Phishing Scam affects thousands of Banking App users

Phishing Scam affects thousands of Banking App users

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Thousands of customers have been exploited by a fake mobile banking app. The customers were sent phishing scam messages by the application to trick them into giving up their login details. According to Cybersecurity researchers at Lookout, the campaign is based around a text message which attempts to maneuver the victim into visiting false websites claiming to be those of the famous United States and Canadian banks. 

Nearly 4000 people have been reported to fall victim to the malicious links that were part of the phishing campaign. The process works by notifying the users that the bank’s security system has identified unusual activity on the user’s account, thereby prompting them to open a unique URL, followed by extracting valuable information and data from the user. 

Although the scammers behind the attacks are not aware of the bank their potential victim is a customer of, they manage to send enough messages with the names of different banks to enough users, that some of the banks coincidently match with the right customer. Some of the customers follow the harmful link, leading to a fraudulent website that has a design similar to their bank’s original website. 

Not only will the spoofing website extract sensitive data such as username and password from the user, but also ask other relevant security questions to confirm their identity such as asking for their card’s expiry date or double-checking the account number. This is to ensure that the fraudsters are well-equipped with all the information needed to steal the user’s account details. The account information can then be used to either make false transactions with the victim’s money or potentially to sell sensitive data to underground forums.

Apurva Kumar, the staff security intelligence engineer at Lookout stated that the campaign showed them how convenient it was for a less computer-savvy person to get involved in phishing by gaining access to an off-the-shelf phishing kit. Using the kit, The attacker can easily target potential victims in large numbers via text messages and track performance with the simple user interface. 

Lookout has informed all the banks that were affected by the malicious campaign and all of the phishing sites have been closed down. But there are still chances of such occurrences in the future. In order to effectively protect oneself from such attacks, one should be aware of the links sent to their mobile phones, whether through email or text message. One should instead develop the habit of proceeding to a login screen using a bookmarked link or the official website of a service they want to use rather than blindly following a unanimous link.

Facial recognition technology grooving into cruise ships for ID verification

Facial recognition technology grooving into cruise ships for ID verification

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No more boarding frustration, no more standing in the queues for hours…

The travel industry is revamping the ways of customer boarding by streamlining the user experience at airports and now at cruise terminals. The overhead of time-consuming duties, holding travel documents along and their verification at each terminal used to thwart the travel experience of customers. To counter such issues, the overriding goal is to eliminate friction from the overall passenger experience.

For this, the travel industry considered the issues among which the most correspond to boarding time at airports that take hours and ultimately affect the tourist experience. To pander to such boarding issues, the travel industry is handshaking with technology experts to streamline their boarding operations. For this, the federal government is consulted to allow innovative solutions to deploy them at airports and cruise terminals.

Airports across the world have already installed AI technology-based systems which are now expanded to the cruise ships. A survey shows that facial recognition technology will be used in the top 20 airports of the U.S. for 100% international passengers in which American citizens are also included.

To streamline the passenger boarding experience, facial recognition systems are used for customer identification. Based on AI algorithms and techniques, facial recognition helps authenticate passengers.  

Travel Services that can be Streamlined with Online ID verification

Cruise ship travel identity verification solutions based on technologies help the industry rationalize the methods of identity verification at the time of passenger boarding. The following are some other use-cases in which technology enables the industry to smoothen the operation and authorizing users hence, ensuring both security and customer experience simultaneously. 

Travel Booking

For online booking at the cruise ship and other travel mediums, effortless checkout can be ensured by integrating the system with robust identity verification services. Registration can be done at the time of account creation where facial recognition technology helps streamline the customer experience.

Online Hotel Check-in

Using online credit card services and ID scanning facilities, manual identity verification can be eliminated and hotel bookings can be done with minimal effort.

Cruise Terminal Check-in

Security checkpoints at cruise terminals can be secured by providing passengers a facility of proving their identity quickly through a facial recognition system. Hence international travel can be made frictionless for customers and security can be ensured efficiently.

Credit Card Verification

The travel industry now does not need to suffer credit card fraud, chargebacks, and online payment scams. By deploying an AI-based facial recognition system, cruise ships can deter the risks of cybercriminals by verifying the credit card before the checkout process. 

Cruise Ship Passengers ID Verification

Identity verification is a crucial requirement and is achieved in many cruise ship operators such as Royal Caribbean Cruises by integrating facial recognition technology. Taking advantage of technological advancements, AI has solved the problem of identity verification in cruise ships. Jay Schneider, Royal Caribbean’s SVP of digital says that   

“Traditionally it would take 60 to 90 minutes to go through the process of boarding a ship, and as a result, people didn’t feel like they were on vacation until day two – we wanted to give them their first day back.”

After identity verification of passenger through facial recognition technology, cruise ship, just like airlines, has minimized the passenger boarding time. Royal Caribbean estimated customer boarding time to be 10 minutes. The time-consuming task of identity verification of customers that used to take hours can now be done in minutes. 

To achieve this, facial recognition technology played a great role and by using its computer-vision underlying technologies, travelers can be recognized and board by eliminating the need for manually identifying the travelers on a cruise ship. 

Facial Recognition Technology – Ensuring customer experience and online security

The global digitization, on one hand, is promoting the use of technologies wile streamlining business operations and on the other hand, it is giving rise to various challenges that accelerate most of the times due to bad actors in the system. To ensure online security in the system without compromising the customer experience, facial recognition technology fits in better. 

Facial recognition technology helps the travel industry identify each onboarding customer by allowing biometric sign-in. The online accounts are created which allow the user to perform the aforementioned activities and get online services. From ticket booking to boarding. ID verification in a cruise ship that used to be a time-consuming process can now be performed in mere seconds due to a facial recognition system.

Moreover, the transaction abandonment rate can be reduced by integrated just one API that allows the customer to identify themselves for the security aspect and in return get a seamless experience that would ultimately minimize customer abandonment are at the checkout time. 

Facial recognition system harnesses Artificial intelligence algorithms and methods to identify the unique facial features of onboarding customers, secure them in the database and verify at the time of verification. Just a matter of seconds keeps customer experience intact and reduces the risks of fraudsters from entering into a legitimate system. Hence deter the rate of malicious activities and makes the travel industry more secure and sound. 

Facial recognition market to grow 12.5% by year 2024 i.e. $9.06 billion, which worth $4.51 billion back in 2018.

Facial recognition technology is gaining prominence in various industries. From education to travel and secure online payments to the travel industry, all opt to take advantage of this technology to the full across the world. Facial recognition technology is capable of fighting against bad actors and unauthorized access. Therefore combating online frauds, payment scams, and other criminal activities from the travel industry.

5 reasons why passwords are no more safe – What’s next?

5 reasons why passwords are no more safe – What’s next?

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Online platforms are using passwords to secure the privacy and data of their users – but are they secure?  

Passwords started with the Compatible Time-Sharing System (CTSS), an operating system introduced at MIT in 1961. It was the first computer system to implement a password login. We are in 2020 and the decades of passwords usage made it the major security protocol. Although the increase in data breaches, social engineering attacks, and cyber crimes has tarnished the reputation of passwords. But still, the masses are using it as a medium to ensure customer privacy and data security on their platforms. Even the banks are using passwords to allow online access to their customers. But the research and increasing cyber crimes hint that passwords are losing their value. Newer technologies such as two-factor authentication and AI-based biometric authentication are the trends slowly building up. 

A survey found that one out of five American consumers has experienced an online account compromise. And these frauds are possible due to a lack of efficiency in password security. 

Data breaches are a common way to get hold of someone else’s confidential data. 4.1 billion records were lost in the first half of 2019 (Forbes). And the data stolen in these data breaches are used to gain illegal access to online platforms, protected with inefficient passwords. But why are the passwords inefficient? 

Why passwords are losing value?

Passwords are in use for decades but gradually people are losing faith in the security provided by passwords. When it comes to actual impenetrable security, businesses prefer other security means such as biometrics and two-factor authentication along with passwords. Even cell phones now have biometric unlock feature to secure the device. So passwords are no more the favorite security tool.  

  • The traditional authentication checks 

Passwords are still limited to traditional binary and alphanumeric figures. The typical input for password-protected access is still username and password. Guessing someone’s username is not difficult. And people use the same email address to onboard several online platforms.  The research found that in the U.S the average email address is associated with 130 accounts. This leads to easy access to someone’s email ID. Next comes the password. It is also the same in most of the cases. Google found that 52% of the people use the same password for multiple accounts and 13% use the same password for all accounts. 

  • Changing passwords frequently is not enough 

The supporters of passwords always say that frequently changed passwords are the key to security. But let’s see how this frequent password changing mechanism works. The best practice is to change the password every month and the password created must be complex enough to make it difficult to crack. But does it actually works this way? No, it doesn’t. 

Users find this password changing thing very hectic and most of the time they don’t change their passwords frequently. Research on 1,000 U.S google users found that one-third of the users change their account passwords one to two times a year. 10.9% of respondents said that they never change their passwords. So it shows users, generally don’t bother sticking to the secure password policies. 

If we talk about the strength of passwords, people generally tend to create easy to remember passwords especially when they are directed to change passwords every month, they make easier passwords and save them somewhere (written and digital form) or shares with a colleague. 69% of users still share their password with a colleague. National Cyber Security Centre (NCSC) 

So the user behavior is key behind the inefficiency of password security. 57% of the people who have fallen for a phishing attack still haven’t changed their password in the UK. 

Hence the passwords security mechanism doesn’t have any concrete measures to make the people develop a habit to change their passwords or to develop strong passwords. The web portal could send reminders for password change and security alerts, but could not force them to do it. 

  • Complexity is not paying off

It is often considered that strong passwords are difficult to hack. But still, there is a risk of hacking or forgetting the password. People tend to forget difficult and complex passwords, so they frequently reset the passwords. It affects the user experience on your online platform. 

The hackers are well aware of the science of strong passwords, Brute force attacks are used to decode these passwords. A Brute force attack is conducted by trying all the machine-generated combinations for a password unless a match is found. So even strong passwords might fall for a brute force attack. 

  • Hackers are becoming smarter 

Hackers are becoming smarter and they know well how to use the technology. Social engineering (phishing attacks) is the commonly used technique that helps them get the required information from the people. 50% of internet users receive at least one phishing email a day and 97% of them can’t actually identify a phishing email. So it is very easy for a hacker to get into someone’s system and hack log in credentials of a user. 

Also, the hackers are aware of all the password protection techniques and know well how to surpass them.

  • Readily available password reset options  

Due to phishing attacks, it is not difficult for hackers to enter the system of a person. It is quite easy to enter someone’s mailbox and get access to confidential emails of a person. Every login page allows the user to make several login attempts and an option to reset a password. Some take 24 hours to reset a password, others do it right away. If a hacker has access to someone’s account it can easily use the password reset link to invade an account. Given the practice of using the same passwords on all accounts, it becomes, even more, easier to hack an account. Because most of the online businesses are using passwords to protect an account. 

What does the future hold for user onboarding?

With the decrease in the value of passwords, businesses are looking for new ways to replace passwords. Biometric verification solutions and 2FA delivers high security that passwords lack. 

Biometric authentication

Biometric authentication is one of the fastly rising technologies used in this world. Biometric authentication solutions use face verification to allow access to an online account. It covers all that lacked in password systems. 

It is almost impossible to manipulate a biometric authentication system. It uses a liveness detection mechanism to identify paper backed images used for verification. A real-person must make the verification to get past the security checks. Minor facial movements are traced to check that a real person is behind the camera. Unique facial features and contour points are detected with a 3D depth perception technique to identify paper-backed and photoshopped images. 

The picture of the real user is saved in the database in the form of a mathematical formula and used to compare the facial image submitted for login. Artificial Intelligence is used in these solutions to perform verification on the user. 

Biometric login is quite easier to use for the end-users due to vast usage of selfie cameras in mobile phones. Also, these solutions deliver high accuracy (98.67%). So, due to all these perks, biometric signage is the next big thing and businesses are using it to increase security on their platforms. 

Two-factor authentication

It is often used in combination with passwords. 2FA sends a unique code to the mobile phone of the user, that is required to log in to his account. 

To wrap up, passwords are losing value due to high risk. This lack of efficiency of passwords requires businesses to explore new user security techniques. Strong security measures that allow fast logins enhances user experience. As the ultimate goal is user satisfaction, businesses must think of giving up the old security practices, to gain higher customer value.

Fraud Protection services for Online Retail Businesses

Fraud Protection services for Online Retail Businesses

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Online Marketplace faces Chargeback issues

Fraud Protection Services are an integral part of retail businesses that are constantly looking out for fraudulent customers. They have to be wary of the consumers looking to dupe the retailers by making purchases and then demanding chargebacks. This can incur huge losses to online businesses and virtual retail markets.

Looking at these statistics, the question arises that how these scams are committed and how may they be prevented. Fraudulent customers may commit card-not-present frauds using stolen credit cards or illegally acquired details about someone’s accounts. In cases like these, it is essential that retailers install credit card fraud prevention services from a known provider. KYC compliance is the first and foremost step if this problem needs to be curbed.

What can be a feasible solution?

The most viable solution for this rapidly growing problem would be to avail quick and accurate business verification services, like Shufti Pro. This quick process allows the businesses to perform digital KYC, ensuring that the card indeed belongs to the person in possession of it. Moreover, a trust is developed between the regulars and the original business. The customer-base of the business will be assured that all clients are the true ones, and that the business is taking apt measures to make sure only true buyers can make a purchase. This will ensure a long life for the business, as risk of going out of business due to elevated chargeback frauds is minimised.

Shufti Pro acts as a sentinel against the false customers as well as a flare that indicates that the client pool of a company is clear of fraudsters and scammers. The secure business process will attract more consumers owing to a refined screening process that takes customers on-board.

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The Importance of Know Your Customer for Crowd Funding and ID Verification Service

The Importance of Know Your Customer for Crowd Funding and ID Verification Service

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In today’s world where most business and financial transactions are taking place online, the importance of knowing who exactly you’re dealing with has become essential. Not only since governments and regulatory authorities have implemented this requirement, but also to safeguard one’s business and financial interests. This is even more important when it comes to crowdfunding where potentially anyone can be an investor or a donor. The importance of knowing the background of who is sending the money and where specifically their money is coming from is of the utmost importance. The role of a ID verification service cannot be stressed enough in this scenario. Although, crowdfunding is not as regulated as other financial areas, steps are already being taken to ensure that it is. Before that happens organisations need to make sure that they are prepared. We will look at the concept of crowdfunding and the reasons behind the increase in regulations.

What is Crowdfunding?

Imagine you have a certain task or idea that you wish to bring in to fruition, there is just one catch you don’t have the money or resources. What would you do? Most people would go to a bank or a finance company to get a loan or maybe borrow from someone if the amount isn’t unreasonable. These days, however, there is another way you can get the funding you need. The way is crowdfunding, also known as crowd-sourcing, to finance your project and that too online. Through it you literally ask people to support your cause, project or idea and people donate, invest or lend you the money. For example, if you need $10k it would be difficult to get that amount from maybe a single individual, but if a thousand people were to give you $10 each then you could reach your financial goal quite easily. That is exactly what crowdfunding allows; the specialized platforms and sites that support it, have thousands of people who would fund you if it piques their interest or if you can offer them something in return.

Crowdfunding in itself is not a new concept. Without going into the history of it; it was done manually before it even reached the world of the Internet. For example in the US, presidential candidates rely on crowdfunding to support their campaigns and have been doing so for many decades. In fact many people relied on and still rely on crowd-sourcing to build hospitals, educational institutions and other projects to benefit humanity. The amazing part is all this was happening way before it became a popular financing method online.

Although there are several types of crowd-sourcing, we will use two examples to elaborate the role of — Know Your Customer, ID verification service and fraud prevention services. The two examples are ICO for cryptocurrencies and donation-based ones that are usually given with no expectation of return.

Risks and Threats Associated with Crowdfunding

There are several drawbacks to unregulated online crowdfunding. The first is the risk of fraud and this happens more often than you think especially during ICOs (Initial Coin/Crypto Offering) that are held by various cryptocurrency providers. In initial coin offerings people fund or purchase tokens or coins as they are more regularly referred to. If there isn’t a fraud prevention service such as Shufti Pro integrated then the purchasers that have used a credit card or debit card can later cry wolf and say that they never carried out the transaction. This results in charge backs and loss for the cryptocurrency provider.

The second threat is money laundering. People have been using crowdsourcing platforms to

launder money. This is due to the lack of proper Know Your Customer processes and id verification service. They often get away with this crime and when they do get caught by other means, all the venues they used to launder money including the crowdfunding platform is brought under investigation. To put in to perspective the severity of this threat, imagine what would happen if it was ever found out that the presidential campaign of the current US president was funded by laundered money. What would happen to the reputation of that president and the overall trust that people have in him? Luckily campaign funders are required to go through a KYC process that includes comprehensive background checks.

The third threat which is most critical in the post 9/11 era is that crowdsourcing platforms can be made a basis for finance terrorism and without proper ID verification service these financiers can be hard to identify and catch.

ID Verification Service and Fraud Prevention Service to the Rescue

Realising these hard facts, platforms that provide crowdsourcing service and cryptocurrency providers that carry out ICOs have turned to specialist companies for ID verification service and fraud prevention services. These companies have the software, hardware and expertise to provide real time as well as offline verification of an individual’s identity. They also offer proof of purchase in the form of recorded verification videos that can be accessed by crowdfunding platforms or ICO providers. Hence, any potential charge-backs can be deterred and/or disputed. In a worst case scenario the complete verified information of the individual is there so that they can be traced if required. These service providers also counter identity thefts and usually have databases that are ultra secure. So platforms and website owners can have peace of mind that their customer’s data is in safe hands.

Selecting an ID Verification Service

Having mentioned the value of verification service it must be said that not all companies offering fraud prevention services are the same. Companies understand that customers usually do not like waiting on or going through long KYC processes. That is why it is important that these platforms take on a company that gets the verifications done in minimum time and that too in seconds.

Most verification companies boast about implementing machine learning and advanced AI systems to catch documentation fraud, identity theft, real-time liveness verification, etc. But the better ones go the extra mile and offer a hybrid solution that includes a backup of human intelligence on top of the AI. This adds a time tested human touch to reverify the entire process and all this is done in seconds as well.

Also, given all the attention about user data privacy there are a lot of new regulations that are being launched. In order to avoid any fines or issues because of these new laws it is important that crowdfunding sites thoroughly check the ID verification service provider. They should be up to the mark with regard to compliance with all such rules and regulations.

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Social Media and Identity Theft Frauds

Social Media and Identity Theft Frauds

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Imagine this: You get up in the morning and like most people; check your email. There you have an email from an old friend of yours. He is like, “hey bro everything alright in Hawaii? Did you get your credit card and access to the rest of the services. I hope the money that I sent reached you? Do let me know if you need any further help” You look at the email, you’re in shock as initially you can’t understand what to make of this email. You frantically look up your friend’s number and call him. When he picks up you ask him about the email he sent. Before anything else he asks about how you’re doing and if things have gotten better. You tell him that you never asked for any money and neither did you go to Hawaii on vacation. There is silence on the other side and he says, “Did you set up another Facebook account?”
You tell him no and he informs you that a couple of months ago he received a friend request from you and he accepted it since he had not seen any updates from your other account. So thinking that it was you he added you up. He also said you were keeping quite up-to-date on your new profile and a week ago you mentioned that you are travelling to Hawaii. He went on to say That a couple of days ago he received a message from you saying that your smartphone, credit cards and cash had been stolen. You tell him that you have not used Fb in ages and ask him to share the account. He tells you that you have been a victim of identity theft. You open your email while talking to your friend and he has sent the email including the link to the fake profile. You open it up and as you look through it you see the person has impersonated you and posted pictures from your profile including those from your trip to Hawaii 4 years ago. You tell this to your friend and he laughs nervously, he tells you that he had heard of such a social media scam, but he never thought he would be a victim of one. He tells you to check your privacy settings and inform Facebook. He lets you know that he will also contact Fb and inform them of the identity theft fraud. You end the call by telling each other that we should be in touch more often and communicate on a better medium than social media. You hang up the phone and as you go through the stolen profile you realise that a lot of your friends have accepted the friend request from the fake profile and you anxiously think how many were sent this message…

Social Media Identity Theft A Growing Threat

Although the story above talks about a hypothetical incident, but the fact is that identity theft on social media is a reality. The worst part is that it is getting more and more common. As banks and other financial institutions are able to identify fake credentials and individuals. The scammers are turning to the social media platform to steal the identities of real individuals to carry out their criminal activities. Some even use the social media to carry out fraudulent activities similar to the one mentioned above. Almost 3 in 10 people have witnessed or been affected by identity fraud. Given the statistics this number could rise even more if some sort of measure is not taken by such sites to deter social media scam.

Can ID Verification Deter Identity Theft Fraud?

Besides asking people to check on their privacy settings, social media sites should also try to use ID verification systems when it comes to profiles. There are companies that specialise in providing ID verification and background checks. If social media sites partner up with such organisations the majority, if not all, identity frauds that happen on social media can be stopped. The ID verification will ask the individual to prove their identity and hence most of the scammers will simply backoff realising they’ll be caught or will be unable to prove the identity they wish to take on.

How Does an Identity Verification Service Work?

Having mentioned that ID verifiers can deter a social media scam, let us see the process they follow and how it works. At the heart of the identity verification system is an advanced AI system that utilises the Internet, the user’s webcam or their smartphone camera if a webcam is unavailable. So in the case of social media sites, when a scammer sets up a profile, which includes  name, picture and other details matching an existing user, the ID verification system steps in. The user is asked to face the camera and then asked to share their ID focusing on the picture, name and DOB. The AI then matches all the details and checks for signs of tampering or forgery on the ID. The AI also checks the face of the person for excessive makeup, masks or other things that might be used to hide or distort identity. Yet it is smart enough to recognise glasses, facial hair, hair cuts, etc. Also, some of the better companies offer an additional layer of HI (human intelligence) to make sure that all AI verified information is correct. Live people verify the results of the AI to ensure there aren’t any false positives. The entire verification process takes less than a minute. Once the AI gives a thumbs’ up then the profile is allowed to go online. Such a system would prevent identity theft and fraud within the social media platform.

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Digital ID Verification

Digital ID Verification

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The Current Situation

Digital ID Verification is the key to securing your business in these changing times, where paper money use is reducing and there is a shift toward digital currencies. These include crypto-currencies like bitcoin, etc. and other virtual currencies like credit/debit cards. These currencies are borderless and can be shared globally. With these many benefits come substantial risks and security threats too.

With the rise of digital currencies, cyber crimes like hacking have increased exponentially, enhancing the need for fraud protection services. In some cases, it is possible to reverse the transaction and get the stolen money back. However, in too many cases of fraudulent transactions, including crypto-currencies like bitcoin, it is just not possible to retract the stolen money. Once the customer hits ‘Send’, the amount is delivered to the payee and there is no way to get it back in should he/she be an imposter using fake documents. Unlike crypto-currencies, this is not the case with virtual currencies.  Money wrongfully sent or claimed can always be reversed using credit/debit cards.

Shufti Pro and Its Operation

Shufti Pro integrates with our client’s business and verifies their customers for them. The application introduces the Know Your Customer (KYC) strategy and implements it through proper identity verification.

When a customer shows interest in transacting with a business and in making payment in the crypto currency under discussion, Shufti Pro will require the customer to show their face in the webcam prior to displaying their photo ID documents. A snapshot of the main features of their face on the webcam will then be taken. Then, Shufti Pro will require the customer to present their details on their ID documents like name, date of birth, photograph and digits on the credit/debit card, inside a red box on their computer or phone screen.

These details, together with the photograph on the identity documents, are then compared to the details given previously, and to the snapshot of the customer’s face taken initially. This identity document verification will verify that the documents indeed belong to the same person. This entire process takes only 30 seconds in total.

Benefit to the Customers

Shufti Pro can also help to verify customers’ identity and trace people who might have mistakenly received the money or even taken it through unlawful means (e.g. hacking). The details of the latter kind can then be handed to the authorities to deal with according to the law.

Through Shufti Pro’s business verification services, customer’s losses can be recovered and that the business has an ever-present guardian in the form of Shufti Pro, that will prevent fraudulent transactions, thus safeguarding the company’s profits. Shufti Pro is the most certifiably accurate method of preventing identity thefts, with a proven accuracy of about 99%, according to recent consumer reviews.

Its technology enabling Shufti Pro to rapidly climb the ladder of industry success, setting a mark that others are unable to follow.

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Secure Online Gaming with Digital KYC

Secure Online Gaming with Digital KYC

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Here is a scenario that shows the importance of having a digital KYC system integrated with your business especially when you are dealing with money in one way or another. People might think that a business such as online gaming site does not need such a solution

The Drug Dealer:

Ok here’s a situation, you’re a drug dealer and you have just delivered shipment as per agreement with your business partner in another city. You had already taken half of the amount when the deal went through and your business partner brought the amount with him. Now you want to get the remaining money but in a way that will be inconspicuous. As you don’t want to be caught in a money laundering case as it will open up the way for the law to pick up on the rest of your dealings. So what do you do? You’re trying to come with an easy way. To get inspiration you surf the Internet as you are reading an article a pop-up appears — its an ad for an online casino. Suddenly the light bulb in your head turns on and you call your business partner and ask him to a one-on-one blackjack game…

The Online Casino Owner:

The other side… You have always found luck to be on your side, you lived for betting and gambling was your career. After gaining much success you decided to open up your own Casino, but not a physical but an online one. Here you would offer multiple online games for the people keeping your percentage you also offered one-on-one games. Everyday was a good day since the house is mostly in a win-win situation. All seems good until one day the FBI walks into your office and straight up to and tells you that they need access to your player data… Seems your luck ran out.

The FBI:

The FBI’s story, one of our agents was working undercover with a drug dealer during background checks we found out that he had connections with some terrorist organisations. He recently received a shipment of drugs and forwarded them. We don’t know exactly how he is transferring the payments until now, our agent found out that he loves gambling and accesses a site, through which he gambles with his business partners. They have tracked down the location and our agents are on the way to get the required data…

The Consequences:

The online casino owner got in a lot of trouble he did not have any digital KYC system integrated into his online gaming service but since he cooperated the penalty was lessened. The drug dealer and his associates were shut down and brought to the law and luckily were stopped before they could initiate any terrorist funding.

The Importance of Digital KYC and Background Checks

As we can see in the story above, had the casino owner implemented a KYC and AML (Anti Money Laundering) solution it would have saved him a lot of trouble. The system would have carried out comprehensive background checks identifying possible threats and allowing the owner to take action accordingly. The online gaming industry is a hotspot for money laundering although there are certain policies governing the industry the chance is still there that it could be used for terrorist funding.

More Scenarios Highlighting the Importance of Digital KYC

Identity theft protection has become a necessary requirement for the online gaming industry. Many a times, players are invited to buy add-ons and perks in the online games, for which they are required to make payment using credit/debit cards. This means that validation of online transactions is in order through digital KYC verification of the players who wish to make purchases.

Fraud protection services must be employed by online gaming companies so losses through identity frauds and sham customers looking to dupe their way through the purchases are kept to the minimum. Gaming sites may also run into problems such as registration of underage individuals, which can become a headache when the regulatory authorities investigate the company’s proceedings and customers. Background checks are the way to go when it comes to solving problems like fake ages and cards.

The online gaming industry is evolving rapidly around the world and expanding with each passing day. Gaming sites have improved tremendously in terms of user experience and now, they can make it more secure by enhancing the membership security protocols. Providing different gaming sites the ease of accurate digital ID verification will increase their revenue manifold.

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Verify ID For a Secure Travel Experience

Verify ID For a Secure Travel Experience

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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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Shufti Pro® Expands ID Checks Online to Russia and China

Shufti Pro® Expands ID Checks Online to Russia and China

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Shufti Pro® advances their technology to support these world giants for their e-KYC needs to satiate stipulation for digital ID verification services from the East.

BATH, United Kingdom – November 1, 2017 – Shufti Pro®, the emergent leader in the online identity and document authentication milieu announced earlier today that their business verification services will now be available in Russia and China.

The software as a service endeavours to perform online identity verification for online businesses, online merchants, financial institutions, etc. They have now decided to extend their service to those in Russia and China as well. Shufti Pro® is now able to verify the original passports and their holders’ identity in the two countries.

Shufti Pro® employs the use of artificial as well as human intelligence to verify the authenticity of the document as well as the identity of the owner. Their process is quick, accurate, efficient and happens in real-time. They strive to provide digital KYC verification solutions with the aim of making the global virtual marketplace a safe and secure place as a trading platform.

CEO, Shufti Pro® said:

“We are proud to announce our expansion to include Russia and China in the countries we support. Rest assured, our integration into their online businesses will result in increased fraud prevention through accurate and digital identity and passport verification services .”

Talks with the CTO of the corporation enlightened us about their plans to include Russian and Chinese languages in their system as well. “Language incorporation, in the future, will result in a greater number of government-issued documents to be verified, like ID cards, driving licenses, credit/debit cards, etc.”, informed the CTO, Shufti Pro®.

The company plans to keep working on their technology in order to engage the entire world and bring them on one platform where they can fight against frauds, money laundering, identity thefts, etc. Reflecting on their astonishing progress in the span of 12 months, it seems highly probable that their goal of being one of the best fraud protection services will be realised sooner rather than later.

Shufti Pro’s® e-KYC services establish in the United Kingdom

Shufti Pro’s® e-KYC services establish in the United Kingdom

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Months of hard work and diligence in the fraud protection services resulted in Shufti Pro’s® setup in the UK as a registered company; scores of online businesses look forward to enter the realm of fast and secure e-KYC with the newly instated institute

BATH, United Kingdom – October 31, 2017 – Shufti Pro®, an emerging name in the e-KYC and digital identity verification milieu, got officially enlisted today at Bath, UK. Over the past few months, the venture had been striving to acquire registration.

With numerous clientele already pouring in, and customers looking forward to explore Shufti Pro’s® services, the SaaS had developed a relatively strong and deep-rooted foundational grounds before beginning to build their business up. They made sure their digital identity and document verification services were made up of state-of-the-art technology involving artificial and human intelligence. The SaaS performs real-time verification in the least time recorded across its competitors.

The quick, accurate and efficient process was well recognized by the concerned audience and earned Shufti Pro® the credibility and legitimacy before it got officially registered earlier today.

CEO, Shufti Pro® expressed his joy when he said:

“It is an exhilarating feeling to see months of uphill struggle finally bear fruit in the form of official registration in the UK. We set out on this journey with this very goal in mind and extended our aims way beyond this as we took the steps towards the being the best identity theft protection service. To see our basic goal achieved is merely an indication that we’re on the right track. It truly serves as a beacon of hope that our future goals are not difficult to attain as long as team work and working for the company, rather than for an individual or oneself, remains our primary strategy.”

With the excitement buzzing through the conglomerate, it is sufficient to bid best wishes to them. Shufti Pro® is definitely on its way to become a hallmark in the field of e-KYC , online ID verification and building a trusting client-customer relationship by putting their needs first. Being the most customisable and accurate software as a service in the market, Shufti Pro is set to break the barriers of technological advancements in online fraud prevention and making the global virtual market a safe and secure place for future trades and transactions.