Shufti’s Advanced Solutions for the Telecommunication Industry | Ensuring Swift and Accurate User Authentication

Initially published on PR.com

London, UK – November 20, 2023 – Shufti, one of the leading IDV, KYC, AMl screening, and risk assessment solution providers, is announcing an important update regarding its operation with stakeholders, media, and readers. The platform is expanding its reach to the telecommunication industry, allowing telecom operators to securely verify the authenticity of their customers and eradicate fraud and scam calls from the industry. 

According to a report by M3AAWG.org, $40 billion was lost due to phishing, terrorist financing, money laundering SIM exchange fraud, and illicit activities. One more report from Truecaller suggests that scam calls alone are a $29 billion industry, and every month, almost 3 billion scam calls are made. The primary cause behind the boom is uncompetitive and weak KYC, allowing fraudsters to take advantage of this loophole. 

Telecom operators need to maintain regulatory compliance to prevent the misuse of their telecommunication network, including terrorist communication and scam calls. Identifying the gap in this industry, Shufti has taken a step to revolutionise and eradicate fraud by expanding its services into the telecom industry. The platform now enables the operators to prompt their users for facial biometrics and document verification to collect all the legal information of the customer and ensure that the user is legitimate before onboarding it.

“Being one of the leading anti-fraud and KYC providers, we recognise that telecommunication carries the highest rate of fraud and number of scammers, compromising consumers worldwide. Our state-of-the-art KYC provides spoof detection accuracy of up to 100%, ensuring only genuine customers can be onboarded whilst providing a customer satisfaction rate of up to 98%,” said Victor Fredung, CEO of Shufti.

The platform utilises advanced depth perception technology and liveness detection, backed by machine learning and artificial intelligence that can deter fraud with up to 99% accuracy and completes the verification in 5 seconds. Additionally, businesses can incorporate 2FA authorisation to prevent unauthorised access to their user’s sim through a custom OTP message, helping to establish trust and security in the global telecommunications industry.

About Shufti

Shufti is a leading IDV service provider offering KYC, KYB, KYI, AML screening, biometric verification, and OCR solutions, accelerating trust worldwide. It has six international offices and has launched 17+ complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 10,000 ID documents in more than 150+ languages, Shufti proudly serves customers in 240+ countries and territories.

For more information, please contact:

Paul Keene
Snr. Digital Marketing Manager | Shufti
[email protected]
+44 020 3435 6498

Market Pro
Marketing Partner | Shufti
[email protected]