Shufti Pro

How Identity Theft Protection Can Increase Your Profit!

Identity theft protection is something that is not only a concern for ordinary users anymore. Businesses around the globe are also suffering from this cyberspace menace that functions in more than one way. The biggest reason why Identity theft protection has become such a headache for modern day businesses are the complex mechanism being used by cybercriminals. But before we go in detail that how an online business is at risk of losing revenue because online identity theft, it is important that a background is provided regarding this phenomenon

Why does identity theft happen

Well! The answer to this question is very simple. It is for the same reason that a crook commits a robbery or a criminal performs a carjacking. There can be different methods to hijack someone’s identity but the reason is the same for all such instances: use someone else’s credentials to utilize services or buy items that an identity thief doesn’t want to pay for. Millions of individuals suffer because of identity theft every year and online identity thefts have created a digital medium to exploit ordinary people.

How does identity theft happen online

Like in the real world, there are many ways to steal the identity of a person online. Naive users can be tricked into providing their personal information by posing to be a representative of an established company that wants to provide “extra incentive” to bring you onboard. Smarter criminals are using even more sinister tricks like hacking of large databases maintained by online stores and websites. Financial information stored by banks and financial institutions is routinely raided by cybercriminals that sell such information for a high price in digital black markets.

What to do when identity theft occurs

Well, it is hard to know that whether your identity has been stolen or not until you receive reports of some suspicious behavior or unsolicited purchases that you never made. Sometimes, users come to know about their stolen identity or credentials pertaining to their identity by press releases issued by companies that hold their personal information e.g. a social media website that you had an account on or the bank that provided the mortgage for your home etc.

How to prevent identity theft

There are several identity theft protection tips that can assist you in safeguarding your potential identity from falling into the hands of financial criminals.

  1. First and foremost is to use services of only the top of the line service providers. Such companies have the resources to spend an appropriate amount of money on the digital security of data that they have collected from their customers.
  2. Secondly, while surfing the internet, never provide your vital information to any service that seems shady or less than legitimate. It can be a trap to collect your identity information and use it to rob you of your hard earned money.
  3. Thirdly, never click on links that look suspicious. Web browsers have added features to alert the users whenever they try to enter a website that seems insecure or doesn’t match the necessary definition of a legitimate site.

Business identity theft protection

Although, much of the talk about online identity theft surrounds how a common user should behave online and what kind of information should never be divulged on the internet and the need to spend a serious amount of money on digital security. But more often then not, the debate over online identity protection forgets businesses that are also affected by online identity thefts. Frequent cash back requests received by online merchants because of identity theft cut down a big chunk of projected profits for an online venture.

How can businesses protect themselves from identity theft

Performing proper identity verification for new customers and even for the existing customers can do wonders for an online business. KYC verification software plays a vital role in ensuring that the customers actually own the identity that they claim. Identity verification services such as Facial verification, document verification, and address verification can formally secure businesses from encountering cybercriminals using fake or stolen identities for buying products or availing services.

Increase Your Profit

Once businesses start utilizing a reliable KYC verification service such as Shufti Pro, they are guaranteed to increase their profits by cutting down on frequent cash back requests. It will allow online merchants to properly check their customers before bringing them onboard. Profits will also soar because of higher engagement ratio that can be achieved by analyzing customer demographics and sales pattern based on user activity.

KYC verification from AI backed Shufti Pro will help you establish a relationship of trust with your customers. The legitimacy of your company’s services will be established in the mind of your clientele. Real-time verification results from Shufti Pro will also secure you from bottlenecks that are considered customary with ordinary KYC verification system.

Conclusion

So, if you are looking for ways to earn the trust of your customers, build a loyal customer base and, most importantly, need to boost your profits, then there is no better way than integrating Shufti Pro with your sales platform. We offer bespoke identity theft protection that will bring the number of users with fake identities to ZERO on your website. With features like Universal Language Support and OCR based data extraction methods, Shufti Pro emerges miles ahead of its competition in the KYC industry.

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NGO Kyc

What do NGOs have to gain from Identity Verification Services?

Identity Verification services are quickly becoming the cornerstone of NGO-related activities across the globe. They don’t only need to implement a highly efficient Digital KYC program for their sponsors and beneficiaries but they are also in need of implementing AML Compliance measure in order to ensure the received funds are not from dubious sources. Credibility and trustworthiness of NGOs stands to hit a great deal in case it is found connected to financially risky or straight out fake beneficiaries. After all, charity organisations and NGOs have their distinguished portfolio of finished projects to show for their efforts and years of operations. No matter what the size of operations and what kind of field an NGO is working in, identity thefts and fake IDs are a real concern. Reputation and charitable work of NGOs also stands to take a hit, in case their donors are confirmed to partake in money laundering activities or some self-interest objections are raised in longer run.

Greater Credibility from Identity Verification Services

Thousands of NGOs are involved in fundraising activities for the causes they find dear to them. They are working in every corner of the globe, truly transcending national borders in order to raise vital funds to provide relief or social outreach to people in need. It is usually not entirely uncommon practice in NGO culture that funds collected from one country are actually utilised in an entirely different region or even continent. So this first step of donor lists and funds collection puts NGOs at certain unprecedented risks. In order to write off their outstanding expenses/revenue, NGOs can be showered with large swaths of money to cover up illegal means of earning.

On the other hand, there is a case to be made for the beneficiaries and end-users on whom the relief funds of an NGO are supposed to be spent. Now, there is already a scenario to verify the identities of people who are going to receive assistance from these NGOs, monetary or otherwise. NGOs not only have to protect themselves against fake and doctored IDs but they also have to make sure that the person holding the ID is the actual owner of presented identity documents.

A fully digitized Identity Verification system will give a great boost to overall reputation of an NGO as the authorities will know that the funds have been collected by genuine sources and legitimate donors. There will be whole data set of background checks performed to ascertain the legitimacy of funds. Donating individuals and entities will also be sure of the fact that the causes pursued by a certain NGO are not only legitimate but the promised facilities/goods/assistance will be handed down to the right persons. There will be again a verified databank comprising of each person and the identification documents provided by that person for availing assistance from NGOs.

Staffing Becomes Easier As well

NGOs around the globe comprise mostly of volunteer work force, that too, for a limited period of time. It is essential to make sure that volunteers and their supervisors in the field are fully trustworthy to handle the assistance efforts or relief work to be performed on behalf of a particular NGO. Identity Verification services used by NGOs can help validate the credentials of their employees and helpers without risking any relief operations.

Shufti Pro is a perfect solution for NGOs that are looking to employ Identity Verification services to better redeem their volunteer operations, funding process and dispersal of assistance to eligible people. Shufti Pro is available globally, providing services in ALL countries and supporting ALL languages. Digital KYC services of Shufti Pro are provided with the help of an Artificial and Human Intelligence hybrid. Within 30-60 seconds, Shufti Pro can verify the credentials of every person who is trying to donate funds to an NGO, wants to volunteer or simply wants to to utilise the assistance offered by an NGO. Identity Verification Services become truly beneficial with machine learning algorithms powered by Shufti Pro.

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Secure Travel Experience

Verify ID For a Secure Travel Experience

Since we are using the Internet for a great many things including shopping to online booking of flights and hotel rooms. The need for a system that would ensure that the people making the bookings are actually who they say they are is important.  The system should verify ID online. The following hypothetical situation that is based on an actual process that is carried out by TSA will elaborate our point.

Picture this: You plan on visiting your parents this Christmas and New Year’s. Since they live in another city you buy your ticket in advance. Buying the ticket in advance saves you money as the earlier you buy it  from the flight date the cheaper it is. When the time comes for your flight, you leave for the airport and there you reach the check-in counter and over there they just check your id and tag your baggage and let you enter the waiting lounge. When you look back some of the passengers’ ID’s, baggage and they themselves were being checked. You think to yourself that it must be your lucky day. You weren’t really sure if you would extend your leave so you didn’t buy a return ticket. When the time came for you to go back, you purchase a ticket online a couple of hour before the flight. When you reach the airport’s check-in counter. The staff ask for your ID, another person asks you to show your luggage and let them inspect it. They also give you a pat-down and ask you questions as to why you’re going and why you were here. After finally getting satisfactory answers from you they allow you to go to the waiting lounge. As you walk towards the lounge you look back and notice that a person just gave his ID got his bag tagged and was allowed to go, just like you did when you were coming to this city. You go and sit down and start wondering why this happened, the guy who was behind you asks if he can sit on the seat next to you. You allow him. Your curiosity gets the best of you and you ask him why they just let him go without any checking? Do they check randomly? He tells you that if you buy a ticket in advance they verify your id and do background checks beforehand so that they don’t have to do a check as they just did with you. You thank him for explaining the situation to you. You wonder why they don’t have access to a live verification system that would carry out a background check in real time.

Why Should we Verify ID in Remote Hotel Service?

Online credit card fraud prevention is needed in online booking. There is no way an online booking website can track a fraudulent transaction without a verification system. So if you are a hotel and are looking to facilitate its customers  with the ease of online purchasing and booking, then you need a more secure way to go about it. Frauds and identity thefts not only breach the security aspect of your business but also cause you a major loss in reputation. So if you’re offering a remote hotel service then you need to have some system that can make sure that the original owner is making the credit card transaction. This can easily be done with an online KYC (Know Your Customer) solution that can be integrated with your website to verify ID.

Verify ID to Avoid Chargebacks

Besides the remote hotel service, KYC solutions are essential for the travel industry in general.  Airline and transport services that allow for online booking are all susceptible to chargebacks due to the use of stolen credit cards. The chance of a friendly fraud is also a reality. In order to counter that, the KYC solution offers proof of purchase as well as identification of the individual.

How do solutions that verify ID work?

The best possible solution for the corporate and government sector is to make use of an e-KYC solution that can help them reduce security threats. This can be simply done by integrating the SaaS, within your business website or application. With the use of the system’s state-of-the-art business verification services, the risks involved can be decreased majorly. Running on an advanced AI system, it utilises the Internet, webcam or smartphone camera to carry out online real time process to verify ID. When a person is doing a booking, after he’s filled in the required information the AI takes over. The person is asked to face the camera while the AI checks for anything that would indicate that the person is altering or hiding his face. Such as heavy makeup, masks, or using a picture. The Ai is smart enough to take into account wearing of jewellery and glasses as well as changes in facial hair and hairstyles. Then the individual is asked to present their ID and to focus on the picture, Name, DOB, and number (if applicable). The AI then matches the picture with the person’s face and the data with the one provided by the person in the initial form. Once  everything is verified and turns out clear. The system proceeds with the booking. Incase of a false outcome the booking is stopped. The entire verification session is recorded and takes less than a minute. In general, not only will it save your valuable time but also help you get rid of carbon based storage, i.e. no manual or paper work. The chances of data loss will also be minimised.

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