Identity Theft Protection

ID verification prevents 8 Security Issues of businesses


The biggest concern for businesses, in terms of safety, nowadays is online or cybersecurity. As data breaches across different companies become increasingly common, online security becomes a major concern for enterprises storing large amounts of user data. The estimated cost of a single data breach will reach $150 million by 2020, costing $2.1 trillion annually. In January 2019 alone, a total of 1.76 billion identity records have been compromised due to such data breaches. In the light of such gaping security concerns, companies must ensure the safety of their user data. Robust security measures including data encryption, two-factor authentication and identity theft protection need to be practised by businesses.

As the internet proliferates the fabric of the world, consumers and businesses become more and more dependent upon it. Securing data online is becoming increasingly tricky, particularly for companies that engage customers online. Progression in technology is giving way to advanced systems. Cybercriminals are also becoming more sophisticated in their methods to compromise customer data. In order to keep up with such threats businesses must also embrace modern technology tools to keep out fraudsters. Some of the daunting security concerns faced by businesses today include;

1. Increased Data Breaches

The year 2019 has experienced a significant number of data breaches across major companies including Toyota, Facebook and Equifax. Even government agencies are victims of data breaches. The U.S. Federal Emergency Management Agency data for 2.5 million disaster survivors were compromised earlier this year.

There are a number of reasons for the increasing number of data breaches including:

  • Lack of online security.
  • Increasing use of cloud storage in businesses. While cloud computing may seem a much secure method for securing one’s data, cloud providers must be chosen with care.
  • Backup of essential data is not encrypted and stored on hard to breach servers.

It so happens that while backing up your data offline, other virtual devices are able to gain access to your system and thereby your information. For additional security, companies must encrypt their data to make it harder for hackers to access it.

2. Unsecured APIs

As the trend of Software as a Service (SaaS) is growing, many businesses are relying on third-party solutions for different purposes including customer services, project management and e-mail and chat support. Although such systems have increased the effectiveness of businesses significantly, not all of them have secure user interfaces. Identity Theft Protection Vulnerable APIs can lead to security breaches in online systems. It, therefore, comes down to the providers that a business chooses to improve their processes and systems. Reputable SaaS providers, however, have better security systems and secure APIs.

3. Inside Sources

Companies are most vulnerable in terms of the threat they face from their own employees. Disgruntled or terminated employees can end up leaking valuable user data from their companies. However, inside breaches may not be intentional at all. Employees in training may not be aware of the vulnerabilities in security. Therefore, it extremely important to educate your staff from day one about cybersecurity and measures to observe to ensure the prevention of data breaches and malware attacks.

4. The Rise of the Internet of Things (IoT)

Another rising trend in businesses is that of IoT or the Internet of Things. It relates to any and all electronic systems connected through the internet. Although IoT makes business systems more efficient and productive, it also leaves them more vulnerable to security breaches. With multiple endpoints in IoT systems, consumer data becomes more exposed. To address this issue, organisations must protect their software and customer information. It is imperative for businesses using IoT to use DDoS protection software to safeguard each point in their IoT systems.

5. Implementing Identity Theft Protection for Customer Information

A number of businesses dealing in vast amounts of customer data do not have proper security measures in place to make sure that information is accessible to only authorised personnel. Hospitals are a prime example of this. Any member of the staff, including doctors, nurses, technical and support staff, that has access to the hospital’s system can gain access to patient records. Customer data is one thing that needs to be guarded effectively. Using identity theft protection is an excellent way for businesses to keep user information secured.

6. Unencrypted Data

As the trend for BYODs and mobile devices, the protection of sensitive data is becoming ever challenging. Businesses are dealing with hordes of consumer data exposing it to data breaches. Moreover, with the rise of Big Data, companies are fast realising the value of it to analyse it to detect patterns in customer behaviour. However, dealing with vast amounts of data has its own risks as it exposes the data to breach attacks.

One way to prevent this is to encrypt and authenticate all user data. Data encryption puts a roadblock in front of cybercriminals. Meanwhile, the company can take measures to prevent any significant damage to their system and data.

7. Unauthenticated Users

One of the biggest security issues faced by businesses is identity theft and credit card fraud. Online businesses, in particular, are adversely affected by chargebacks and fines due to payment card and CNP frauds. Online verifications services, however, provide the best identity theft protection for businesses. Authenticating customers before allowing them to purchase goods can prevent fraudsters from using fake or stolen identities or credit cards.

Leveraging AI for Identity Theft Protection

Companies can verify customers by employing digital document verification and facial recognition scans. They allow businesses to authenticate the IDs and credentials provided by a user. It provides the ultimate fraud detection solution for companies looking to secure their user information and a solution for detecting and preventing credit card fraud. Shufti Pro is an identity theft protection service that uses an AI-enabled software to provide verification services for businesses.

8. Unpatched Devices

Hardware including printers, routers, servers etc. also make for easy points of entry for malware attacks. All such devices can be an entryway for cyber attacks if not properly secured. Hence, each of these devices must be secured before using them for the company’s purposes.

KYC services

Try Shufti Pro KYC Services Free of Cost for 15 Days Now

Shufti Pro is now offering 15 days free trial for all of its KYC services. It is a new offer by Shufti Pro for its worldwide customer base allowing users to test our services without having to pay a single penny. All the major features and KYC verification services of Shufti Pro will be available in the trial period to the users. Shufti Pro believes on the strength of its identity verification services and AI-based system. We invite all and sundry to try our service pack or any Identity authentication solution. With a Restful API and mobile SDKs developed for Android as well as iOS platform, our potential customers can test the flawless service standards of Shufti Pro, regardless of their preferred source of verification. We will describe briefly various aspects of this Free Trial to our customers in the following lines:

No Credit Card Required

Unlike, many free trials Shufti Pro does not require any credit card information from its customers that want to use our free trial. All the ID Verification services can be performed without having to share financial information with Shufti Pro. After all, building trust in the online marketplace is the core vision of Shufti Pro and that is why we want our trial account users to use our KYC verification services without having to share their financial or credit card information with us.

KYC Verification

If you want to sign up for a free trial with Shufti Pro, you will be able to choose any set of KYC verification that you want to try, even if you do not plan to use it in your future partnership with Shufti Pro. You can opt to perform individual KYC checks for each verification service or can even opt to combine all our authentication services in 1 single KYC check.

Supported documents category remains unchanged with Shufti Pro Trial account as well, so that our worthy customers can check our claim of providing Document Verification services for ID Cards, driving licenses and passports issued by 225+ countries and support for 150+ official languages.

AI-Based Services

All the KYC services offered by Shufti Pro in trial period are fully automated and verification results are vetted by our state of the art AI in order to make sure that no facial spoof attack or tampered document can be used for verification. The technology available to our regular customers will be at disposal of our Trial account users as well.

Shufti Pro has made sure that its AI technology is quick at detecting doctored documents not only through textual data displayed on the identity documents but through other crucial features as well. For example, MRZ code of passport is also checked by Shufti Pro in order to verify that only an authentic passport is used to verify the identity of a user.

Feature Rich Back Office

Trial Account Users will be given access to Shufti Pro Back office as well so that they can check the verifications performed by Shufti Pro on their behalf. Real-time results are displayed in Back Office and an analytical approach helps our users to understand the KYC verifications performed by Shufti Pro. Trial users will be able to get not only real-time updates about verification statuses of their customers but the reason for declining a verification request will also be displayed against declined results.

Proof of verification will also be displayed not only for declined verification requests but for verified requests as well. Country of origin and other vital information will also be displayed to understand the trail users about the origin of verification traffic. Not to mention that the date and time of verification will also be mentioned against each verification request.

GDPR Compliance

Shufti Pro is a fully GDPR compliant service provider. It means that we fully understand our responsibility as per the guidelines defined under GDPR. All the data collected during the verification process is kept secure under strict data protection protocols. Additionally, even if after the expiry of the trial period, the user account and the information used for verification will remain to save with Shufti Pro and can be deleted upon request. The data collected during KYC verification or Identity authentication will never be used for any other purpose by Shufti Pro or any other third party.

So, in case you want to run a trial of how beneficial Shufti Pro can be for your business and how it can secure you from identity theft, stolen financial information and other digital scams, then Sign Up for our 15-days Free Trial period. We assure you that it will totally change your opinion about KYC services and will be surely worth the effort. You can sign up for our free trial version by filling out the trial account form here or can contact our sales team directly to have your trial account customized according to your individual needs.


KYC and AML Compliance can help cryptocurrencies to earn legitimacy

Cryptocurrencies are currently limited in use by virtual currency enthusiasts or by lottery bidders who are in to for the easy money , promised by cryptocurrencies’ volatile prices. Genuine KYC practices and AML compliance measures can help cryptocurrencies earn much needed legitimacy in the eye of not only national regulators but also in the eye of general populace. To be honest, right now cryptocurrencies are haunted by the reputation of a “monetary tool for cyber criminals”. Last years, ransomware attacks and the demand of hackers to be paid in bitcoin did no good to the reputation of cryptocurrencies. Conventional and status quo forces in financial world are already paying big bucks to downplay the utility and scope of cryptocurrencies. Reliable and easy to use KYC services can help cryptocurrencies to garner the repute like conventional means of transaction. AML Compliance will also give the financial regulator a break from continually cracking down on individuals and exchanges dealing in cryptocurrencies.

Why Cryptocurrencies need KYC and AML Compliance?

The potential of cryptocurrencies is hugely substantial with a decentralized economy where each application or blockchain based venture can have its own specific cryptocurrency to perform transactions and buy assets & items. Cryptoxchange make it even easier to pay from one currency to another

The surge in interest meant many cryptocurrency exchanges, where coins are traded, were overwhelmed with demand. Many of the biggest closed their doors to new customers as they grappled with a backlog in customer verification. While crypto remains a largely unregulated space, regulators around the world have signalled they are watching it closely. Crypto companies have been proactively following the kind of ID checks and money source verification that are commonplace in the world of regular finance in a bid to head off any future regulatory troubles.

AML Compliance for cryptocurrencies

Thanks to blockchain technology, crypto-currencies inherently possess the potential to actually reduce AML risks when compared with fiat currencies. The blockchain is an online public ledger, where each transaction is supervised, validated and recorded as a complete transaction history. Public ledger viewers and crypto-miners are immediately notified of any transfer from one holder to another. Furthermore, unlike counterfeit hard-currency, which governments spend significant sums trying to combat, crypto-currencies are almost impossible to forge as each carry their own unique characteristics, which are verified from end-to-end by miners. Without verification of all transaction phases, including the departure wallet, the destination wallet, the currency type and amount, the transaction is blocked instantaneously without any human supervision. In this sense, the digital trail could better serve AML regulations than existing fiat paper trail.

In order to perform a much more effective KYC and utilise AML Compliance services, cryptocurrencies must have to turn to reliable ID verification solutions. As we have seen in recent pasts, even the liberal financial regulators have started clamping down and fining crypto exchanges for being involved in money laundering activities. If crypto enthusiasts and bigwigs in virtual currency sphere want to rid their products from unwanted financial criminals and there can be no better alternative then Shufti pro. It is an end-to-end ID verification SaaS product utilising the mechanics of Artificial Intelligence. KYC services from Shufti Pro will help crypto exchanges and management of ICOs to ascertain the identity of users that sign up for their virtual currencies or show interest in them at the time of ICO. AML compliance solution will help them to get rid of financial risk posing investors, no matter which part of the world they belong to.

Shufti pro has an industry best processing time of 30-60 seconds when it comes to KYC services. Documents printed in every language of the world can be verified by Shufti pro and its services are available in every country of the world. AML Compliance by Shufti Pro is performed with the help of back ground checks using a mega databank that contains data from 1000 Whitelists and Sanction Lists. In addition to that, Shufti Pro databank includes profiles from 3000 databases maintained by national, international and regional watchdogs.

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AML & KYC Compliance: 5 Ways AI is Supporting the Fight Against Financial Crimes


ride sharing kyc aml shufti pro

Ride Sharing Services and ease provided by KYC Services

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

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

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

KYC Services for Ride Sharing services

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

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

Why Shufti Pro?

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

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Facial Recognition Liveness

How Liveness Detection is an apt Answer for Facial Spoof Attacks?

The world went haywire on the launch of the new iPhone X; well, to be honest, when does it not? However, Apple made sure they deliver the next best X factor – Facial Verification, which includes the crucial Liveness Detection measure.

We have seen, biometric verification being a part of smartphones for a while now, through the fingerprint scanner. Though fingerprint scanners have been prone to spoofing using artificial fingers and realistic finger prints.

The most rapidly growing biometric identification has been facial recognition. An individual’s face is required to authenticate their identity, which acts as their own unique credential to gain access into a system. As fingerprint biometric are at risk from fraud, likewise facial recognition systems are vulnerable to – ‘Face Spoof Attacks’.

Face Spoof attacks have escalated recently. In order to combat this issue, anti-spoofing measures and technologies like Liveness Detection have been developed.

The Concept of Liveness Detection

It is a process assures that the live physical facial presence of a person is validated at the time of authentication via facial recognition. It emphasises on distinguishing a live person from a static portrait picture of an individual. 


Importance of Liveness Detection

Facial recognition systems need to have anti-spoofing measures in place. Liveness Detection is one of those measures that protects a system from unauthorised access. Ever since that, more and more traditional identity management systems are witnessing spoof attacks. Having adequate levels of liveness detection can greatly minimise the possibility of having break-in attempts. Having liveness detection as a part of your biometric verification process allows for a system that is closer to its maximum potential. It enables a user to feel safe and secure, thus leading to greater client trust and paving a path of improved business-client exchange and relations.

How liveness Detection Prevents Fraud

Where millions perform financial transaction or travel across the world, a few individuals intend to deceive rudimentary biometric identification management systems, by either providing fake fingerprints for biometric verification or a portrait picture for the facial recognition system.

Since, data is ever increasing and user authentication requires real time processing to validate an individual’s identity to prevent unauthorised access. It prevents biometric spoofing to take place. It brings in new techniques that involve the system to look past the surface of the skin. Ensuring the system can discriminate between the characteristics of live skin and the replication or copies of those characteristics within a fraction of seconds.

Liveness Detection In Facial Recognition 

The general public has a huge demand for security measures that ensure their privacy and authenticity is maintained without compromise. Facial recognition has become a part of many security measures and protocols in multiple organizations due its convenience, user friendliness,  direct and upfront approach. Even though new to the identity management system environment, facial liveness detection has become a measure of great importance associated to the prevention of identity theft and associated concerns.  

Liveness Detection finds most usage in facial recognition systems that are a part of a greater Identity Verification Suite. Most KYC service providers consist of a live Verification feature, to facilitate and enhance the effectiveness of a solution. Liveness Detection is added to ensure further strengthening of the system and prevent spoofing from taking place.

How Providers Incorporate Liveness Detection

Liveness detection is a relatively new but very effective technique found in facial recognition systems to prevent spoof attacks. How companies go about the procedure for liveness detection, varies from company to company and on the complexity of a system.

Shufti Pro ensures, to check for relative markers for liveness detection. Those relative markers consist of checks for eyes, color texture, photoshop, age and hair color differences. Additionally Shufti Pro’s AI engine performs careful scrutinization regarding depth perception.

Its deep machine learning engine ensures optimal 3D depth analysis is carried out through adequate comparisonal information. Based on computational Algorithm, different points on the image are compared to that of a previously digitized template. Shufti Pro’s liveness detection proves a person’s legitimate presence as well as prevent from facial spoof attacks.

It measures also include Image Distortion Analysis, 3D Sensing Techniques and Skin Texture Analysis to ensure maximum prevention from spoofing.

As a last measure of security, Shufti Pro Incorporates Human Intelligence as a part of its greater protective mechanism. As no technology is 100% accurate, Shufti Pro takes all precaution to manage any anomalies. Human eyes are in place to constantly keep vigilance in real time during a verification cycle.

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Asia Pacific Kyc

Shufti Pro Expands its KYC Services to APAC Region

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

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

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

APAC and Scope of KYC Services

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

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

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

Vitality of KYC Services from Shruti Pro for APAC

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

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

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

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

Bottom line

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

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

About Shufti Pro

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

Shufti Pro Limited

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

Kyc & AML Compliance

How AML/KYC Direct Credible ICO Growth?

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

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

Understanding AML and KYC For ICO’s

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

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

The Need to Implement AML and KYC

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

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

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

Why ICO’s Should Comply with AML and KYC

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

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

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

Become Compliant – Ensure Risk Free ICO Business Growth

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

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

Accepting Realities Towards Changing Regulations

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

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