Problems a Bitcoin Business Faces

The main problem a bitcoin based business might face is that of its exploitation through fraudulent transactions. If bitcoins are stolen, lost, or even if the payment is made without intention, there is no way to reverse the process. Once 'send' is hit, the action cannot be reversed, incurring huge losses to the customer. Hackers and false customers looking to launder money are always around to benefit from the situation, considering the ever-increasing value of the bitcoin. The loss to the customer is permanent, however it can be prevented through proper identification before beginning the transactions. This is where Shufti Pro steps in.

Safeguarding your Bitcoin Business

Shufti Pro integrates with their client's business and verifies the customer for them. The application complies with the Know Your Customer (KYC) strategy and keeps up with the AML requirements, implementing them through proper identity verification. As soon as the customer shows interest in dealing with a business, Shufti Pro will be there for the clients as a security provider and identifying false customers, denying them service on spot. The entire authentication process takes 30 seconds in total. All that is needed is a stable internet connection, a smart phone and a PC/laptop with a functional webcam. If there occurs a discrepancy in the documents, then Shufti Pro will notify their clients and the customer's request will not proceed further.

Since there is no centralized authority that looks over the bitcoin, and it is produced by the entire crypto currency system collectively, it only exists in the ledgers that document its transactions. It only records the payers, payees and the amount being exchanged. They are not answerable to any centralized agency unlike the banks, hence, exchanges in a bitcoin based business are quite prone to frauds. Shufti Pro can act as their guardian and prevent consumer losses by identifying fake customers who deal with the businesses with the intention of committing theft. Specialized personnel who are expert at dealing with the fraudulent consumers effectively distinguish them from the real ones.

Shufti Pro effectively blends artificial intelligence (AI) and human intelligence in order to provide quality services to its clients. This adds another layer of security and removes the minute errors that might not have been picked up by the AI. Only after clearing all stages of identity verification the customer is allowed to proceed with the transaction they wish to perform. This ensures that the clients never have to get into the hassle of dealing with the false consumers and no financial or reputational costs are incurred by the clients and their customers.

The digitalization of this process not only saves time and money but also resources that could be put to better use. ID verification through the manual methods are time taking as people have to wait in long queues. These processes are also prone human errors in judgment and the losses are too high (typically in millions of dollars) for the risk to be taken. Hence, Shufti Pro is the clear choice to go!