Press Release

Shufti Pro to Explore NFC Based Identity Verification in its Coming Panel Webinar with Global Experts

Teresa Myers
May 21, 2021
3 minutes read
354

Originally published on Pr.com

Shufti Pro to enlighten the businesses as well as individuals with an in-depth analysis of diverse aspects of NFC-based identity verification in its coming webinar on 10th June 2021. Interested attendees can register for the Webinar here and learn from global experts in the payments, fintech and finance industry.

Shufti Pro notes that with the rapid digital transformation of the world, it’s not long before the new regulatory measures require the digitisation of ID documents as well. It is expected that the number of chip-based national IDs in the world will increase up to 3.6 billion in 2021.

Already many states are opting for chip-based national ID documents to reduce identity fraud and enhance security measures. Chip-based ID documents encrypt the personally identifiable information of the person to avoid data manipulation. NFC technology is the most feasible technology to verify chip-based IDs due to its rapid adoption by consumers and high accuracy.

Over 80% of smartphones are now NFC enabled which is causing a surge in demand for NFC enabled flows.

With the rising usage of NFC technology in day-to-day activities, it’s not long before the identity verification industry also opts for it. It’s high time for businesses to adopt this next-generation IDV solution to secure their platforms and provide their customers with a user-friendly experience.

Shufti Pro recently launched a new product, NFC Verification, for fast and accurate verification of chip-based e-ID, e-passport, or e-driving licence. Shufti Pro says that NFC Verification will tremendously enhance the customer and end-user experience by accurately capturing data from encrypted chip-based ID cards.

For those interested, Shufti Pro will provide an in-depth analysis of NFC based identity verification with industry experts during a webinar on 10th June 2021.

Save the date and join them by registering here.

Primary points of discussion would be

Evolution of digital identity verification
Process of NFC verification
Pros and Cons of NFC verification
Impact of NFC based IDV on user experience
Fraud prevention with NFC based IDV
Industrial adoption and future prospects
Analysis of NFC verification market
NFC in payments

The webinar will be hosted by Shufti Pro’s head of sales, Kristina Zakharchenko, who has more than ten years of experience in business development and sales. She is a Customer profiling, product development and customer onboarding expert

Shufti Pro provides its audience with a chance to take part in this innovative discussion with many industry experts including speakers such as Jijo Thomas and Alan Morley. Jijo Thomas is a technical expert in Smartcard & Security at the Ministry of Interior of Qatar and also a founder of smartcardsecurity.org. Alan Morely is a Leader in business and technical consulting in financial regulations and Compliance operations in the US, UK and APAC and is a Co-founder and organiser of the Compliance Roundtable series.

For more information, contact sales@shuftipro.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
UK's Financial Watchdog Goes Real-time to Catch Online Criminals
The FCA is sweeping the internet on a day-to-day basis to pull out cybercriminals, as the number of warnings sent out continues to increase.

Britain’s financial regulator is forced to weed out scammers of the internet in real-time on a daily basis due to ever-increasing online fraud. An official of the FCA (Financial Conduct Authority) stated that fraudsters are often based outside the country, making this step necessary.

The FCA’s director for enforcement, Mark Steward, stated that the warning has become the basis of the fight against increasing financial scams, particularly since the onset of the pandemic as the lockdown shifted more people online.

In the previous year, the FCA issued 1200 warnings related to social media scams made by fake companies as such companies are unregulated by Britain’s watchdog. The number of warnings made was twice the size of the warnings made in 2019, Steward told parliament’s Treasury Select Committee

He further announced:

“We are now issuing warnings straight away, we are conducting sweeps several times a day of the internet and issuing warnings within 24 hours, so they are up-to-date,”

With rapid warnings, not only can the number of victims be reduced, but banks can also take notice of which individual is present on the warning list to stay cautious, stated Steward. This means that lenders can verify customer identities that may be involved in fraudulent activities prior to taking payments on behalf of such criminals.

He also commented that while online financial scams are not as widespread as traditional banking fraud, they are nonetheless on the rise and being used by criminals to steal sensitive customer data.

According to UK’s Action Fraud, victims of investment scams lost as much as 83 million pounds (USD 89 million) last year. This amount makes almost a 10th of the total 784 million lost to financial scams in the previous year.

Google is also being paid by the FCA to publish the warning online. Steward stated that Google had offered it a “credit” on future warnings.

“The irony of us having to pay social media to publish warnings about advertising they are receiving money from is not lost on us,” Steward said.

Suggested Read: Rising Social Media Scams in 2020 Calling for Digital Identity Verification

Britain has proposed an “online harms” law, but it does not require social media companies to check on the validity of firms advertising financial products.

However, the FCA wishes to make such checks obligatory under the law.

Lawmaker Anthony Browne insisted not to be overawed by the deep pockets of social media companies, claiming that Google itself might be guilty of fraud through advertising scams.

Steward also asserted that the ball is in the court of social media companies, making it their responsibility now to tackle increasing online financial scams.

Read Also: Looking for Online Fraud Prevention? Here Is What You Can Do

Shufti Pro to Explore NFC Based Identity Verification in its Coming Panel Webinar with Global Experts

Impact of the eIDAS Regulations

EIDAS Regulations for the United Kingdom

Amalgamation of eIDAS and AMLD – Digital Single Market

The Legislative Framework for ID Verification by eIDAS

Interoperability of eIDs as per eIDAS

Shufti Pro’s IDV Suite – Answer to the Shifting ID Verification Trends

1. NFC-based ID Verification

2. Video Interview KYC

In a Nutshell…

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.

Shufti Pro to Explore NFC Based Identity Verification in its Coming Panel Webinar with Global Experts

What is an eID?

Impact of the eIDAS Regulations

EIDAS Regulations for the United Kingdom

Amalgamation of eIDAS and AMLD – Digital Single Market

The Legislative Framework for ID Verification by eIDAS

Interoperability of eIDs as per eIDAS

Shufti Pro’s IDV Suite – Answer to the Shifting ID Verification Trends

1. NFC-based ID Verification

2. Video Interview KYC

In a Nutshell…

Let’s prove your

customer’s identity

with Shuftipro.

Let’s prove your customer’s

identity with Shuftipro.