Kyc

KYC Compliance – Strengthening Fraud Prevention Across the Globe

Know Your Customer (KYC) : The widespread availability of the internet has made our world more connected than ever. This, however, has made our information more vulnerable to fraud. The ever-climbing fraud statistics continue to trouble consumers and businesses as well as regulators across the globe. Yet traditional practices for Know Your Customer seem no longer effective. With the increasing scrutiny of regulatory bodies and global financial regulators, businesses need to come up with an effective Know Your Customer or KYC Compliance process. The KYC process involves the verification of the identity of individual customers for preventing fraud and money laundering activities.

Traditionally, banks and other businesses performed KYC manually. However, manual procedures take longer and tend to frustrate customers. For banks too, manually verifying and vetting each customer can be costly and arduous. Herein, comes the role of SaaS KYC service providers. Providers of identity verification as a service, nowadays are using machine learning, advanced biometrics and a combination of Artificial and Human Intelligence capabilities to verify end users. It is an all in one solution that is equipped to fully automate KYC procedures in companies. 

A comprehensive KYC and AML solution can effectively fulfil a business’s KYC requirements. It not only makes the implementation of compliance obligations seamless but can also improve the onboarding process. Its KYC services include document, face and address verification along with global AML background checks. 

Some of the major KYC and AML procedures that Shufti Pro offers include;

  • Document Verification
  • Face Verification
  • Address Verification
  • AML Background Checks

Document Verification

A simple and efficient way for banks, financial institutions, e-commerce stores, crypto exchanges, ICOs and a number of other businesses is to verify customers through document verification. It allows businesses to verify users through multiple documents including ID cards, passports, driver’s license, credit/debit card, utility bills and other customised documents, that a business may need verification for, for its users. 

The verification of the document(s) can be personalised for business, according to its need to verify its users. For example, an online retailer would want to verify the address of its customers to avoid shipping fraud and errors. Different features of a document that can be verified include Name, Date of Birth, Age, Date of Issue and Expiration, Document Number (MRZ code, passport number etc.), Gender, Nationality etc.

The process of document verification for a business is simple and easy. All they have to do is select the mode of verification (onsite or offsite) and document checks they want. The rest is taken care of by the verification software. The process of document verification involves;

  • The end-user or customer comes in for verification and selects the type of document he/she wants to be verified by. It is up to the company to provide multiple options for its customers for verification including ID card, passport driver’s licence or any other ID document.
  • The user then scans their document(s) or uploads a copy of it to verify their identity. 
  • The system verifies the user using hybrid AI and HI technology in 30-60 seconds.

Document Verification

Face Verification

Face verification nowadays is normally performed through a facial recognition software developed on AI-based protocols. Biometric facial authentication is usually performed by businesses that run a higher risk of attracting fraud and financial crimes like money laundering, bribery and tax evasion. This may include but is not limited to, banks, insurance providers, investment firms, crypto exchanges, ICOs and forex companies. All such businesses are highly regulated and require additional protection from fraudsters and criminals. 

Performing facial verification is simpler than document verification and only requires the end user to show their face in front of the web camera. Alternatively, they can also upload a picture to authenticate their identity. The choice to verify the user through image or video or both lies with the company availing KYC services. An end user is verified in the following way in the face verification feature;

  • The end user comes in for facial verification
  • They show a fake or photoshopped image for verification
  • The facial recognition system declines the verification since it a fake image is being used for verification.

In another case,

  • The end user comes in for verification
  • He/She will show their actual face or image for verification
  • The verification is approved as the software detects the presence of a real person, or does not detect any photoshopped elements in the image used for verification.

Online Facial Verification

Address Verification

E-commerce sites, online retail businesses and banks often require address verification of customers in order to check if the person is using legitimate credentials to gain access to services. Address verification services allow for better and more convenient authentication of users around the globe. It is the fundamental solution for businesses to eliminate identity theft. Address verification further increases the accuracy in the shipping of orders allows companies to conveniently deliver merchandise to customers. 

Address verification is performed using a number of different documents including utility bills, bank statements, tax bills, ID cards, passports etc. The system is also able to corroborate addresses using different documents. Therefore, if either of the documents is forged or stolen, the system will stop the verification. The address verification process is performed in the following way;

  • The user selects the document using which he/she wants to verify their address. It is up to the company if they want to provide their customers or users with various document options with which they want to verify their address.
  • Scan or upload the document for address verification.
  • The system will use data extraction protocols to verify the address of the user.

Address Verification

AML Screening

Banking and financial institutions are required to perform customer due diligence (CDD) for individual customers and clients. For higher-risk individuals, they are obligated to perform enhanced due diligence (EDD) to evaluate, assess and eliminate the risk they pose to the institution. For more efficient risk assessment, AML screening of each individual client is a must. 

With an AML screening system, banks can now easily screen new and existing clients through a foolproof system. The screening process flags PEPs and high-risk individuals from a vast databank. It contains data from over 1000 sanction lists and 3000+ databases. Some of the lists through which end users are scanned include OFAC, FATF, DFAT Australia, FinCEN, CIA, FINMA and numerous others. The databank is updated every 14 minutes to account for any updates in the lists. Banks and other financial institutions can choose to implement batch screening or ongoing screening for their clients. Batch screening screens individuals in bulk in one request whose basic name and DOB are already known. In ongoing screening businesses operating in a high-risk environment can issue an “on-alert” status to clients with a greater risk profile. 

AML services are generally availed with KYC verifications and checks are run in the background. 

  • The system extracts a user’s Name and DOB from their credentials as they perform their identity checks.
  • The system will scan the person from global AML watchlists (FATF, OFAC, Terrorist Financing, FinCEN, DFAT etc.)
  • If the individual is flagged in any list their verification will be declined and the company will be notified of specific individual’s flagged status.
  • If they are cleared, their verification is approved.

AML Screening

Requirements for Each KYC Procedure

The documents required from each end user for a KYC verification depends on the company availing the KYC services. Each company has its own requirements about verification of its users. However, certain standard documents are used by most businesses to verify their users. These documents include ID cards, passports, driver’s licences and credit/debit cards. The company can choose to provide different options for verification for its users or set a standard document through which the person can be verified. 

Documents for address verification include, but are not limited to, utility bills, bank statements, tax bills, rent agreement, employer letter, insurance agreement and other standard ID documents. The AML checks require the full name and date of birth of an individual that can be extracted – or entered – during the KYC process. 

It must be noted that the requirement for each verification is set by the company availing the identity verification services. They may ask for only one or multiple documents for verification from each user according to the needs of their industry and the regulations they are obligated to adhere to. 

Industries that Adhere to KYC Compliance

KYC compliance applies to a vast range of industries. Different businesses need to adhere to KYC requirements of their region as well as the region(s) they operate in. Some of the many industries and businesses that require KYC procedures include, but are not limited to;

Kyc Compliance

  • Banking, Financial Services and Insurance (BFSI) Industry
  • E-commerce businesses
  • Foreign Exchange Brokering Services
  • Cryptocurrency Exchanges or Companies dealing with or operating on cryptocurrency (ICOs, Bitcoin wallets etc.)
  • Freelancing platforms
  • Telecommunication Services
  • Travel and Hospitality Services
  • Peer-to-Peer Marketing
  • Online Gaming and Gambling 
  • Healthcare Industry
  • Real Estate Sector

Standard KYC Compliance Procedures Around the Globe

Every jurisdiction around the globe has its own set of regulations and requirements for businesses to operate safely. Different countries and regulatory authorities set their own standards according to their legislative structure. However, standard KYC requirements are fixed for most regions across the world. Most KYC Compliance Procedures are centred around: 

  • Digital Identity Verification.
  • Electronic identity Verification or e-IDV, that verifies individuals through different government or independent databases.
  • Address verification through different documents

Any specific distinction in the process of KYC exists based on;

  1. Use case – The use case for each business involves in what capacity a business might need KYC, how it would apply KYC procedures.
  2. Regulatory Requirements – regulatory requirements differ based on the type of industry, the level of risk an individual or business may pose and the region in which an enterprise operates in. For example, in a few countries including Germany, Spain, Switzerland and Austria the regulations require businesses to verify users through video conferencing 
  3. Type of Business – the risk associated with a business also comes with the industry it operates in and its nature. For instance, financial service firms are bound by more legal obligations than perhaps an online retail store.

Kyc Procedures

The identity solution from Shufti Pro offers universal language support, along with the ability to verify over 3000 documents. This allows us to verify users from over 230 countries around the world. Our AML databank includes names of Politically Exposed Persons (PEPs) from over 1000 + sanction lists and 3000 + databases. It is currently catering to a diverse set of clientele ranging from financial services to online retail businesses to crypto companies. With the ability to verify users in under a minute, Shufti Pro can fulfil a business’s KYC compliance requirements with increased efficiency.

Digital Kyc Services

Howdoo and Shufti Pro enters into partnership for Digital KYC Services

BATH, UK – (July 4, 2018) – Shufti Pro will be partnering up with Howdoo to provide Digital KYC services that will help the social media platform with efficient customer onboarding and validation of credentials provided by future users.

Shufti Pro is an Artificial & Human Intelligence based end-to-end Identity verification SaaS product. A GDPR and PCI compliant solution, Shufti Pro strives to provide flawless digital KYC services and AML Compliance to a worldwide audience. Howdoo, on the other hand, is a blockchain based social platform providing users with a unique opportunity to take control of their social media content. Howdoo envisioned to bring together a community of global users for better content, smarter communication and enhanced security of data. In order to ensure that access to their highly secure social media platform is not breached by scammers or users with fake identities, Howdoo turned to Shufti Pro.

But even before settling down with Shufti Pro, Howdoo executives made sure to conduct thorough market research. They needed to find Digital KYC services from a company that understood what it takes to secure the interests of users. A company that realises the prowess of blockchain and how it can be utilised in creating a feature-rich social platform like Howdoo. Shufti Pro’s passion to create an online marketplace without a shred of fraud and scam really hit the right note with Howdoo management.

CEO of Shufti Pro, Mr. Victor Fredung highlighted the importance of this collaboration among two tech companies in following words:

“Digital KYC services from Shufti Pro are perfect match to user-centric platform like Howdoo. Our entire team at Shufti Pro is very excited to work with a professional organization like Howdoo and we are hopeful that this will be beginning of a mutually beneficial relationship that will bring lot of opportunities for both companies to learn from each other. Our industry best time of processing an official document in 30-60 seconds will surely streamline the customer onboarding process for Howdoo”

One of the major aspects of partnership between Howdoo and Shufti Pro is the global outreach of this smart verification product, as well as the ability of Shufti Pro to verify official documents in every language of the world. It means that Howdoo will be able to register developers, content creators and advertisers from all over the globe using Digital KYC services from Shufti Pro. As a platform that has the ambition of truly going past traditional barriers of physical borders, this feature of Shufti Pro was truly exciting for Howdoo

__________

About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Howdoo

Howdoo is a new age social media platform developed by utilising the Ethereum blockchain. Not only content creators are invited to showcase their individualistic content on Howdoo but the makers of this exciting platform have also arranged for smooth revenue stream for these creators. Innovative collaboration, secure communication and traceable content are going to be cornerstone of  Howdoo.

ride sharing kyc aml shufti pro

Ride Sharing Services and ease provided by KYC Services

Ride Sharing services might be the hottest form of transportation especially in developed countries but without utilising reliable KYC services, they tend to offer much more danger as compared to comfort to their customers. Highly popular among professionals and younger generation, Ride Sharing services have a lot to benefit from KYC services not only to cut down on losses incurred by identity thefts but they can also rid their service from any driver with a criminal past.

Ride Sharing services are quickly becoming a cost effective alternative to the traditional car services. Conventional means of transport like taxis have fallen in popularity partly because of the ease of use provided by ridesharing services to their customers as compared to regular vehicles for hire. These ride services offer instantaneous confirmation of ride requests, less-expensive rates, and typically a newer and more varied “fleet” of cars made possible by a list of drivers that are working for extra-salary or are not under regular structure of payroll from ride sharing service.

Despite having a popular appeal, ride sharing services are often criticized because of their non-regulated operations and less than casual approach towards their contracted drivers. That is why complaints of misbehavior and unprofessionalism are also heard frequently when it comes to ride sharing services. KYC services seems to have a perfect solution for these complaints.

KYC Services for Ride Sharing services

Ride Sharing services like Uber and many others with similar business model also have a lot to benefit from Digital KYC services. These services will not only help to safeguard company’s interest for customer onboarding process but the captains and drivers of the rides can also be verified against their provided credentials and documents. This will add an additional layer of security to ensure customer trust and credibility towards the ride sharing service.

Ride Sharing services can choose patented technology of Shufti Pro to authenticate driver’s licenses. As part of the verification process, Shufti Pro extracts biometric and alphanumeric data from IDs and applies Artificial Intelligence to authentic  the credential instantly. Ride sharing service will be able to also perform facial recognition match to validate users. Facial recognition feature of an authenticated product like Shufti Pro is as easy as taking a selfie and comparing it to biometric data contained in the government-issued ID. Results are given in seconds, comparing the face biometrics of a selfie to the image on the ID and include a liveness detection test to prevent fraudsters from using static images by ensuring that a live person is in front of the camera.

Why Shufti Pro?

Shufti Pro should be an ideal choice for ride sharing companies looking for a reliable KYC services provider. ID Verification services offered by Shufti Pro are available in every country of the world and can verify documents in every language of the world. It means that whether a ride sharing service has business operations spread over a specific country, region or entire globe, Shufti Pro will be of full assistance to its customers, providing flawless digital KYC services. Expansion into a new territory or region with entirely different language or design of official documents will not be an issue with Shufti Pro. ID verification services of Shufti Pro are easily integratable with pre-existing online systems, android or iOS apps and web applications. It means that no new modifications has to be done in the online system of ride sharing service that wishes to bring Shufti Pro onboard for AI powered KYC services.

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Multi Level Marketing

Marketing Firms embracing KYC Services for Better service Delivery

 

Browsing through your Facebook newsfeed and you come across one of ‘Those’ friends – “Hey People, i am a ‘footforce’ in a company, selling some overpriced and overly bragged products”.

Next you see your friend, claiming the product to be the best that there is to ever buy. In most instances, the so called ‘friend’ referred above, would be a part of an MLM- Multi Level Marketing team in a company  We have now continuously seen this happening, through social media marketing or via tv commercials. Today, the thought of coming across an MLM firm not complying to KYC/AML regulations is frightening, when legal stakes are so high. Likewise, the lack of Know Your Customer procedures opens ways for potential malpractices and scams to occur with an MLM implementing company.

Understanding MLM | Multi Level Marketing – Operations

MLM is a marketing strategy for a product or service by independent representatives who sell goods to potential customers through a direct sales approach. An MLM company also mobilizes large amount of monetary funds, in the form of bank deposits from the public in exchange for high returns and promises.   

Multi level marketing is also referred to as network marketing, which consists of a pyramid tier hierarchy level. MLM is mostly referred to as when there are two or more hierarchy branches involved. Additionally in the concept, MLM involves the privilege of each representative to recruit and train additional representative under themselves and form a hierarchical chain of command in a way – referred to as a downline.  

Representatives within a downline earn a commission from the reps sales that they recruited. Additionally, Income earned in MLM comes from the commission earned on personal sales within a downline, as well as a percentage of the sales earned by other reps recruited by a distributor(representative) directly above you.

Where MLM Exhibits Vulnerabilities

As any other company, even an MLM one is not safe from all vulnerabilities. Each company has its own shortcomings and in the case of the MLM companies, it is – Distributor/End Sales People/Recruits.

A fundamental aspect of an MLM scheme is its state of regular hiring, done by distributors and sub-distributors – depending on the stages in MLM hierarchy. This aspect of hiring individuals on a consistent basis, opens a potential vacuum of exploitation by potential fraudsters. This threat is further extended as individuals recruited by MLM companies turn out to be fraud.
There are legit MLM companies operating as well. The nature of operation in direct sales is unforgiving and financially unsatisfying for distributors and lower tier sales person – who end up leaving and running away. This causes even higher losses to a company, while continuing the hiring cycle.

What’s important to realise is that a scheme such as an MLM does not offer long term value or consistency. Making money by signing up new members, who make money by signing up new members is not a business plan that offers job security.

MLM Companies – in Light of Identity Verification

MLM schemes and companies conducting MLM are filled with complexities of their own such as integrated hierarchy structures, direct sale payments, commissions and referral percentages. MLM’s can be and are chaotic, where an Identity Verification Service Provider can mitigate most, if not all problems.    

Companies tend to miss out on a crucial aspect when implementing an MLM scheme, KYC – ‘Know Your Customer’.

An Identity Verification company can help verify an Individual’s identity in a transparent manner and establish a better and improved customer identification program for the implementing company. The likelihood of hiring done through this process can ensure individuals are hired quickly and stay on board with a company longer, through improved customer profiling.

In addition to customer profiling, a dedicated KYC provider can also provide Risk Assessment through dedicated background checks in combination with Identity Verification. This creates an added score of judgement for companies to base their hirings on and predict, which potential people are likely to commit fraud through illicit activities.

This is where a third party service provider will facilitate a large MLM company, or any other firm implementing an MLM scheme.

How MLM Companies Benefit From KYC Services

Almost all MLM’s involve excessive marketing, field work and verbal marketing. The greatest risk involved, is the risk that it exposes itself to a regular hiring process. Most of the smaller salesperson and distributors are unknown to the scheme implementing company.

In order to validate an individual’s Identity and ensure security to not only the company but also to the lower tier salesperson and distributors, Shufti Pro lends a dependable arm by being a reliable KYC and AML operator. Shufti Pro can facilitate MLM implementing companies, by providing all identity and document verification services under a greater Identity Management Suite.

For either seasoned or new MLM implementing companies, a dedicated KYC platform like Shufti Pro offers effective real-time processing for Identity verification. This helps save valuable time in the process with quicker distributor/recruiter on-boarding time. KYC services from a versatile system like Shufti Pro would be an adequate fit, providing a scalable solution with maximum usability of the internet for enhanced customer facilitation. Shufti Pro will verify identities by having the customers to face a camera and then show an ID documentation, focusing in on the Picture, DOB, Name and Proof of Address(if applicable).

The AI technology will identify any potential shortcomings in documents or facial mismatch and will display results accordingly. Thus, reducing the chances of fraud taking place inside MLM companies. 

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digital kyc services shufti pro

Nordic Banks brace for Digital KYC with centralized Database

Five major Nordic banks have formed a partnership to establish a company that will compile a centralised database for Digital KYC services. In order to ensure greater transparency and identify financial risks that can create regulatory penalties for these banks, KYC was considered to be an ideal candidate by the bank executives. A shared facility will not only provide wider data bank for banks to utilise but it is also targeted to reduce development cost and maintenance charges for each banking organisation.

The Joint venture will be known as Nordic KYC Utility and will solely be focused on development of an “efficient, common, secure and cost effective” platform for sharing confidential and personal information. The vetted data will be provided by customers for opening an account or to perform transactions and funds’ transfer.

Why Digital KYC for Nordic Region?

Nordic KYC Utility will be opening shop to provide KYC services not only to the founding banks but to large and midsize nordic corporates as well. The management of the founding banks plans to offer KYC services to third parties as well, once the entire database is fully functional and operational. KYC is the easiest method to verify the identities of future customers and sort out the bad apples before receiving a regulatory penalty for handling business of customers or enterprises that are deemed as financial risks by financial regulators. Financial watchdogs around the globe want banks and financial institutions to tighten their business practices in order to identify their users. It further helps in gathering information about why these customers are in need of banking or financial services and what kind of niche those businesses/individuals belong to. It helps regulators to find out the needles of financial criminals in the haystack of businesses and banking customers.

A Unified Platform for Digital KYC

The approach adopted by Nordic banks, i.e. a unified database for KYC compliance, is also being seen as an efficient alternative to the otherwise time consuming and multi-format KYC services available at different banks. As the founding members of Nordic KYC Utility are already one of the largest banks of the region, customers will be facilitated to perform KYC and get their credentials verified in a robust and uniform manner.

The formation of company is yet to be verified by the European Commission under the Merger Regulations of the European behemoth. It is expected that operations of the company and foundational activities will be charted out once an approval is received from authorities that is expected by the end of Q2, 2018.

When we talk about Digital KYC services, there is a strong case made by an up and coming SaaS product – Shufti Pro. It is an end to end verification service that is perfect for any banking or financial institution, which is looking to adopt KYC services in any part of the world. Powered by Artificial intelligence and machine learning algorithms, Shufti Pro can verify identity of every person in the world and validate credentials of a person within industry best time of 30-60 seconds. KYC services by Shufti Pro can verify identity documents in any language, belonging to any country of the world. Shufti Pro can also integrate easily with the pre-existing systems through its flawless API and SDK integrations. AML Compliance and Customer Due Diligence are added features of Shufti Pro for banks and financial institutions that want to completely rid their operations from any financial crime risk.

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Kyc For Rental Car Business

How Car Rentals can safeguard their interest with Digital KYC?

Car rentals stand to benefit a great deal from Digital KYC as it will enable them to verify the credentials of their users, before renting out their expensive vehicles. It will not only lead to greater transparency but the valuable assets of car rentals will be secured from any stealing. Danger of Identity thefts and use of fake IDs can be minimised as well at car rentals, further streamlining the business operations. Shufti Pro provides perfect Identity Verification services that can help car rental companies regardless of their country or the official language used on that country’s identity documents. A smart SaaS product backed by Artificial Intelligence, Shufti Pro is fully equipped to verify the provided identity of a customer within 30-60 seconds so that a car rental business can secure its interest without making any sacrifice on customer service.

Why Car Rentals need Digital KYC?

Every year thousands of cases are registered across the globe for cars gone missing that were rented out to customers. Even the identity documents provided by the customers for renting out a car are of not much use. In majority of the stolen or missing car cases, identity documents of customer are found either fake or to be owned by an entirely different person. Cash backs on credit cards and huge costs of stolen vehicles add additional burden to an already competitive market, thanks to ride-sharing services like Uber. Insurance might cover the cost of a stolen car but that is just again an additional business overhead that car rental companies have to bear, in the absence of a Digital KYC service provider.

Sometimes, cars rented out on fake IDs are even used by criminals to commit different kind of crimes that can lead to criminal proceedings against car rental companies due to their lack of vigilance at the time of renting out automobiles. We cannot stress enough the damage such incidents can do to the reputation and business of a car rental company. Sometimes, the criminal elements don’t even bother to steal the entire vehicle and are just interested in expensive spare parts. They butcher the entire car for most useful and expensive spare parts and ditch it for law enforcement companies to find the vehicle. Car Rental companies are left with the headache of replacing the spare parts or getting the car sold as a scrap.

In modern times, where technology is overtaking every sphere of life and car rental companies are offering remote services like delivering a car at the doorstep of customer and remotely verifying the identity of customers, Digital KYC presents itself as an ideal solution to reduce risks and maximize profitability. Imagine a business environment for car rentals, where identities of potential clients are actually ensured before handing them the expensive and only true assets of the company. All the risks are properly assessed and background checks are performed to rid the company of any potential legal proceedings. Shufti Pro can give the much needed peace of mind to car rental companies where they can operate their businesses without worrying about unnecessary business overheads by reducing cases of stolen cars or cars rented out using fraudulent documents.

Benefits of Digital KYC for Ride Sharing Services

Ride Sharing services like Uber and many others with similar business model have a lot to benefit from Digital KYC services. These services will not only help to safeguard company’s interest for customer on-boarding process but the captains and drivers of the rides can also be verified against their provided credentials and documents. This will add an additional layer of security to ensure customer trust and credibility towards the ride sharing service.

Why Shufti Pro?

Shufti Pro is an ideal choice for car rental companies for multiple reasons. Services offered by Shufti Pro are available in every country of the world and can verify documents in every language of the world. It means that regional or global car rental services can use the flawless services of Shufti Pro without having to worry about the coverage area or concerning about the language used in different countries of the world. Shufti Pro is easily integratable with pre-existing online systems, android or iOS apps and web applications.

Choose Shufti Pro now to provide Digital KYC for your car rental business and witness an unprecedented growth in your business without spending a fortune.

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shufti-pro cryptology partnership

Cryptology partners with Shufti Pro For KYC Services

BATH, UK – (June 20, 2018) – Cryptology is an online crypto exchange that has joined hands with Shufti Pro to utilise cutting edge KYC services provided by Shufti Pro to verify the identity and financial details of its members.

Cryptology is one of its kind start-up company that envisions to make exchange of cryptocurrency hassle free for its users. Currently operating through its web and mobile apps, Cryptology plans to extend its business operations to touch new horizons, in near future. With easy to use interface that supports multiple wallets, Cryptology presents a virtual stock exchange for crypto enthusiasts. Working for a reliable crypto future, Cryptology is looking to resolve issues like complexity of fiat transactions, high commissions and sluggish customer support.

Partnership for KYC Services

To ensure secure transfers and in order to eliminate the risks of fraudulent activities or fake users on their newly launched crypto exchange, Shufti Pro was chosen by Cryptology. Shufti Pro will be providing PCI compliant KYC Services on their web app platform, via its RESTful API. The distinctive features of KYC services from Shufti Pro will allow Cryptology to verify credentials of its users from all around the globe. Shufti Pro also provides universal language support, further enabling the outreach of Cryptology as a cryptocurrency exchange.

Fraud prevention and risk mitigation are not the only features that Shufti Pro brings to this partnership. The Artificial & Human Intelligence Hybrid system of Shufti Pro also provides real time verification so that the users of cryptology don’t have to wait for hours before their identity and financial credentials can be verified. Flawless API integration of Shufti Pro with Cryptology’s web app will create a hassle free UI/UX for the members.

Talking about the partnership with Cryptology, CEO of Shufti Pro, Mr. Victor Fredung said that, “We are proud to have partnered with an upcoming venture like Cryptology. Their business model was in need of a reliable identity verification system that also provided a seamless integration with their system. Shufti Pro ticked all those boxes. Not only that, but the scope of our worldwide services and universal language support means that any person sitting in any part of the globe, having credentials in any language, will be able to buy and sell cryptocurrency on Cryptology app. Now that is what we call a giant leap towards a crypto future.”

On the other hand, COO Cryptology, Mr. Anton Kalinin has this to say about the partnership: “Cryptology.com is a next generation cryptocurrency exchange that makes fiat and cryptocurrency trading easy and secure. Our user friendly web platform provides attractive conditions for professionals and offers an option of a mobile app for those wanting to trade on the go.

Guys from Shufti Pro did exactly what we expected them to do, automating KYC and letting us grow faster. They were the first to respond to our cooperation request! We are totally happy to have chosen them and definitely look forward to continuing our highly productive cooperation.

Implementation of KYC services for a cryptocurrency exchange is a bright sign for people who want to benefit from huge potential of cryptocurrency without risking their investment capital or identity credentials. PCI and GDPR compliant identity verification services from Shufti Pro will also ensure that the data shared by Cryptology customers and members for verification will be fully secure and cannot be breached by any brute force.

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About Shufti Pro

Shufti Pro is an emerging name in identity management and KYC/AML. It was founded on 31st October, 2016 in Bath, UK. The goal of the company is to enable its clients with seamless customer experience, fraud prevention and undeterred revenue generation. The company offers state of the art SaaS, which engages Artificial Intelligence and Human Intelligence. Businesses can now conduct easy digital verification processes with lesser friction and more advanced technology. Currently offering its services for all countries of the world along with Universal Language Support, the company is located in United Kingdom with its global office in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited

info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About Cryptology

Cryptology is a team of crypto enthusiasts looking for ways to offer mass access to the crypto market through a marketplace that would cater to all needs at once.Company’s main goal is to simplify the digital & fiat currency exchange transactions for all users. Cryptology strives to create a single platform bringing together fiat transactions and a variety of tokens. Complex procedures will become a thing of the past, as users will be able to buy tokens with fiat currencies. Everything you need will be available on a single platform. You won’t have to deal with high commissions on fiat transactions, difficult KYC procedures and slow support.The key advantage of Cryptology is its own payment system that allows them to manage fiat transactions and offer users, a competitive service fees.

Digital Kyc

South Korea want Crypto Exchanges to adopt Digital KYC and AML Compliance

South Korea is soon going to adopt regulatory measures to bring in crypto exchanges under regulatory compliance. Financial authorities like Korean Financial Intelligence Unit (KFIU) and other domestic financial regulators will make sure of the fact that crypto exchanges are using Digital KYC and AML Compliance practices to run their operations. Recently a move was instigated by the financial authorities in South Korea to clamp down on terror funding and money laundering activities. Earlier, they wanted to increase oversight on the operations conducted by banking and financial sector only. They intended to introduce stricter compliance guidelines to make these banks and financial institutes adopt KYC and AML Compliance measures. Later on, they decided that crypto-exchanges must also be brought under the regulatory scrutiny of organizations like KFUI. This official step will surely be in the right direction as it will pave the way for legitimizing of crypto exchanges and crypto currencies in South Korea.

Digital KYC for Korean Exchanges

Korean authorities are concerned by the non-regulatory functioning of crypto exchanges and trading of cryptocurrencies. They consider crypto exchanges and fiat currencies a viable platform that can be easily exploited for financing terror related activities or to launder illegally earned money.

Talks have been going on inside South Korea to introduce much stricter regulations on banks to make them answerable for large scale transactions and unnamed accounts. Proper verification of account holders and transaction destinations was being demanded by financial regulators to introduce a much more effective financial regime. To further the cause of a transparent financial landscape, it was suggested that crypto exchanges should also be brought under the guise of financial regulators as every company in the industry has been performing as a communication vendor after paying a mere $40 license fee.

KYC services for Crypto exchanges operating in South Korea will allow regulators like KFIU to better monitor the individuals trading virtual currencies through these crypto exchanges. With the entire industry being recognized as a regular industry and thus being regulated with necessary guidelines, legitimate status will be earned by the entire sector.

AML/CTF Measures for Korean Crypto Enthusiast

At the moment it is not clear that what kind of AML Compliance will be expected from crypto exchanges and there might be some apprehensions in overall market trading for crypto currencies, but one thing is clear: an AML compliant industry that is committed for CFT will go a long way for greater trust among customers. It will also ensure a global outreach to investors who want to invest or trade cryptocurrencies on a platform that is officially compliant and vigilant against financial risks. It is totally understandable that virtual currency exchanges can carve out a whole new different future for themselves if they decide to not only comply with regulatory guidelines of KFIU but even build on them to adopt a systematic approach to curb out financial risks.

Shufti Pro is an end-to-end verification SaaS product that offers both Digital KYC and AML Compliance. This AI powered ID Verification service can recognize documents and credentials in every language of the world and can verify the identity of a person in every country of the world. Korean crypto exchanges that are looking for a reliable verification products to bring them in line with regulatory oversight of KFIU and other domestic regulators must try Shufti Pro. With an industry best processing time of 30-60 seconds, Shufti Pro has already partnered with some of the most reputable crypto exchanges of the world for providing KYC and AML compliance solutions.

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Digital Kyc For Icos

KYC Services For ICOs – Why you need to have them now?

KYC services play a vital role in conducting an ICO in more than one way. They can make the entire process transparent and can boost the credibility of the company intending to hold that ICO. Digital KYC services also assist the organizers to blacklist individuals that can pose financial crime risk for the initial offering.

More and more ICOs are raising funds and a culture of trust is being built between investors and blockchain based ventures conducting these ICOs. This trust is depicted by huge sums of money raised by ICOs belonging to different categories of technology. Here are the top 5 categories, number of ICOs belonging to these ICOs and total amount of money raised by these ICOs for a successful launch of their venture


                                                                                                                    Source: ICOBench

Here are some of the detailed reasons why every ICO must involve a trustworthy KYC service provider like Shufti Pro.

Regulatory Compliance

ICOs are attracting huge interest from regulators of financial world. They are interested that who are the people showing interest in these ICOs and what is the source of their wealth that assist them in making investment in these ICOs. In the hindsight, this interest is not entirely ill-placed. ICOs and cryptocurrency has been attracting lot of criminal elements to transfer their funds from one corner of the world to another. Then there is the case of money-laundering activities being done under the guise of cryptocurrency by several individuals.Involving services of a 3rd party KYC services provider can enable ICOs to offset heat from financial regulators

Actually Know Your Customers

KYC services are like bouncers at the front door of a club. You only allow those customers that are actually going to spend money in your ICO and are genuinely interested in buying a monetary interest in your investment venture. Digital KYC Services will also help reduce the risks by customizing screening criteria, so that you can be specific in eliminating financial risk persons from your ICO. This will help you safeguard the reputation of your up-and-coming venture.

Reliability and Credibility

When KYC Services are integrated in an ICO, it helps the offering entity to earn reliability and credibility among its future investors. They consider the company to be serious in performing a transparent initial offering. After all, appearances have a lot to do with the popularity and credibility of a venture like ICO. Volatility of cryptocurrency has already created lot of doubts about such ventures but when a company employs technology like KYC to ensure an indisputable offering, it will benefit from it in longer run as well. Pumping and dumping phenomenon can surely be reduced by this risk mitigation process, resulting in better ROI for investors who trusted the potential of your product at the time of ICO.

Legitimate Funding

Next generation technologies like KYC combined with AML Compliance, as provided by Shufti Pro, will give full trail of the funds collected by any ICO. Regulators will be answered aptly about the funds raised by your venture and thorough background checks will help you screen out persons, entities and companies that pose financial risk for your ICO. Shufti Pro has a databank comprising of 1000 whitelists and 3000 databases that is updated every 14 minutes. This huge databank is used to perform background checks for AML compliance that will help reduce the risk of regulatory scrutiny.

How Shufti Pro can Help with KYC for ICOs?

KYC for ICOs solutions are offered by Shufti Pro with a lot of room for flexibility. Simple ID verification can be availed to ensure that users with only authentic official IDs are allowed to participate in an ICO process. Shufti Pro can validate official identity documents issued by more than 225+ countries and published in 150+ official languages. Shufti Pro also has the ability to perform ID verification using OCR technology with its InstantCapture solution. In this identity verification solution, personal information of a potential investor are scanned directly from their official identity document and is then automatically uploaded in to the verification form, that is forwarded to Shufti Pro for authentication after formal approval from end-user.

There are many features and aspects of KYC for ICOs solution from Shufti Pro that demand that you seriously consider integrating it with your upcoming ICO. Some of these features are:

  • Proof of Verification
  • Available in 225+ countries
  • Restful API and mobile SDKs for integration
  • Multiple Verification formats
  • Pay as you go pricing feature
  • No minimum verification volume

Looking at all the above features, a strong case be built not only around the advantages of ID verification but also Shufti Pro being the preferred choice for identity verification services.

Digital Kyc Services

How Real ID Act enables Digital KYC Services for US Customers?

Digital KYC Services for US based customers are in debt of Real ID Act as it streamlined the process of issuance of identity verification documents. Real ID Act was able to introduce basic standards to assist US States when they issue a driving license to their citizen or any other relevant identity verification document. 9/11 was a big influencer in the introduction of this act as the commission made for investigation of the catastrophe gave the suggestion to introduce a uniform system of issuing IDs to citizen. They suggested a federal legislation that will not be binding on the states to follow but will serve as fundamental groundwork to establish verifiable documents for the citizens of United States.

Why Real ID Act was needed?

Before the introduction of Real ID act in 2005, there were stark differences among driving licenses and other IDs issued by states to their citizens. Some of them used sophisticated method to discourage identity theft and fraudulent activities while others used outdated techniques to issue same documents. This created a haphazard ID regime which was not only inefficient but also created financial and criminal loopholes. Although, introduced before Digital KYC services became all the rage but Real ID Act also enabled businesses and companies to ascertain the identity and credentials of their customers.

What does Real ID Act entail?

The intention of Real ID Act was very simple: Stop the practice of making secure yet fraudulent IDs and driving licenses. In hindsight, this is the intention of Digital KYC Services as well. Real ID Act wants states to adopt technologies and practices that eventually lead to issuance of secure identity documents. According to the legislation, a standard ID must have following characteristics:

  • It must be machine-readable
  • Must include 2-D barcode

Within that bar code, following information must be stored

  • Expiration Date of document
  • Full Legal Name of document holder
  • Data of transaction
  • Data of Birth of document holder
  • Gender of document holder
  • Address of document holder
  • Unique driver’s license or Identification card number (whichever is applicable)
  • Card Design Revision Date
  • Inventory control number of physical document
  • Name of state or territory that has issued the document

Now as you can see, an identification document containing all this data will be sufficient to verify the identity of a person. In order to ensure the credibility of the document itself, the machine readable nature and 2-D barcode are satisfactory.

In order to further fortify the security of these identity documents, there are other measures suggested to be made part of these documents that will hinder tampering of documents, production of counterfeits or for duplication of genuine documents.

KYC Services Supported by Real ID Act

Although, there are many states who are yet to fully comply with Real ID Act, but the overall response to the process has streamlined the way for Digital KYC services. With machine readable driving licenses and 2-D barcode carrying  vital information, each customer can be verified against the credential that they have entered while making an online purchase or for opening a bank account.

The rate of online fraud and the risk of online identity theft has also reduced substantially because of Real ID Act as not only the law enforcement agencies have been able to identify personnel through a unified system of identity verifying documents but Digital KYC services providers have been able to verify the real identity of a user because of technologically advanced documents. This act has enabled Digital KYC services to verify following:

  • Identity of an Individual
  • Age of an Individual
  • Address of an Individual

So, to put it in nutshell, Real ID Act has assisted companies like Shufti Pro to provide seamless identity verification services for US based businesses. It is one of the finest examples of real world legislations supporting the technological world in order to ensure transparency and ease of business. Because of Real ID Act, technologically advanced identity documents are now issued in US States that can be verified by Shufti Pro in 30-60 seconds with 100% accuracy.

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Asia Pacific Kyc

Shufti Pro Expands its KYC Services to APAC Region

Bath, United Kingdom – May 9, 2018 – Shufti Pro, the PCI certified, AML and KYC Services provider expands global outreach by venturing into key Asia Pacific economic markets!   

Shufti Pro, the go to name for KYC services, is delighted to inform that their emerging and competition defying ID and Document Verification Services have expanded to include three more Asia Pacific countries – Japan, North Korea and South Korea.

On the other side of the planet, Europe Middle East Africa – EMEA region has seen the addition of Greenland, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, D R of Congo and Niger. Shufti Pro has started offering state of the art online ID verification services in these countries as well.

APAC and Scope of KYC Services

Accounting for almost 60 percent of the worldwide population with various countries at different stages of economic transition, the region is all set for a decade of promising growth. According to a report by UN, economies of the Asia Pacific region registered robust growth in 2017 and prospects for the 2018 financial year look very favourable yet again.

Fintech giants and veterans are eagerly eying APAC, as there is a huge potential for innovation in the financial sector. Almost forty percent of the market share is uncapped resources waiting to be exploited for inclusion in the mobile net user base. It should not be forgotten that telecom technologies and services itself account for 5.3% of APAC’s GDP that equates to a mammoth sum of 1.5 trillion in economic value. It is predicted that this economic sum will increase to $1.6 trillion (5.4% of GDP) by 2020.

“Shufti Pro’s core mission is to be the front runner in the heavily contested KYC compliance market. We’re very excited in expanding into key strategic markets of the APAC region. We aspire to establish long-term relationships with prospective clients as we expand into the market, providing unparalleled digital verification services” said CEO of Shufti Pro.

Vitality of KYC Services from Shruti Pro for APAC

This untapped market makes is perfect for Fintech as it brings in the power of the internet. This futuristic technology combines this large scale of potential mobile user base for innovative RegTech delivery. More and more businesses automate towards providing better services to their customers, on an array of applications that include financial services, AML/KYC compliance, information sharing, online gaming etc.

Asia Pacific regulators are allowing firms to accept digital forms of identity verification. Financial institutions struggle to find an adequate balance of AML and KYC compliance, while maintaining optimal online user experience. Not only does Shufti Pro provide flawless AML and improved KYC services to clients, but also a seamless user experience through minimal human intervention.   

The trend and viability of online identity verification is growing in the ASIA Pacific region, as the need to establish genuine identity of an individual becomes of crucial importance. A research conducted by GBG, highlighted that 95% of Australian financial firms are concerned with their ability to identify identities and above 90% place a crucial priority in performing identity checks.  

As with any online transaction, anonymity is the biggest challenge for financial institutions to tackle. The requirement for establishing trust online, calls upon for the process of identity verification as an integral element of any business entity. In a time of prevalent financial fraud and identity theft where banks, crowdsourcing platforms, fintech companies transact money digitally, put themselves at risks. The adoptions of the AML and digital KYC compliance has become a mandatory requirement for businesses. Failure to comply, could lead to serious consequences for the institution found in violation.

Bottom line

The nature of fintech companies, requires them to operate on a global level for increased productivity, by having the infrastructural ability to validate documents from as many countries as possible. As of April 2018, Shufti Pro has extended its KYC service to a total of 225 countries. To attain such a feat in a short span of time, signifies a capable team and a robust Artificial Intelligence technology running at its core.  

In light of APAC, Shufti Pro ideally aligns itself alongside the region’s purchasing potential and capacity. As majority of the nations in APAC are developing countries, having a solution that fills in the gap with 16% lower offering rates than nearest competitors, ensures a flawless adoption of KYC services at much more affordable prices.


About Shufti Pro

Shufti Pro is the upcoming entrant in identity management, KYC services and AML. The company saw inception on 31st October, 2016 in Bath, UK. The primary goal of the company is to provide its users with optimal customer experience, while maintaining highest levels of fraud prevention. As a company, it offers industry perfected SaaS that integrates a superior blend of Artificial and Human Intelligence. Operating in access of 225 countries and over 200 languages, businesses can now undergo hassle free digital verification processes, with least friction alongside unparalleled technology. The company is located in United Kingdom with its global office located in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited
info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

Digital Kyc AML Compliance

Shufti Pro – Pioneer in automated Digital KYC and AML Processes

Shufti Pro has become a leading identity verification service in a small amount of time because of its robust digital KYC services and AML process. With Artificial Intelligence set at the heart of Shufti Pro, automated verification has reduced the processing time to verify the identity and credentials of users. Employing modern day tech and machine learning techniques, Shufti Pro has established a full-proof Digital KYC system that can make every person on the face of planet 100% verifiable within 30-60 seconds.

Shufti Pro focuses not only on an automated system but also ensures safety of data collected for verification. PCI compliance and GDPR authorized services of Shufti Pro puts it at position of strategic advantage which can be leveraged for higher productivity without compromising quality of services. 24/7 access available in all countries of the world with Universal Language support means that Shufti Pro services are unmatchable when it comes to Digital KYC.

Automated Digital KYC

Shufti Pro provides its Digital KYC services through various means like

  • ID Check
  • Identity Check
  • Documents Check

Digital KYC Services from Shufti Pro not only covers all the above aspects of customer’s identity verification but it also provides proof of verification to ensure transparency. A recorded video stream, sequence of images and 24/7 access to customer data ensure that Shufti Pro’s clients are always in control of the identification services that they are paying for. Flawless API and SKD integration means that Shufti Pro will merge with your online portals and apps without causing any hassle for your users.In order to provide multi-faceted digital KYC services, Shufti Pro offers both Video Verification and Still Verification. Shufti Pro have made a comprehensive system of identity verification and left it on its valued clients, that what kind of identity verification services their business require.

AML Compliance

Real time background checks performed by Shufti Pro makes it a reliable AML Compliance tool for organizations operating in Banking & Finance domain. Instead of wasting human resources on manual verification, financial sector can make use of end to end verification services by Shufti Pro. AML Compliance services from Shufti Pro are cost effective and comprehensive at the same time.

Banking on the huge data compiled from 1000 checklists and 3000 databases, Shufti Pro enables organizations to forecast and identify financial risks and frauds. Thorough cross-checkings from huge data bank – updated every 14 minutes – ensure a durable oversight for customer onboarding and funds transfer. Shufti Pro reduces the risk of earning penalties or monetary fines from regulators due to lack of diligence against laundering activities. It provides protection against financial crime risk by:

  • Filtering customer data
  • Checking for Politically Exposed Persons (PEP)
  • Verification of sudden increase in  funds
  • Flagging of suspected users

Technologies that make Shufti Pro Top of the Line

Shufti Pro is a power house when it comes to governing technologies. Not only does it encompass Artificial Intelligence but it also incorporates Human Intelligence, creating a  Hybrid Intelligence for an error-free Digital KYC System. Machine Learning Algorithms are used to convert images, text data and credentials into binary data that is then cross-checked with the original source. This intelligently designed system of Shufti Pro can detect

  • Photoshopped / Counterfeit Items
  • MRZ Codes from Passports
  • Hologram Detection using artificial neuron vision
  • Picture Edges to verify authenticity of documents
  • Micro Expressions of the users
  • Face Liveness to detect a real person
  • 3D Tracking

As a pioneer of end-to-end Digital KYC System, Shufti Pro is pushing the envelope by utilising Artificial Intelligence that has 99.6% precision of verifying the identity of an individual.Chances of false positives is substantially reduced with Shufti Pro as it has the power to detect any discrepancy in format, information or visual data provided by the user. Shufti Pro uses best practices of machine learning to provide superlative Artificial Intelligence making the Digital KYC of Shufti Pro second to none.

Conclusion

Shufti Pro is a full-proof system for companies that want to indulge the services of a Digital KYC provider that understands the challenges of identity verification. Round the clock human intelligence support, verification services for every country of the world and support for every language are all the features that help Shufti Pro to stand out from its competitors. Just pay one time setup fee, without any commitment for minimum number of verifications, and after that pay as you go. Shufti Pro is a comprehensive digital platform covering both KYC services and AML compliance at the same time.

Kyc & AML Compliance

How AML/KYC Direct Credible ICO Growth?

 

What if I told you, early in the days of ICOs, startups operated with little to no top level regulation!

Basically, each entity with its token sales made their own rules as they went along. Recently, we have seen the introduction of new standardized protocols from centralized regulators. The most recent and sought after are KYC (Know Your Customer) and Anti-Money Laundering (AML) systems that are supported by Shufti Pro’s Industry leading AI technology.                 

Understanding AML and KYC For ICO’s

Initial Coin Offerings are a relatively new concept, over the course of time have become a prominent discussion in the blockchain community. In light of the new AML and KYC directives, this discussion has become all more crucial.

For an ICO in brief, KYC and AML requires the verification of customer identities before allowing them any participation in the purchase and contribution towards token sales. Services such as the one provided by Shufti Pro’s superior identity verification services, ensure a measure of authenticity and fraud prevention. Where AML and KYC regulations are required to protect ICO’s, contributors and their financial assets from identity or financial fraud across all levels.    

The Need to Implement AML and KYC

ICO’s have long operated under an umbrella of little to no government backing and legality. Having no ICO centric security measures and procedures in place, has made potential fraudsters and high risk individuals to conduct business with legitimate ICO’s. Possessing no supporting information of who they are? and what they do? Leading fraudulent transactions to occur with the ICO and drastically hurt business capacity.

On the contrary, many ICO’s have come and gone that have proved to be a part of yet another ‘Exit Scam’ category. Legitimate contributors and investors have been looted by startups. Those of which, who have had no credible backing or integrity of their own, vanishing as soon as they acquired a sizable amount of funds with little background traceability. This is where having a robust system, like Shufti Pro settles all problems for clients. Not only does it validate identities, but also performs thorough background checks from global watchlists. Ensuring no perpretraders sneak into a system with a high risk background or suspicious money laundering history.

In today’s fraud prevalent time, where ICO’s, financial transaction data and consumer identity protection are all at imminent risk. Entities found in violation of the KYC and AML regulations will be facing fines, ten times in comparison to the previous years, as conditions tighten around ICO’s and startups alike.

Why ICO’s Should Comply with AML and KYC

Imagine operating with a constant loom of fear, can companies function with constant pressure of noncompliance implications?

Compliance regulations world over witness resistance from implementing institutions, as change requires significant resources, credibility, capital investment whether human or financial to ensure compliance. In the longer run, where consumer trends drive market flow and capital, it is in the imperative benefit that ICO’s realise some key points to inspire investor confidence:

  • Complying voluntarily provides a project and its participants a valid sense of legitimacy, with banks and worldwide regulators.  
  • Cryptocurrency exchanges have begun to leave out cryptocurrencies that do not ideally implement the KYC and AML process, within their functional business practices. Not carrying out the necessary checks leads to long term risks to a project.   
  • ICO’s who comply to KYC regulations volutantarily, reach a larger world wide audience and correspondingly expand to greater jurisdictions, where they can operate from. Ultimately having the first share of legitimate prospective customers of those regions, willing to do business with them.  
  • ICO’s found conducting businesses without KYC procedures in place, risk prosecution from the US Securities and Exchange Commision (SEC).

Become Compliant – Ensure Risk Free ICO Business Growth

In order to ensure compliance, it is important for ICO’s and start ups alike to better understand  the risks involved in continued operation without KYC/AML regulations in place. It is imperative for ICO’s to have a reliable and dependable KYC/AML operator that would facilitate a company for all their identity and document verification needs. In specific, when a potential contributor or investor comes forward, they need to be having the necessary two steps procedures of CDD – Customer Due Diligence and EDD – Enhanced Due Diligence in place, as a part of the greater KYC narrative.

For High Risk merchants like ICO’s, who require quick real-time processing for identity verification. A versatile system like Shufti Pro is an adequate fit, providing a scalable solution with maximum usability of the internet for enhanced customer facilitation. Shufti Pro will verify identities by having the customers to face a camera and then show an ID documentation, focusing in on the Picture, DOB, Name and Proof of Address(if applicable). The AI technology will identify any potential shortcomings in documents or facial mismatch and display results accordingly. Thus, reducing the chances of fraud taking place by minimising the accessibility to only authentic identities with valid documents.            

Accepting Realities Towards Changing Regulations

ICO’s are a technological buzz around the world, but they are tainted by a scam reputation. In order to revalidate their credibility, it is important that they come forward with AML/KYC compliance at their earliest. The potential investor confidence losses in the near to longer term outweigh the present repercussion of non-compliance. At the end, the greater goal is to increase business and grow profits, while being legally compliant in front of regulators. Staying ahead of the curve by using only the industry’s best solutions.  

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Shufti Pro partners with BITTIGER

Shufti Pro Extends Digital KYC Services To Silicon Valley based Venture – BitTiger LLC

 

Bath, United Kingdom – May 14, 2018 – Shufti Pro, the PCI certified, AML and Digital KYC services provider, announced today their partnership with BitTiger LLC.

Shufti Pro, the emerging go to name for KYC compliance, is ecstatic to be acknowledged as the official Know Your Customer (KYC) collaborator for BitTiger. An online learning medium, providing high tech educational courses for global students to undertake at affordable rates. Shufti Pro will be extending it’s Digital KYC services which can perform remote identification of students who are scattered around the globe. The process is assisted with comprehensive compliance policies which Shufti Pro adheres with.

BitTiger was formed with the vision to fill in the potential gaps between traditional education institutions and the practical skills required to be immediately productive in the industry. Providing hands on education to students and addressing key industry specific knowledge/training deficits for clients.    

As a global platform, BitTiger required a solution that proved to be robust and equally scalable according to their target requirements; which was to ensure the protection of their proprietary content by verifying students for registration using Digital KYC Services.

When enquired, this is what the BitTiger officials had to comment. “Shufti Pro offers great identity verification services to meet the needs of BitTiger, for course enrolment. In order to protect the copyright of BitTiger’s educational content, we require students to verify their ID to register. Shufti Pro provided customised portals for different courses, which made it convenient for BitTiger to operate with the  high volume of customers. The built-in video identification feature is intuitive for customers, to follow the process and verify successfully. We have found the team at Shufti to be very responsive in helping with any questions or concerns.

Shufti Pro’s CEO had the following to voice on the collaboration. “We are excited to be a part of BitTiger’s initiative to prepare the next generation of tech gurus. Also, their effort to ensure that these students are trained to be ready for the latest tech jobs is a noble cause. Our partnership will add value to the portfolio of both the companies, since each is the best in their respective industry domains. We look towards a fruitful and long term business relationship with BitTiger.

Shufti Pro offers a comprehensive platform for Digital KYC services, to ensure risk mitigation and fraud prevention. Providing customers with an unmatched UX/UI interface experience, that provides least human intervention and flawless AI technology in operation. Verification and assessments are provided back with industry best sixty (60) seconds or less response times. Shufti Pro will aid BitTiger LLC by providing unmatched verification services, alongside a superior UI experience. A blend of Human and Artificial Intelligence will always make for superior result accuracy and maximum assessment for fraud prevention. To maintain an educational repute and standard, it is equally important for educational providers to validate the identities of their students and prevent any malpractice.


About Shufti Pro

Shufti Pro is the upcoming entrant in identity management, Digital KYC and AML. The company saw inception on 31st October, 2016 in Bath, UK. The primary goal of the company is to provide its users with optimal customer experience, while maintaining highest levels of fraud prevention. As a company, it offers industry perfected SaaS that integrates a superior blend of Artificial and Human Intelligence. Operating in access of 220 countries and over 150 languages, businesses can now undergo hassle free digital verification processes, with least friction along side unparalleled technology. The company is located in United Kingdom with its global office located in Sweden. Please visit Shufti Pro here.

Shufti Pro Limited
info@shuftipro.com

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

About BitTiger

BitTiger is an interactive learning platform, that provides cost effective and quick training to students in practical skills development. BitTiger prepares the students of today, to industry tailored requirements for their future employment with large tech companies. BitTiger aims to be more accessible than a university set up and more effective than MOOC courses.

BitTiger is primarily a community of Chinese computer engineers studying and working in North America. Mostly offering, Pre Recorded Courses, Project Intensives, Mastery Programs and Career Services.

Fraud Prevention Business

8 Fraud Prevention Tips for a smooth business uptake in 2018

 

The Need for Fraud Prevention

As technology has evolved over the years, the way we do business has also evolved along with it. Whether it be to save money or to provide convenience to customers the use of technology brings along with it, its own pitfalls. The online business arena has become the target for the next generation of thieves and muggers. The risk of being robbed or ripped off that was once isolated to the streets and dark alleys of cities has made its way to the online world of the Internet. Hackers and even regular people have started exploiting the loopholes in the online transaction systems to carry out fraudulent activities, hence, the need for fraud prevention in the online business community has become essential. 

Illustrating this need with facts and figures will emphasize the point; according to a study by Javelin Strategy & Research it was found that in the US alone $16 billion dollars were stolen from 15.4 million consumers in 2016 through fraudulent means.  You can imagine the amount of trust problems and chargebacks the online business community might have had to face.

Online Scams Businesses Should be Cautious Of

Although new types of extortion schemes and scams come up as technology advances and more loopholes are discovered everyday, the majority of the scams that afflict online businesses can be summed up by the following — identity theft, credit card misuse, document forgery and the friendly foe dilemma. By ensuring a safeguard against these, merchants can easily secure fraud prevention. Here’s  a quick read:

Identity Theft – Hackers, and in some cases people in general, take on the identity or persona of someone else by hacking or stealing personal documents of another person and use it to gain access to certain services or to carry out financial transactions. A staggering 44% i.e. 1,357,055 people complained about identity theft in 2016.

Credit Card Misuse – Getting access to someone’s credit card information via coercive methods or by hacking. This by far more common then people would expect, given that there are so many checks by banks and financial institutions. The most common place it is used is online since POS and face-to-face transactions have become difficult due to measures taken by issuers of these cards.

Document Forgery –  The creation of fake documents be they financial or related to a company’s services or to the government. These are still taking place and have been used in situations such as tax evasion, account opening and increasing credit score.

The Friendly Foe – Mind boggling as it seems, normal everyday people have known to carry out this type of scam, just because there was a loophole that was available for them to exploit.  In this type of scam individuals carry out online transactions through their credit or debit cards and then once they receive their goods or are done using a service they report it as an unauthorized transaction that they did not carry out, resulting in charge-backs to the business that provided the service or goods.

The 8 Fraud Prevention Essential Tips

Having mentioned the major types of scams and frauds going around it makes things look bleak for online businesses. Yet, businesses that have employed strict measures to counter such risks have been successful. Some e-commerce sites that are making use of the easy and automated risk mitigation systems are able to bring down their losses to less that 1% of their sales which makes carrying out online business quite feasible and profitable.  Remember, scammers are smart but not quick enough.

Keeping this in mind below are 8 essential tips for fraud prevention:

Scrutinise the payment methods – As an online retailer you need to know the types of payment methods and their pros and cons in terms of your business. For example regular credit cards (AMEX) tend to favour the cardholder in disputes (chargebacks sound familiar)? But they are still the most widely used payment method and you do have to look at the convenience of your customer. Paypal on the other hand is a more merchant friendly option and has advanced scam protection features and advanced machine learning capability that actively works to mitigate scam risk. On the other hand Paypal also authorises chargebacks it’s not totally fool proof. Cryptocurrencies are another popular payment method; the blockchain tech makes it nearly impossible for forced refunds and since there are records of all transactions it is undeniable by the customer. On the negative side the value of cryptocurrencies is quite volatile so what’s it worth today it might hold the same value the next day or it could be worth more.

Use the CVV2 Card Verification Code – If you have included Credit and Debit Card payments like most online vendors, then you must have this system incorporated in your online payment page. This 3 digit code is present on the back of the card and is not included in the magnetic strip making it difficult to carry out transactions via forged or duplicated cards.

Make use of AVS Codes –   Again another safety protocol through which you can verify if the billing address provided by the customer is the same as what the card issuer has on their file. Although a difference in the billing address does not necessarily mean a scam attempt but it should alert you to be more careful with this individual.

New-age Fraud Prevention Systems – Whereby technology has brought its own set of scams it has also provided a fighting tool against such risks. From manual searches and checks to automated AI based fraud prevention software. These 3rd party s/w providers give an array of scam busting options (real-time identity verification, document verification, background checks) that you can add to your arsenal to protect your business interests. The digital KYC services that these providers give are mostly foolproof and given the recording of any transactions they can be your proof of purchase in case of false charge-backs.

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3-D Secure: A somewhat recent technological development, in this system a there is an added layer of confirmation and security to ensure that fraud related incidents are minimized. It includes or spans three domains, hence the name 3-D . The first one is the acquirer domain which represents the bank and the merchant to whom money is being paid. The second one is the issuer domain which represents the bank which issued the card being used. The last one is the Interoperability Domain this represents the infrastructure provided  by the card scheme, credit, debit, prepaid or other type of finance card, to support the 3-D Secure Protocol. This can be the Internet or a telecom service provider. For example a code could be sent to the customer’s registered cell phone number with issuer domain, and the customer would have to enter in the given code to proceed with the online transaction.

Call the Customer – Old but gold, this is still one of the most effective ways to weed out potential threats. You probably get the customer’s number when you’re getting their information (make it mandatory and not optional). Call them to see if the number is legit, are you able to get through? Does the number belong to the customer or to someone else?

Common Sense and Awareness – Awareness and using common sense is essential for the online vendor, you need to keep an eye out for anything that is out of the ordinary and if something triggers your intuition into thinking something doesn’t seem right. Give it attention don’t just mark it off as undue suspicion instead do a thorough check.

It’s ok to say No – As difficult and preposterous as it sounds to deny a customer. Take heed that if their credentials and other information point towards a threat then you will end up loosing way more than just your business if you go ahead with your business transaction. You will end up loosing your merchandise as well as the money you had received (charge-backs).

Here’s the harsh reality: Fraud and scam in online space is inventing and reinventing itself. There’s no stopping it. The Nilson Report states that since 1993 there has been a mounting 23% increase in e-Commerce fraud yearly. The rising number are putting online merchants at great risks. Identity theft protection services become essential when credit card and identity theft fraud is on its peak, especially during the two holiday seasons: Black Friday and Christmas. While everyone awaits Christmas gifts, online merchants dread charge-back notifications.

In Conclusion

Although the facts might seem contrary to a positive outlook on online transactions. E-commerce merchants in 2018 have a lot more options to fight potential risks compared to the previous years such as AI based fraud prevention software that keeps scanning for threats and learns about new ones on its own. A vigilant mindset and the best of risk mitigation technology will ensure that online merchants find their businesses going in profit.

Protect For Charity Against Fraud

Know Your Customer Verification for Charity Organisations

They say no good deed goes unpunished, if we were to take a look at it literally the frauds that happen to legit charity organisations are the perfect example. It is hard to believe that scammers would do such a thing, but sadly it does happen. As is with most charity organisations they don’t think that someone would do such a thing with them, but the truth is far from it. Besides the threat of fraud, charities also need to be aware of individuals or companies that might use the platform of the charity organisation to launder money. In this article we will look at the warning signs that charities need to be aware of and what role Know Your Customer Verification (KYC) can play in protecting these organisations from fraud. We will also look at how charity organisations can prove themselves credible. Fraud prevention is not just limited to charity organisations as the opposite is also a concern, where the hard earned money of good people is swindled by fake charities. We will see how  the process of identity verification can add to the credibility of a charity.

So How Do Donors Cheat a Charity Organisation?

There are two main ways that charity organisations are cheated by fraudulent donors. Although there are other ways as well. Also fraudsters are always concocting a new way cheat people an organisations. The first one involves the use of a fraudulent check. In it a donor reaches out to a charity organisation and shows their willingness to donate a large sum of money. After the initial contact the donor mails in the check for the large amount. After a very short time, the donor contacts the charity requesting a full or partial refund of the donated amount. The reason that is given is usually a very severe or emotional one, such as expense for a sick person or other emergency case. If the charity in concern refunds the amount before the bank gets back to them regarding the fake check, the charity is at loss. They will also be responsible for any bank related fees and charges.

The second way fraud is done against charities is through the use of credit cards. A donor approaches a charity organisation and requests to donate a large sum of money but with a condition. The condition being that a percentage of the amount will be donated to another foreign charity organisation. The foreign bank account of this charity organisation is actually the account of the donor. If the charity accepts the condition then they going to lose a lot. As in this case, the credit card used to make the transaction is usually stolen. The charity will solely be responsible for any chargebacks and it will have unintentionally partaken in a money laundering scheme.

Money is a powerful motivational factor and seeing a lucrative amount charities like other organisations are tempted to accept weird conditions. If only a simple identity verification service had been used; it could have thwarted these attempts. We’ll elaborate how later in the article.

So What Should Charity Organisations Look out For?

  • Large one-off amounts or a number of smaller amounts that are donated and no source can be checked by the charity.
  • Conditions where the charity is required to do something such as transferring of a certain amount to another charity.
  • If the charity is asked to keep a large amount/donation for a specified time period. After the short period the amount is to be returned to the donar. Usually charities find the attraction of keeping any interest that is earned while they are in hold of the money.
  • If the donation being made is in a foreign currency and there are conditions attached with the donation that the original sum is to be returned to the donor in a different currency.
  • if the charity is asked to provide privileged services and benefits to the donor and or a person or organisation nominated by the donor.

So how do Know Your Customer and Other Identity Verification Services help fraud prevention for Charity Organisations?

As mentioned previously a simple identity verification can thwart most fraud attempts. The simple fact is that when all credentials are verified and a proof of identity is asked to confirm that the donor is actually who they say they are. Most fraudsters back off out of fear of being caught. This verification is an integral part of the Know Your Customer policy that financial institutions such as banks follow. Some charity organisations argue that the system is workable for walk-in donors and not for their online donation platform, hence, it is not an effective fraud prevention process. The truth is far from it; there are 3rd party platforms that allow for online verification. The software can easily be integrated with any existing system. Using the webcam or even the smartphone camera of the donor the system can verify the authenticity of documents that are used to prove identity. It includes face matching and checks for any tampering and forgery. If something negative is detected the charity will know about it immediately. At the heart of the system is an advance AI that carries out the checks and then the result is reverified by Human Intelligence, whereby people check for any false positives. The entire process takes less than a minute.

Great! But how does Identity Verification or Know Your Service add Credibility to a Charity Organisation?

Good question, as we discussed the opposite is also true that there are fake charities that swindle good people out of their money. In fact this type of fraud is also quite high, charities collect the money and then pull a disappearing act. They are never heard from again and the cause for which they collected is never addressed. So people are also look out for warning signs regarding charity scams.

One thing that is common with charity scams is that they really don’t care where the money is coming from. They just want the money without concern for the source and would not definitely think about investing money in a verification solution. When a charity comes along with a 3rd-party Know Your Customer service it immediately tells the donor that this charity is serious about their donors and the money they are getting. Plus the simple fact that a charity is spending from its pocket to ensure compliance with Know Your Customer rules and for fraud prevention shows that it is there for the long haul.

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