ID Verification

How the Rise of ID Verification Promises Trillions of Dollars for Online Marketplace?

The affliction of cybercrimes and online frauds has reached such high proportions that the cost of it left the billion figure years ago and the damages have now entered trillions of dollars. Cybercrime ended up costing $3 trillion dollars to the commercial sector in 2015. This number is expected to cross $6 trillion by 2021. More to the fact that cybercrimes are the fastest growing crimes in the US; in that, fraudsters are increasingly enhancing and advancing ways to compromise a business’s cybersecurity measures. All these figures and the gravity of the situation requires enterprises and governments to take a more proactive than reactive approach to avert frauds and cyber attacks. The rise of ID verification systems, in particular, can play an important role in having a productive economic impact for businesses by not just helping to curb fraud but also reducing expenditures.

However, fraud prevention is not the only plus side of having an identity verification system. An online identification system can help reduce costs, ultimately increasing revenues for a business. It also enables businesses to meet their compliance and regulatory requirement, which they are bound to fulfil by law. Thus, identification systems can potentially save trillions of dollars for the online marketplace.

A Decrease in Transactional and Admin Costs

Both the financial services sector, as well as commercial businesses, have generally relied on outdated manual or legacy systems for transactions and payment systems. Such methods are costly and, not to mention, unsafe considering the current fraud landscape. Compared with digital identity systems, in-person identity verification can also be costly for the business as well as the consumer. For instance, if a person wishing to open a bank account needs to present a certain set of identity documents for the bank to ensure that the person has legitimate and verifiable credentials. Having to verify their identity in-person has both time and monetary costs for a consumer, not to mention that each visit costs the financial institute $4.25. Compared to this, a digital identification system allows a person to authenticate their document and other credentials electronically, thus saving them both time and money Not to mention the fact that a single mobile transaction costs only $0.10. Thus, the customer onboarding process can be made more efficient through an automated ID verification service. Eliminating the need for paper-based verification procedures for each individual client, it can greatly reduce the time for onboarding a new customer.

Preventing Fraud Through ID Verification

As discussed above, online frauds are the bane of an online enterprise or a financial institution’s existence. The sort of losses they incur to businesses can be detrimental. The costs of identity theft alone were reaching $221 billion worldwide. The financial sector or the online market cannot afford such losses. A sound online identification system, being fast and effective, can allow a business to detect fraud while it takes place, thus preventing any chargebacks or fines. A bank or financial institute can verify their clients during the onboarding process and make sure they have legitimate documents and other credentials. For an online business, an identity verification system allows merchants to identify fraudsters who are using fake or stolen credit cards or identity documents.

Another major fraud risk is synthetic identity fraud, wherein the criminal generally uses someone’s social security number to build an identity for him/herself. An effective ID verification software can also alleviate synthetic identity fraud. Also, by increasing cooperation between national databases and the private sector can help eliminate the use of fake credentials and identities altogether.

Reducing Compliance Costs

Sectors that are closely regulated including the financial services sector, online payment systems and the healthcare industry. In an effort to develop a framework that meets their regulatory obligations, they have to invest in ample resources. However, with slow and ineffective ID verification systems, their compliance costs are only susceptible to increase. Such businesses are not only in need of preventing fraud and reducing transactional and onboarding costs, but they are also legally bound to fulfil certain compliance requirements. Governments and regulatory authorities issue guidelines for businesses to implement in order to curb financial crimes like money laundering. Such obligations need to be fulfilled by businesses efficiently.

The financial services sector spends greatly on building effective compliance structures. However, manual procedures for verification have proven to be ineffective and slow. Implementing an automated system for customer due diligence and anti-money laundering (AML) compliance can not only reduce costs for businesses but also effectively reduce financial crimes.

It is also prudent to mention that companies that fail to implement adequate KYC and AML procedures have to face hefty fines from regulatory bodies, both national and international. Thus, implementing an effective online ID verification system can avoid these costs for a business as well.

Shufti Pro is a SaaS product that focuses on providing a quality ID verification system to businesses. Its online ID verification system allows you to verify customers through document verification, face recognition and AML screening checks. It provides real-time verification results through AI-based protocols.

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Shufti Pro partners With KicICo

KICKICO signs up with Shufti Pro for AI powered ID Verification services

(Bath, United Kingdom – July 16th, 2018) Shufti Pro has signed a deal with KICKICO to provide its AI powered ID verification services. Shufti Pro will be assisting this crowdfunding website in validating the identity of the users that sign up for its various services.

The KICKICO Platform is an online blockchain technology-based crowdfunding platform, which shall provide opportunities to its potential clientele regarding launch of ICOs and crowdfunding campaigns. In addition to this, KICKICO will be offering various support and safety services related to the launching of ICOs, pre-ICOs, and crowdfunding campaigns to make ICOs a success stories. Shufti Pro was chosen by KICKICO for its top quality ID verification services to create a reliable customer base that will be interested in investing a substantial amount of capital in promising ICOs.

KICKICO will be allowing its user base to make in-app purchases and for this purpose KICKICO has also launched an ethereum based virtual currency by the name of KickCoins. The KickCoin digital token is a cryptographically secured representation of a token-holder’s rights to obtain in future the services and goods through the KICKICO Platform, which only a token-holder may purchase for the KC. Talking about the collaboration between the 2 companies, Victor Fredung, CEO Shufti Pro said that:

 

“KICKICO has the potential to change the way crowdfunding projects and platforms operate. We are really looking forward to provide our ID verification services to this ingenious product and to assist this visionary company in creating a trustworthy base of investors that will be helping innovators and entrepreneurs in the future to develop technologies and products that will revolutionise our daily way of life”

 

It is imperative for the success of crowdfunding platforms that they hold a substantial number of genuine and diverse investors who are willing to support and make worthy pledges to the ideas presented by entrepreneurs and inventors of this age. ICOs help to collect targeted funds for ventures and projects that can do wonders for human race. But to ensure that the investors who are signing up on KICKICO or pledging funds to the digital currency KickCoin are 100% genuine and hold genuine credentials, ID verification services was utmost priority for KICKICO. That’s where Shufti Pro came in the picture with its highly advanced yet easy to use ID verification services suite.

With an industry best processing time of 30-60 seconds and ability to verify documents published in any language of the world, Shufti Pro won the competition by a long shot. KICKICO was really impressed by the ability of Shufti Pro to validate the identity of every individual user, because of its worldwide coverage. This meant that KICKCO will be able to host investors from any country of the world, thus ensuring a smooth cash flow for future ICOs and ventures that will be presented on this crowdfunding platform.

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About Shufti Pro

Shufti Pro is an emerging name in ID verification services. 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 to provide ID verification services. 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 KICKICO

KICKICO sits at the intersection of two young industries: blockchain and crowdfunding. Both of these industries have great potential, but both are rife with failed projects and outright scams. KICKICO moves crowdfunding from centralized platforms (such as Kickstarter) to Ethereum-based smart contracts. This not only allows us to implement the crowdfunding model in a decentralized way – significantly reducing overhead – it also provides a mechanism to protect backers from failed projects: guaranteeing their investment with blockchain-based tokens called KickCoins. KICKICO will provide users with a powerful, convenient, and up-to-date platform for both ICO (Initial Coin Offering) and crowdfunding campaigns.