consumer states that “From these 1,000 apps, in the last ten days 118 apps have been removed and in total 450 apps are no longer available on the Play Store, but some of them operate from abroad. The legitimate apps authorised to lend in the database would be around 200 when it comes to the links between these apps and actors sitting abroad. So it is not a case of the data being transferred abroad but that it was collected abroad.”

Recent Posts

Blog
Multi-Tier Security - Another Line of Defense Against Bank Account Scammers
Trusted services chosen for ensuring end-user identity verification via KYC compliance
The banking sector has been witnessing a significant rise in criminal activities is a major concern of security authorities these days. The latest reports revealed that banks have been violating KYC and AML regulations and there were skyrocketing penalties in 2020. Protecting banks and customers is necessary and identity verification is one of the best ways of doing so. However, conventional methods like manual document verification do not suffice for the needs. There must be more robust and automated systems like digital identity verification and video KYC that can enhance the efficiency of the process.

A single line of defence does not work when it comes to technologically advanced fraudsters. There must be layers of security to filter them no matter how hard they try to surpass ID checks. Hence, multi-tier security is what the banking sector needs. Multiple layers of security checks and identity verification methodologies will make it impossible for fraudsters to enter banks.

What is Multi-Tier Security?

Multi-tier security refers to multiple layers of identity verification to enhance security in organisations. Fraudsters are developing sophisticated ways of fulfilling their malicious intent and a single layer of security cannot help companies. Therefore, there must be multiple layers of ID verification that can prevent fraudsters from entering the business.
A Summary of Bank Scams and Frauds

Over time, many different types of frauds and scams have struck the banking industry. Due to advanced technology, not only banks are streamlining their processes, but criminals have also figured out techniques to execute their plans. Many new breeds of scams have surprised organisations, especially banks. Let’s take a look at some of the fraudulent activities.

Account Takeover Fraud

Account takeover (ATO) refers to the fraud in which criminals get illegal access to bank accounts and use them for illicit activities like money laundering and chargebacks. As technology advances, fraudsters have also become sophisticated in committing account takeover fraud. There was a 43 per cent increase in account takeover fraud during the global lockdown in 2020. The numbers are expected to increase this year as well due to rapid digitisation.

New Account Fraud

A new breed of frauds struck the world a few years ago by the name new account fraud. With time, the rate of this fraud has increased and defeated all other kinds of scams. For a new account fraud, fraudsters use stolen, forged, or synthetic identities to open a new bank account, get a new credit/debit card, or loan money from the bank. According to Javelin Strategy, 3.2 million customers were affected by this fraud alone in 2018.

Identity Theft

Identity theft has been a threat to businesses for a very long time. The numbers are continuously increasing and banks are the primary target. Unfortunately, identity theft has taken various forms as well, including child identity theft, medical identity theft, and social identity theft. This enables criminals in making purchases, opening new bank accounts, and enjoying numerous other benefits with false names.

Data Breach

Data breach is a social engineering technique that fraudsters use to acquire customer information. The stolen data is later used for bank account scams, identity theft, and numerous other illegal activities. The identities stolen from a data breach are also used for new account fraud. Around 8,000 data breaches were reported in 2019. In the first half of 2020, 540 data breaches were reported only in the United States according to Statista.

Biometric Authentication – The Additional Security Layer

Biometric authentication is the additional layer of security that not only enhances the level of security, but it is also a rigid measure that fraudsters cannot dodge. Fooling biometrics is not a piece of cake for criminals because biometric authentication requires the live presence of the individual for identity verification. Voice, face, palm, iris, pupil, and retina are some of the biometric traits of an individual that are required for biometric verification.

Biometric verification employs various artificial intelligence models and the following techniques are used for authentication:

3D depth analysis

Micro-expression analysis

Skin texture analysis

Liveness detection

All these techniques ensure the live presence of individuals and any spoof attacks or deepfakes can be identified within seconds.

How will Multi-Tier Security Help Your Bank?

Digital identity verification is a multi-tier security measure that your bank needs. This system has multiple methods of verifying identities that prevent fraudsters from entering the business. Here is how the process of multi-tier security works:

First, the individual has to register on your bank’s website for the identity verification process

Along with the registration details, government-issued ID documents are also submitted

Then, the information submitted is verified with the government-issued ID document

Once the documents are verified, biometric authentication comes in action and face verification checks are performed

Customers have to submit their selfie or video during verification which is matched with the image on the ID document

Lastly, consent verification checks are also performed in which the customer has to submit a handwritten or typed consent note

Conclusion

All in all, verifying identities with the manual method is not an adequate option in the digital world. Digital identity verification is an automated process of verifying identities with layers of security to increase the efficacy of the process. One of the strongest layers in this method is biometric authentication that ensures the live presence of the customer for verification. Fraudsters cannot bypass these checks through any of their techniques. Due to the robustness of this technique, bank account scammers fear from the additional layers of security to verify identities and transactions. Identity theft, account takeover fraud, new account fraud, and data breaches are some of the criminal activities that have increased over time. Now, banks need a multi-tier security system to ensure the security of the customers as well as the organisation.

Get in touch with our experts and learn more about the digital ID verification system and biometric authentication.

Talk to us

Shufti Pro takes TE-FOOD onboard for KYC compliance!

Trusted services chosen for ensuring end-user identity verification via KYC compliance

About Shufti Pro:

About TE-FOOD:

A Summary of Bank Scams and Frauds

Account Takeover Fraud

New Account Fraud

Identity Theft

Data Breach

Biometric Authentication – The Additional Security Layer

How will Multi-Tier Security Help Your Bank?

Conclusion

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.

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Shufti Pro takes TE-FOOD onboard for KYC compliance!

Trusted services chosen for ensuring end-user identity verification via KYC compliance

About Shufti Pro:

About TE-FOOD:

What is Multi-Tier Security?

A Summary of Bank Scams and Frauds

Account Takeover Fraud

New Account Fraud

Identity Theft

Data Breach

Biometric Authentication – The Additional Security Layer

How will Multi-Tier Security Help Your Bank?

Conclusion

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.