Initially published on PR.com

London, UK – November 22, 2023 –  Shufti, one of the leading IDV and KYC providers, is unveiling its all-new enhanced fraud prevention solution that utilises AI-predictive analytics to identify scam patterns with better accuracy than before. The aim is to mitigate the evolving tactics of fraudsters to foster trust worldwide and eradicate online fraud in the digital world.

According to the report of iii.org, the FBI received over 800,944 reports of online fraud in 2022, costing over $10.2 billion in loss and a median of $500 per victim. The same report also mentioned that online fraud impacts over 422 million people in the USA alone. These statistics validate the need for a powerful, sophisticated, and trusted fraud prevention solution. 

Shufti’s state-of-the-art solution utilises machine learning and artificial intelligence solutions to spot fraud and high-risk entities by running thorough security checks from multiple sources, both official and trusted unofficial. It enables businesses to safeguard operations from fraudsters and ensure a secure user onboarding experience.

“After identifying the fraud statistics, we recognised the importance of having a potent fraud prevention solution so businesses can detect fraudulent entities on the spot. Our solution incorporates a proprietary machine-learning algorithm that uses predictive analysis to determine fraud patterns with more refinement and accuracy than before. It allows organisations to do safe, trusted, and protected business processes worldwide,” said Victor Fredung, CEO of Shufti.

The platform incorporates multiple anti-fraud features, including 3D depth perception for face verification to detect deepfake deception and masking attempts with an accuracy rate of up to 99%. For AML screening, Shufti validates the entity from government-approved databases, ensuring that the entity is legitimate and free from money laundering and other potential risks. Earlier this year, the company also launched e-IDV, a significant step towards annihilating fraud from the world through using government-issued e-IDs for verification, making businesses securer and accelerating trust worldwide.

About Shufti

Shufti is a leading IDV service provider offering KYC, KYB, KYI, AML, biometric verification, and OCR solutions, accelerating trust worldwide. It has seven 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]