Digital Verification Services

Employees’ Digital Identity Verification for Remote Hiring

With the age of technological advancement, the world is becoming a heavily connected global village, requiring digital identity verification in all aspects. This article focuses on distance working opportunities. Increasingly, people are looking for remote jobs and prefer working from the comfort of their homes rather than travelling to an office for a desk job. This is, of course, beneficial for the workers as they are able to take up multiple jobs and earn double the money than if they exhaust that energy in travelling to work places. However, as human interaction reduces, the crime rates in the hiring and payment part increase manifold. Companies hire individuals without directly meeting them beforehand. They are usually interviewed via Skype or a telephone call, and hired merely based on what they present to the employer on paper and during the call. It all could be fake, or they might not actually be as qualified as they claim to be, resulting in lower quality of work and increased losses in productivity and finances.

Employees’ Documents Verification

During the employees’ onboarding process, they are required to present their official documentation to the company so their academic and professional qualifications and achievements may be evaluated against the skills required for a particular job. However, to get  hired, candidates may present forged documentation, depicting fake certifications, when in reality, they may not even be half as qualified. To curb these issues, digital identity verification becomes essential, so the identity and the documents presented by the candidates may be verified using authentic techniques. Furthermore, if the potential employee is a scammer, their identity documents like government issued ID card, passport, driving license or payment cards, may be counterfeit, or worse, stolen. They would never present any true information that can be traced back to them in case of an investigation. For combatting these types of frauds, it is essential to catch the suspects before they can posit any harm to the hiring company or individual.

 

Financial Security Risks

Remote jobs come with a high risk of frauds for the hiring companies. Recruiters may never be sure that a remote candidate will not incur money losses to them, by taking their money and not delivering the completed or high quality work in the promised timeframe. Worse, they may ask for an advance payout and not deliver any work at all. They may remove their work profiles and cease to exist as that entity. In cases like these, a single person has multiple profiles used to scam people at large. Payments are usually via a platform like bank transfer or electronic payment cards. To keep a record of who is making the payment to whom, it is imperative that digital identity verification is carried out before the confirmation of money transfer. This way, the company can have a solid proof in the form of employee’s personal identification information and images of the documents they presented at the time of hiring. To fully ensure that the person presenting the documents was the same as the one who entered their information, a real-time video verification method can be employed, where the entire process is recorded and available to use in case of a mishap as mentioned previously. Digital KYC and AML screening will not only ensure secure payment processing, but will also satisfy the employers that the person being hired is not associated with any kind of criminal or adverse activities.

Reliable DIgital Identity Verification Services

Shufti Pro offers reliable digital identity verification services to its customers based on Artificial Intelligence. Liveness detection can check for Facial Verification and pattern recognition ensures that identity documents provided by a potential remote employee are 100% genuine. With coverage in 200+ countries and territories support for more than 150 languages, companies can use Shufti Pro to hire new employees and remote workers in any part of the world. Shufti Pro cannot only determine the true identity of a remote job candidate with the help of an ID card but it can also authenticate digital identity with the help of driving licenses and passports as well. For address verification, Shufti Identity verification services even extend support to utility bills and bank statements that are no older than 3 months. Digital ID verification from Shufti Pro is an ideal choice for companies that want to bring onboard new workforce without facing any potential risk. Online ID verification processed in real-time ensures that no time is lost in verifying the true identity of a soon-to-be-hired employee.

Credentials and personal information required for KYC verification can now even be extracted directly by Shufti Pro with the help of OCR technology. All a remote hiree has to do is display their personal identity document to a webcam or phone camera. As a smartly designed identity verification software, Shufti Pro will automatically identify text printed on the identity document and fill it in the desired text fields of a personal information form.

Consent Verification Service Available

Most countries and states require businesses to collect consent of would-be-employees or job candidates before verifying their credentials through any technological means. Shufti Pro has sorted out this issue as well with the help of its Biometric Consent Verification solution. Unlike most identity verification providers, Shufti Pro is just not concerned about verifying identities of end-users, but we also want to safeguard our customers from any unlikely or unwanted regulatory complications.

Shufti Pro customers can ask their remote employees to provide a written consent either in the form of an official document or handwritten note. The final choice of consent formats depends on the official regulatory guidelines regarding the consent of a user, whose identity is to be verified. Shufti Pro can verify the collected consent on behalf of its customers and like all other identity verification solutions from Shufti Pro, verification results will be displayed in real-time.

Identity verification API of Shufti Pro makes the integration process entirely hassle-free for Shufti Pro customers. Global coverage of Shufti Pro is also highly beneficial for Shufti Pro customers, which means that they can hire new employees in any part of the world without having to worry about any integration related glitches. All the collected information submitted for verification will be visible to its customers in Shufti Pro Back Office and is stored according to specific data safety guidelines of PCI, GDPR, and many other major data protection practices.

Conclusion

To bring the whole idea together, it suffices to say that in this day and age, with our lives revolving around technology, digital identity verification of employees before hiring is an essential part of the recruitment process. Protecting the interests of the company, securing assets and preventing frauds, this can be taken care of by implementing appropriate preventive measures. Secure hiring of employees is ensured if the company truly knows who they are hiring. This will build trust among the customers and the company, enhance productivity, improve business and prevent financial and labor losses that an organization may otherwise have to face.

Reduced time spent on and feasible costs of digitally verifying the potential candidates for a vacant job post will enhance the onboarding speed, and return considerable savings to the corporation as well. To achieve higher profits, employee and customer satisfaction rate, it is essential to perform digital identity verification services offered by Shufti Pro on your remote employees during the recruitment process.

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How Identity Verification Services make Regulatory Compliance Easier?

Financial institutions and banks have ended up in a loop of dumping billions of dollars because of ever-tightening regulatory compliance especially in regards to identity verification services and data protection. GDPR becomes mandatory in next few days for all the companies who want to operate in European Union. There are country-wise data protection and banking compliance regulations that are also needed to be taken care of by MNCs and financial institutions wishing to expand into those markets. FINMA regulations in Switzerland and FINTRAC compliance in Canada are few examples of these country specific guidelines.

Regulatory compliance fines over the years have cost financial institutions billions of dollars but the same banks and institutions were already spending billions of dollars for introducing structural changes to make their practices pro-regulations and pro-compliance. So if money is not going to solve the issue of regulatory compliance for banks and financial institutions than what is? The answer is pretty simple: A robust, cutting edge, end-to-end Digital Verification system. It not only reduces the processing time but if a right service provider is chosen, it can enable financial organizations to go about their usual business without having to worry about regulatory compliance and fines that come with these regulations.

Identity Verification Services

An intergovernmental body called The Financial Action Task Force suggests banks and financial organizations following  steps, to make identity verification services more effective for overall compliance observance:

  • Verifying the account owner’s identity
  • Understanding and obtaining information on the purpose and intended nature of the business relationship
  • Ensuring through ongoing analysis that transactions are “consistent with the institution’s knowledge of the customer, their business and risk profile, including where necessary, the source of funds”

Ever since 9/11 attacks, the clamp down on Terror Funding has also raised the stakes for financial institutes and international banks to ensure that the funds they are handling do not end up in wrong hands. FINMA and FINTRAC regulations have strict protocols to ensure that the money being transferred through the banks, working within their respective countries, are in no way related to a terrorist outfit or in hindsight, a person fronting for such organizations.

FINTRAC Regulations

FINTRAC regulations are applicable within the territorial confines of Canada offering protection not only against money laundering but since December 2001, this anti-graft government body has stepped into curbing terror financing as well. In 2006, customer identity verification also became a vital aspect of FINTRAC’s mandate. Today FINTRAC requires its regulated entities to submit following information in order to conduct business in Canadian territory

  • Suspicious Transactions
  • Suspected Terrorist Property
  • Large Cash transactions
  • Outgoing or incoming international Electronic Funds Transfer over 10,000 Canadian Dollars within a 24 hour period
  • Cross border currency reporting

GDPR Compliance

KYC services or providing top of the line Identity verification is useless without protecting the data of the customers held by financial institutions, even if for verification purposes. This is because such vital information also makes financial institutions and organizations prone to data breaches and even misuse of data by the holding organization itself. This led to the launch of GDPR in the first place by EU to ensure digital rights of its users and their digital data as well. Some of the bindings of GDPR are:

  • Encryption of personal data
  • Seeking consent of the person whose data is being stored
  • Data must be obtained for specific, explicit and legitimate purpose
  • Individuals must be able to withdraw consent and can force organization to forget about them

Identity Verification Service, when provided through a full proof system, can safeguard financial institutions and banking industry from any monetary penalties without having to spend billions of dollars worth of annual compliance budget. Shufti Pro is such a product that can easily perform end-to-end digital identity verification in real time and can support banks from any part of the world, operating in any language because of its Universal Language Support. Powered by 1000 whitelists and 3000 databases, AML compliance also becomes easier for financial institutions working under the regulations of FINMA, FINTRAC or GDPR.

Identity verification services not only streamline customer onboarding but it also plays a pivotal role in monitoring suspicious funds transfer, assessing risk for handling the funds of a particular organization/individual and better adoption of due diligence. Identity Verification is not only go-to-technology for financial institutions who want to avoid frequent fines from regulatory bodies but they also safeguard overall interests of customers as well by eliminating the risks of fraud, identity theft and account hacking. Identity Verification can enable banking sector to provide financial services in a more transparent and secure manner, without making any compromise on regulatory compliance.

Shufti Pro

Infographics

To develop a simple and easy understanding of e-KYC and the role played by Shufti Pro’s digital identity verification services in online fraud prevention, head over to the infographics. Shufti Pro caters to a diverse range of use cases, some of which are pictorially represented for visual aid and understanding.

KYC Infographics

KYC Crypto World

shufti pro enhanced time

Enhance Time Efficiency with Shufti Pro’s KYC Solution

The Past

Quick and secure e-KYC verification might not have been of importance in the days prior to this digital world as cyber security wasn’t much of an issue and customers were verified manually. They had to stand in long queues to wait for the person behind a desk to match their charming photo ID with their charming face, and that was the end of it. Then you had to wait for a few days until the results of your consumers’ KYC were posted so that you could go ahead and start taking them on board.

The present

Now, with most transactions happening online and businesses/merchants entering the global virtual marketplace, waiting for hours in line and then days to get the results back, is simply not acceptable. The nature of today’s business doesn’t allow for it. Shufti Pro provides digital identity verification services to these online businesses, and helps them to perform  KYC verification online in a matter of 30 seconds. Easing the lives of hundreds of clients as well as their customers, we have introduced a quick, real-time identity verification application that integrates with your mobile devices or PCs and helps you to carry out secure online transactions within seconds.

Shufti Pro allows for secure online identity checks that aid in fraud prevention and provides the best identity theft protection services to online businesses and merchants. It requires the user to simply present their face and legal documents to the camera while our artificial and human intelligence algorithms process the confirmation of their identity.

The Future

Expanding global companies can grow at a much faster rate by reducing the on-boarding time to the minimum. They can use Shufti Pro to make the process much faster and more efficient by performing ID checks online. It is a simple, hassle-free process, and easily accessible by their customers. The reduced time and cost, plus increased performance is a massive saving and a boost for company-growth. You (our clients) can continue to enhance and grow your business with the peace of mind of knowing that any attempts by fraudulent users will be thwarted, while we also provide you with what you need in the e-KYC and AML compliant milieu, bereft of any security concerns.

Shufti Pro operates globally in over 200 countries and supports over 150 languages. It can definitely serve as a guardian at your door, regardless of where you’re located in the world.

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shufti pro due books

DueBooks® integrates Shufti Pro® for Business Verification Services

Improved KYC protocols, superior ID verification services and reduced on-boarding time compels the new entrant into the startup world to adopt Shufti Pro® for protection in the highly vulnerable cyberspace

BATH, United Kingdom – October 2017 – Shufti Pro®, one of the rapidly growing online identity verification Software as a Service (SaaS), has made public that after the huge success of EPP System’s® implementation of their services, now DueBooks® has decided to follow in their lead and embrace Shufti Pro’s® real-time ID verification technology for a simple, secure and fast paced on-boarding process.

A month ago, DueBooks® employed Shufti Pro®’s services to act as a security screen and help them verify customers’ identities. During this time, a sizeable number of potential consumers were verified and the results from the company’s survey show 90% reduced on-boarding time due to digital KYC compliance. The results go on show that numerous dubious customers were rightly stamped out during the screening process, preventing considerable potential losses to the startup.

CEO, DueBooks® said:

“For a novice company like ours, digital identity verification services from Shufti Pro® have proved their worth by increasing our fraud-free client base, enhancing our on-boarding process and developing a trust between us and our customers. With a boost in sales, and the amplified quality of our services, DueBooks® has been able to form strong foundational basis, and looks forward to quite a bright future.”

Shufti Pro® works with some of the most promising emerging start-ups, businesses and enterprises, helping them quickly and accurately uphold the Know Your Customer compliance . For every business, regardless of their level, Shufti Pro® believes that fraud prevention must be the foremost concern. They make this come to life through the use of artificial and human intelligence. Checking the authenticity of their customers has proved to be of immense importance for DueBooks® due to Shufti Pro’s® 99% accurate results, cost & time effectiveness and appropriate confidentiality and security measures.

Secure identity verification services have streamlined DueBooks’® digital HR and cost-accounting system through substantiating their clients as well as their employees using their legal credentials and performing ID checks on them. DueBooks® is rapidly covering milestones towards becoming an established business by performing efficient team & project management, attendance reports formation, invoice/expenses/salary administration, etc. for themselves as well as other companies. The manual resources previously consumed during these errands are now put to a better use of building up their business using Shufti Pro’s online fraud prevention tools.

DueBooks® can be used by many different companies, who can use it to validate their customers/employees as well. The swiftly progressing startup can now work on their business rather than in their business. The latter chore has been taken up by Shufti Pro® and both have joined hands for a fruitful collaboration for online fraud prevention and digital KYC purposes.