Embedding online identity verification methods for enterprise security

Embedding online identity verification methods for enterprise security

The internet knows a lot about us now. And businesses are using this information to verify our digital identities. However, not all of this information is correct or publicly available. As more and more activity finds its way online, identity checks are becoming relevant to the establishment of secure platforms for individual and business transactions. 

The risk of online fraud and ID theft is real, with a rising demand for online risk mitigation. Enterprises must look into variable security information platforms to enhance security solutions across the board. Trends in identity verification depict high levels of growth, with the value of the market to grow to US$4.4 billion by the year 2027. 

The introduction of AI tools have opened up online identity verification systems to offer faster data  processing, compilation and assessment solutions. Technology is making swift advancements in detecting anomalies and catching fraud. However, as a final check, human experts still manage to provide valuable supervision to machine algorithms for higher accuracy and verification of user data. 

Online Identity Verification Solutions for KYC, KYB and AML compliance

To verify if a user is actually who they say they are, real life identity verification for online applications employ a great deal of automation as well as data analytics to implement identity theft protection methods.

Here’s a list of some of the most successful and commonly used verification methods:

Biometric authentication through face verification and liveness detection

The use of biometric features for authentication involves the use of unique biological characteristics to verify end-users. Presenting face, fingerprint, iris, voice or other behavioural metrics to ensure their live presence is a highly convenient and secure way to authorise login. As use cases spread to a large number of consumer services including healthcare, travel, and retail, customers are looking for identity solutions that can easily be integrated into smartphones. Cost effective solutions such as taking a simple selfie or presenting a card to a camera are being accepted by large digital audiences. 

Through cross device authentication services, customers can use a hand-held device to capture a video or a selfie and confirm their presence. An automated procedure fast-tracks the process and authenticates account holders with high accuracy. Advanced Identity verification applications powered by machine learning are also recording verification processes in real-time and storing the data in the form of timestamps, videos, IP location and device information. 

Document Verification

Digital verification methods can replace manual checking of customer documents to prevent online theft and ID fraud. The more customer attributes that can be verified through a given ID source, the more robust the authentication. The end goal is to achieve a high level of verification assurance across multiple systems and countries. 

Customers can scan ID documents in front of a webcam and allow verification APIs to extract and screen key customer credentials. In most cases, the use of optical character recognition technology (OCR) assists in providing verifications for several documents in different languages. 

Document validation includes checking: 

  • Full name of end-user
  • Photoshopped/tampered documents
  • Document expiry
  • Document format type
  • Address format

Address Verification

The authenticity of individuals and businesses can be verified in real-time using automated software that cross-checks addresses with official databases. Users are asked to upload photos while holding identity documents in order to match their face. Secondary documents containing official address are uploaded to verify the information entered by the user. Analysis is done via an API and the verification is also recorded. 

For e-commerce and other retail business, this translates into better management of chargeback fraud and improved reputation. Mailing costs associated with returned mail can be mitigated and high quality address data maintained for faster delivery time. Identity documents such as national IDs, utility bills, bank statements, and driver’s license, are verified for authenticity, to improve customer risk profiling and online identity fraud management. 

AML Screening

Businesses must ensure a high level of safety by vetting both individual customers as well as businesses before beginning transactions. International regulations now require that sources that may be involved in money laundering and terrorist financing be actively avoided and screened before onboarding.

Detailed background checks and sanction list monitoring for high-risk clients is a given for AML compliance programs. Simply entering the name and date of birth can reveal useful information about authenticity. Data on customers and businesses must be screened against international regulatory watchlists, sanction lists and PEP lists to ensure compliance with laws and regulations. Risk reporting and global compliance is made easier with AML solutions for fraud prevention. 

Ongoing AML monitoring is an essential part of process, as regular monitoring of clients assures that no illegal activity is recorded in recurring transactions. This is to ensure that client credibility is maintained over time and high-risk clients are marked with an ‘on-alert’ status.

Companies can be validated using a registration number in order to identify blacklisted entities. Background checks of the Ultimate Beneficial Owners (UBOs) can help in identifying individuals with a suspicious profile. As a long term business goal, financial risk assessment is improved by limiting compliance fines and penalties leading to unanticipated financial loss. 

Knowledge based authentication

This method of online identification requires customers to protect sensitive information with security questions that can be answered using personally identifiable information.

It is an easy process to employ since it doesn’t contain complex passwords or codes to remember. However, it is also easier to breach since such information can be guessed, discovered or sold. There’s no verification with official customer IDs either. 

2FA Authentication

As an added layer of security, 2FA solidifies account protection by double checking the possession of sensitive information by clients. A physical token or a numerical SMS code must be immediately available to the customer through personally held devices to gain access to online accounts. 

Passwords are losing their authority as a security measure for fraud prevention. Hackers can breach accounts using weak or easy-to-guess passwords and gain malicious access through single layer security methods. Customers are advised to create long passwords with complex characters to lower the probability of a breach. This hurts customer experience and often makes the login process tedious. 

Authorised customer account access through two-step authentication method includes the following steps: 

  • End-user is sent a personalised, auto-generated code at each log-in attempt
  • Authentication code is required to enter the code at login
  • API matches code and completes user verification 

Two-step online identity verification services provide a way for companies to manage financial loss for end-user accounts without compromising customer experience. Malware activity and phishing attacks can be prevented by strengthening security laters.

Business Verification: A new line of Defense against Fraudsters

Business Verification: A new line of Defense against Fraudsters

With the ever-increasing complexities of anti-money laundering (AML) and counter-terrorism financing (CFT) regulations and the increasingly global nature of the financial sector, banks and other financial sectors are spending a notable budget, time and effort to comply with AML and CFT regulations.

By the time the financial institutions and regulators catch up with the latest criminal tactics using advance technologies and airtight regulations – the criminals are already implementing more advanced methods to carry out financial crimes. Because of the obligation to constantly upgrading against fraudsters, it is always an ongoing challenge for the financial institutes to stay a step ahead of criminals and regulatory authorities. But how do they manage to do that? Attaining a commendable knowledge of Know Your Business (KYB), Know Your Customers (KYC) and AML regulations is a good point to start. 

While KYC is not new, businesses know all about KYC and are constantly adopting new technologies to make the KYC process smooth and accurate, KYB, on the other hand, is a comparatively new phenomenon and demands financial institutes to put some extra effort. 

A report published by OWI labs intimates that KYB verification, a $5.6 billion market in 2017 is expected to grow to $11.8 billion in 2022. Meanwhile, after the Panama leaks scandals, the regulatory demand for global business verification heats up in the US, Europe, Japan, Australia, Singapore, and many jurisdictions. 

These stringent regulations have made customer onboarding a complicated process. While these requirements can look complex and demanding to the financial sector but implementing them is certainly useful for financial sectors to defend against fraudsters. The tactics and techniques of financial criminals are evolving. It is not sufficient to keep pace with regulatory requirements only, the financial sector needs to stay on top of the game.

What is KYB and Why is it considered a shield against Financial Criminals?

Although, it is impossible to eradicate fraud once and for all. Same as a weed that grows wild and couldn’t be erupted for good, financial criminals continuously keep finding the vulnerability in the system. Equipped with AI and Machine learning, FinTech is assisting the financial sector in this fight against financial criminals. Owing to changes in the regulatory requirements for verification of business, business verification services featuring Artifical Intelligence are proposed by the FinTech industry.  

Main Drivers of Business Verification Services

Artificial Intelligence

The main drivers of global business verification services are the increase in focus on thorough due diligence of the businesses and beneficial owners from regulators in Europe and the United States. Moreover, compliance cost for the due diligence is very high and verifying businesses manually is not a time taking process. 

AI-based global business verification technology can reduce compliance costs for the financial institutions while maintaining quality standards and enhancing the customer experience. Another feature that makes automated business verification services distinct and reliable is the global verification facility. While manual verification takes the time it is also limited to the jurisdictions. For instance, the 6th AML directive by the EU requires countries to maintain a central registry for the listed business entities.

Future of Know Your Business Verification

As discussed previously, criminals always come up with new tools and techniques. Although AI-based Identity verification services are assisting in the elimination of financial crimes but will it remain strong enough in the future? This is the question yet to be answered but it is too early to make assumptions.

BlockChain Technology

On the other hand, technology is constantly making the process and there are more efficacious innovations in the backup. One such technology is Blockchain. With blockchain technology, financial institutions would be able to secure and exchange client information without maintaining a central register. This will help improve the KYC and KYB process and will further reduce compliance costs. 

The current technology is a bit exposed to data breaches and achieving compliance with GDPR is complex. Only a handful of KYB solutions providers are compliant with GDPR and other major data protection regulations. With the advancement in technology, the new methods are expected to enhance the financial security and risk management.  

The technological revolutions are making positive improvements and are adopted to fulfill the requirements of financial institutions and in this era of digital competition and complex compliance requirements, businesses need to adopt a robust business verification service. By automating the business verification process, the financial institutes can easily verify the business entities when onboarding. In addition to this, compliance with complex regulations will become easier.         

Identity Verification APi

ID Verification API – Smooth Integration With Online Systems

The financial services (FS) sector has the highest ever recorded abandonment rate of 83.6% amongst other sectors. This indicates the need for FS firms to transform their processes and systems. Market leaders in the industry have managed to set certain standards for onboarding procedures. For others, it is necessary to transform their systems and processes in order to stay in the race. Customers nowadays look for faster, more convenient yet safer services. One of the best ways to achieve such milestones is to integrate modern technology in banking procedures. An identity verification API is an all in one system that can improve, compliance as well as onboarding procedures for FS companies.

Another concern for financial institutions is regulations and compliance. In the past couple of years, regulatory bodies have been overactive in curbing money laundering activities. That, in turn, has resulted in increased scrutiny for banking institutions. Online identity verification systems cannot only fulfil compliance requirements for FS firms but can also transform their onboarding processes. Some of the ways in which an identity verification app can transform financial services are;

Easing Customer Onboarding with Identity Verification API

Client onboarding procedures can be extremely drawn out for banks and financial institutions. With automated identity verification solutions, banks can

  • Optimise onboarding with a faster due diligence process.
  • Enhance the process of CDD and EDD, allowing them to assess the risk associated with each customer.
  • Make onboarding faster but also increase the rate at which banks can take on new clients.
  • Increase convenience for customers, thereby increasing customer satisfaction levels.

How Identity Verification API Enhances Security in Financial Services

Not only can a KYC API facilitate customer onboarding, but can also enhance security for banks. Digital KYC procedures can help them identify and verify individuals within seconds. This largely reduces the risk of identity theft and credit card fraud. Proper AML screening can help banks avoid getting involved in money laundering activities. Moreover, it can also enable them to meet their compliance requirements more effectively.  

Making Compliance Procedures Simpler

As global financial regulations become more stringent, compliance becomes a complicated process. Long drawn out compliance processes tend to frustrate clients. FS firms need to implement a tech solution that can not only meet compliance regulations effectively but make convenience and speed a priority in customer onboarding. An identity verification API can effectively address both issues and ease both compliance and onboarding for banks.

In a fast-paced and competitive environment, the biggest challenge for FS institutions is to simultaneously approach the need for trust and compliance along with convenience and speed. Approaching both milestones can be tricky. However, with intelligent user experience (UX) choices and advanced technology, both parameters can be addressed adequately. An identity verification API solution can enhance compliance as well as onboarding for FS firms.

Digital Identity Verification

Utilising Digital Identity Verification for Imparting Better Healthcare

The importance of patient identification and verification is crucial in the healthcare sector. According to a paper by the World Bank, patient identification can be critical in imparting fast and effective healthcare services to patients and can do wonders for public health management, thereby helping achieve sustainable development. Digital identity verification systems can assist healthcare providers to not only to improve the quality of healthcare they provide but would also enable them to improve organisation and sharing of medical records, ensure insurance claims and reduce medical fraud by protecting patient data.

Healthcare providers in a lot of countries are still using paper-based systems to maintain patient records. The handful of providers that do use digital systems have stagnant IT systems that are incapable of processing and transferring data. This has lead to weak planning giving rise to capacity issues and inefficient care for patients. Relevant government institutions also find it difficult to provide better access to healthcare if they have no way of identifying and verifying individuals. This also keeps out individuals who are in need of necessary healthcare services but cannot have access to it due to lack of identification.

How Digital Identity Verification Can Play a Role in Healthcare

Different processes in the healthcare sector need the identity of patients. From providing the proper treatment to maintaining patient records, the identity and verification of patients is extremely important. There are a number of ways in which digitised identification systems can enable healthcare providers to impart better medical services;

  • Efficient Data Collection for Planning and Research

With the proliferation of advanced technologies like artificial intelligence, big data and cloud computing, systems are now available that have automated entire processes for different industries. Particularly for sectors are data rich, like finance and healthcare, AI and its applications have provided amazing solutions. Digital identity verification systems can, therefore, allow access to patient records and histories in an instant. It allows healthcare providers and government ministries to efficiently plan according to the data collected through these systems. It also allows them to access data for research and development purposes.

  • Managing Patient Treatments and Records

Through proper automated identification and verification procedures, healthcare providers can manage and access patient records instantly. It also allows transfer and sharing of data amongst healthcare institutions, therefore reducing duplicate testing, and allowing for swift and efficient patient care. Patients can control the sharing of personal information as well. As records are updated in real-time, doctors and support staff are able to gain access to patients’ condition instantly by only identifying them effectively.

 

  • Improved Insurance Management

Filing for insurance claims can be a tedious process for hospitals. Automated patient verification systems can provide hospitals and clinics with efficient systems that can process insurance claims and assess the benefits that are included in a patient’s insurance program. It also allows patients to prove that they have access to insurance and have access to healthcare benefits and programs. Outdated systems can sometimes result in double payments, causing trouble for both the patient and healthcare providers.

  • Protecting Patient Records

With increased automation of information, cybercrime has also increased tenfolds. It has equally affected the healthcare sector increasing the ratio of medical identity theft. Patient records are increasingly being sold on the dark web and fetch a significant sum for the seller. Therefore, the protection of patient records must be equally important for healthcare providers. Online identity verification effectively eliminates the risk of fraud and identity theft. Measures must also be taken to protect patient information within the healthcare facility. Putting up anti-malware and anti-virus systems and firewalls are no longer enough. Hospitals and clinics need to robustly encrypt their patient records in order to thwart any cybercriminals.

By properly identifying and authenticating patient identities through automated systems, they can also make sure that a person is not using stolen information. Through digital document verification healthcare providers can identify patients. They can further authenticate a patient’s credentials through an online facial recognition system. This can enable hospitals to establish a true identity of a patient and provide them with relevant care effectively.

Shufti Pro is an online identity verification services provider that uses AI-enabled protocols to identify and verify users for a number of different industries, including the healthcare sector. It produces verification results within 30-60 seconds and allows for instant verification of users. The healthcare sector can benefit from its ID verification services in the form of document verification and face verification. Shufti Pro also has an OCR-based data extraction system that can extract information from documents in an instant. It uses a RESTful API and mobile SDKs for fast and efficient integration into an existing web-based interface of a company.

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Identity Verification Services

Can Identity Verification Services be Cheated by Hackers?

The latest intervention in the industry of fraud prevention services is identity verification services. In the hopes of countering fraud, banks, financial institutes and online businesses have been implementing verification checks to authenticate the identities of their clients. With the proliferation of access to the internet and online services, it is becoming simpler for cybercriminals to come up with ways to defraud online users and businesses. To counter this threat, anti fraud solutions like Know Your Customer or KYC checks have been introduced by companies.

But how safe are identity checks, is the real question. Can they too be bypassed by hackers and fraudsters? Each verification service has its own benefits and flaws, some more than others. Discussed in detail herein are individual identity verification methods and how they can be tricked by hackers.

Knowledge-Based Authentication

Knowledge-based authentication or KBA is a method of identity verification where the user answers a set of questions to establish his or her identity. The questions are mostly related to their financial, personal or consumer history. Businesses use different types of questions according to their requirements. Often questions are predetermined and standard which are called static KBA. Another type of KBA is Dynamic KBA wherein the questions are more diverse and obtained from a wider range of personal data. These questions are mostly based on a consumer’s behavioural patterns.

Now comes the question of how KBA can be bypassed. Normally an online user’s personal details like birth dates, social security numbers, addresses can be acquired from the dark web for a small fee. This information can be later used by the criminal to override the authentication process. However, even if a hacker is unable to access the dark web, in the age of social media it is ridiculously easy for anyone to obtain a user’s personal information through their SM accounts.

Finger Print Scanners

Fingerprint scanning is a simple method of biometric verification. Since iPhone launched its fingerprint scanners in 2013, nearly every new phone has followed suit. The process for fingerprint authentication is quite simple. A user’s unique fingerprint is stored in the system’s database and is authenticated every time a user scans their fingerprints through the scanner.

Read: Identity checks ; A Profitable Business Strategy or Another Business Expense?

However, smart scammers are able to skirt fingerprint scanners simply with a picture of a user’s finger. Any picture taken by an ordinary camera is printed after obtaining a readable fingerprint through a opensource software. The picture is then spread onto a latex or wood glue to obtain a fake fingerprint. All this may sound something out of a movie but is surprisingly simple to do. Many cybercriminals can thus breach a person’s account through fake fingerprints as well.

Two Factor Authentication

Another identity verification service for businesses today is 2 factor authentication or 2FA. It basically verifies users through their mobile phone numbers. A system generates an authentication code for a user once they enter their phone numbers. They receive the code via text message which when entered by the users grants them access to their accounts.

There are a number of ways by which cybercriminals can breach the two-factor authentication method. There are often vulnerabilities in the mobile networks that allow them to access incoming and outgoing data from a person’s phone. Phishing hacks are also used to plant malware in a user’s device which can then be used to initiate the 2FA process.

Using Identity Verification Services to Delude Hackers

Although identity checks like the ones mentioned above are designed to keep fraudsters out. However, with a little effort, each one can be breached since they have their flaws individually. The key then is to use multiple layers of KYC checks to keep criminals out. If you are thinking that multiple levels of security can take time for a user to access their accounts, you are wrong. A KYC verification service provider like Shufti Pro offers digital verification solutions that take under a minute for a user to perform. Some of these verifications include document verification, facial recognition and address verification checks.

Document verification allows a user to scan his/her ID documents (ID card, passport, driver’s licence etc.) which are then authenticated by an AI-based authentication software. Facial recognition is an even more foolproof method for identity and age verification. Often used in combination with document verification, facial verification uses facial recognition software to scan a person’s facial features in real time.

Identity Verification Services – the Future of Fraud Prevention?

The world of fraud prevention is advancing rapidly and has a multitude of identity verification services that businesses can utilise. Shufti Pro is providing cutting edge KYC checks by providing multiple layers of security to a company’s system. It authenticates the users’ identities at an industry best time of under 60 seconds. Shufti Pro has a restful API and gives seamless integration to any web-based module of a business.

 

ONTology Signs MOU with Shufti Pro

Shufti Pro signs MOU with Ontology for Technical Collaboration

BATH, UK – (October 11th, 2018) Shufti Pro has recently signed a Memorandum Of Understanding (MOU) with Ontology to work together for KYC and AML integration. Both these companies will collaborate to provide digital identity services all the while building on the trust ecosystem established by Ontology.

Ontology is a digital identity firm that has formulated a blockchain based distributed identity network. ONT IDs from Ontology support individuals, businesses, assets, objects, and affairs to authenticate and verify themselves in this digital age. The distributed identity network allows its users to create multi-factor identity portraits that can be verified, certified and used for identity verification on multiple platforms. On the other hand, Shufti Pro tends to verify digital ends of a person’s identity using a hybrid of Artificial and Human intelligence. It provides real-time verification results for a large number of solutions and services provided for digital identity verification.

Shufti Pro and Ontology shall work together to develop and refine digital identification tools that will enable businesses for online fraud prevention and identity theft protection. The MOU stipulates that both companies will work to provide compliance ready solutions for KYC and AML solely based on Ontology blockchain network. This joint collaboration will also focus on improving the overall accessibility of digital identification services into various markets across the globe.

Ontology’s Co-Founder Andy Ji explained the importance of this joint collaboration in the following words:

“The emergence of blockchain technology creates opportunities to discover potential and promising solutions. Ontology is pleased to begin this journey with Shufti Pro, combining blockchain technology with identity verification services, providing a blockchain-based end-solution for KYC/AML services”.

Speaking on the cooperation, Victor Fredung, CEO of Shufti Pro, said: “We are pleased to be starting our partnership with Ontology. We believe that the combined use of new and innovative blockchain technology with cutting-edge ID and identity verification technology is a powerful combination for global business operations.”

The MOU states following principle avenues of joint collaboration between the two companies for future:

  1. Ontology will provide technical expertise and consultation on Distributed Ledger Technologies.
  2. Both parties will collaborate in the development of KYC/AML solutions on the Ontology distributed blockchain network infrastructure
  3. Joint PR and marketing promotion of products and services.

This joint partnership between the two tech companies will usher in a new era of technological advancement in the field of digital identity verification services. With an aim of making the online marketplace secure against identity frauds, frequent cash-back requests and users with fake financial information, Shufti Pro has taken steps for superior customer service and top-notch data security.

About Shufti Pro

Shufti Pro is an emerging name in ID verification services. It was founded on 31st October 2017 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 the 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 Ontology

Ontology is a diverse, integrated, distributed trust network and the infrastructure for building a trust ecosystem. Ontology encourages trust cooperation and allows projects of all shapes, sizes, and technologies with different business scenarios and compliance requirements to pass through Ontology’s chain networks and take advantage of the distributed trust network how they see fit.

Web Summit 2018

Catch a Live KYC Demo of Shufti Pro at Web Summit 2018!

BATH, UK – (October 4th, 2018) Shufti Pro is really excited to be a part of the upcoming Web Summit 2018 that will be held from November 5-8, in Lisbon, Portugal. Hailed as “The Largest Tech Conference in the World”, Web Summit 2018 is the place to be if you are interested in the latest trends of the tech world. Shufti Pro will be showcasing its various solutions and services related to Identity verification, KYC and AML Compliance. It will be a perfect platform to get acquainted with new features and services launched by Shufti Pro in recent months. Services like Biometric Consent Verification and integration of OCR-based data extraction technology will be highlights of this AI-run SaaS product at the Web Summit this fall.

Last year, more than 18 million people tuned in to Facebook to watch the live streaming of Web Summit. This year, more than 2500 media outlets will be attending the Web Summit from more than 100 countries. This 4-day huddle – called “A grand conclave of tech industry’s high priests” by The New York Times – will be held in Altic Arena of Lisbon that is among the largest indoor arenas in the European Union.

Shufti Pro is no stranger to such high-octane events as it has previously attended various other conferences of similar nature in different parts of the world. With stand out features like Universal Language Support and Hosted Verification Page, Shufti Pro has already attracted attention from major businesses around the globe. Shufti Pro will be giving live demos of its real-time verification results for KYC verification and AML screening at Web Summit 2018. We invite you to visit our stall and see for yourself how the next chapter in identity verification services looks, as we introduce the world to a future where online marketplace will be free of online frauds, identity thefts, unwanted financial risk and scamming individuals. Take a trial run of how AML checks by Shufti Pro work, with the help of a large data bank. A Data bank, that contains data from 1000 Watchlists, FATF defined PEPs and +3000 databases maintained by world’s largest watchdogs like OFAC, ASIC, FSA, and FCA to name a few. You can even witness our consent verification service in action at Web Summit 2018 as Shufti Pro’s bespoke Artificial Intelligence identifies and verifies your hand-written consent note.

Pay us a visit and our representatives will be happy to walk you through the process of effortlessly integrating Shufti Pro with your existing applications, software and web portals through our RESTful API, Android and iOS SDKs.

We look forward to meeting you at the biggest tech conference of the year. 

You can also send us an email to book a demo for yourself at Web Summit 2018. Feel free to reach us at: victor@shuftipro.com.

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.

________________________________________________________________________________________

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.

Identity Verification Shufti Pro

How Identity Verification Makes Remote Account Opening Efficient for Banks

Banks have a lot to benefit from the remote account opening service as it allows them to bring a lot more customers onboard with lesser efforts or investment. There can be many means that can be utilised to provide remote account opening service to customers but identity verification is also necessary to make sure that only verified accounts are created. Remote account opening and identity verification services, when coupled together, can be a useful tool in the hand of banking executives for robust customer on-boarding.

Challenges for Remote Account Opening

There are several ways in which Remote Account opening can pose a serious challenge for banks and their customers. The most important challenge is to choose which medium and workflow must be used to register bank accounts for users. Few of those are mentioned below:

  1. Customer service representatives fill out the paperwork on behalf of potential customers by receiving information over a phone call
  2. Customer can fill out an online form but still have to pay a physical visit to bank branch for opening an account
  3. Customer have filled online forms for opening an account and afterwards, he/she is sent a set of forms at physical address to enter further details like PIN Code, physical proof of accomodation and other related details.

At the end of the day, online services are meant to be provided quickly with an added feature of digital convenience. Studies have shown that in the absence of a user-friendly and really digital account opening service, banks have witnessed a nearly 50% abandonment ratio. It means that half of the users have preferred not to open an online account with a bank just because the process was tedious and hard to follow.

How Identity Verification is the Solution?

Although, this high ratio of abandonment might be caused by a lousy online account opening system but in many cases, it has been witnessed that banks want to ensure the identity and credentials of their potential customers. This leads them to introduce features and steps that make the remote account opening process not-so-remote. Agitation and irritation caused to end users lead to loss of revenue to banks and this potential revenue stream can easily be secured with the help of top of the line identity verification system like Shufti Pro.

A cutting edge verification system like Shufti Pro holds a lot of promise for banks that don’t want to compromise their customer onboarding process with fraud prone and scamming individuals. Shufti Pro uses Artificial Intelligence in order to ascertain the identities of users and authenticity of the documents that they have provided to verify their identity. As Shufti Pro can verify user in every country of the world and check the authenticity of credentials of documents printed in every language of the country, AI powered verification services of Shufti Pro become a real asset for banks who want to launch remote account opening services for their clients.

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Identity Verification

How Identity Verification Services make Regulatory Compliance Easier?

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

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

Identity Verification Services

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

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

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

FINTRAC Regulations

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

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

GDPR Compliance

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

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

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

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