GOLDMINT® turns towards Shufti Pro® for Investors’ Verification

GOLDMINT® turns towards Shufti Pro® for Investors’ Verification

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The call for e-KYC, authenticating them, and securing their payment processes led to the Startup’s collaboration with the emerging expert in online identity verification milieu

BATH, UNITED KINGDOM, November 10, 2017 – Shufti Pro Limited®, the world’s rapidly growing company in the digital KYC sphere, announced today that GOLDMINT Ltd.®, a startup ICO expediting towards success, has decided to adopt their state-of-the-art online identity and document verification services for reduced on-boarding time and enhanced security.

GOLDMINT Ltd.® took up Shufti Pro Limited’s® services this month. Currently enjoying the secure payment processes, the startup venture gives its users an opportunity to buy tokens (GOLD) using Fiat money. With online identity verification services integrated in their transaction platforms, the customers develop a sense of safety, authority and trust about their host organisation.

Shufti Pro Limited® aids GOLDMINT Ltd.® in performing KYC online verification so the users are verified through their identity documents. This helps GOLDMINT Ltd.® validate their customers and prevent identity frauds. A user attempting to invest in the venture will have to show their face, followed by their identity document to the camera. If not stolen or counterfeit, their documents would be verified through this quick, real-time process. They are now able to stamp out scammers with Shufti Pro Limited’s® state-of-the-art ID checks online . It will streamline the customer on-boarding process, reducing its time by 90%.

CEO, Shufti Pro Limited® said:

It gives us great pleasure to be able to secure a part of online marketplace in our collaboration with GOLDMINT Ltd.®. Our ultimate goal is to support online businesses in enhancing their cyber defence strategies, eradicating or at least considerably reducing customers’ hesitation when it comes to submitting their sensitive information on such trading forums. We’re very glad to be in business with them and hope for this to turn into a thriving, long lasting and successful affiliation in the future.”

CEO, GOLDMINT Ltd.®, Dmitry Pluschevsky comments:

Cooperation with Shufti Pro will allow GoldMint to adhere to its main principle: to comply with the legislation of the country in which the company operates.We opened an office in Estonia (EU) to work with the demand for GOLD tokens in the euro area. Local legislation involves the verification of users (KYC) with a turnover of more than 1000 euros per month. Shufti Pro will provide such verification for GoldMint. This is important for our company as we are confident that the GOLD will generate considerable interest among many large buyers.

At the same time, user verification is another proof that blockchain technology can be used in legal and large businesses. We are sure that cooperation of GoldMint and Shufti Pro will contribute to the process of adaptation of new technology by traditional companies.”

This step would urge similar companies to opt for the best online fraud prevention tools and secure their online businesses by preventing huge chargebacks and losses to their venture. Shufti Pro Limited® helps GOLDMINT Ltd.® save time, resources and costs that would otherwise be an added burden on their budget, hence, maximising their profits and minimising frauds.

Protect Your Bitcoin Business With KYC Compliance

Protect Your Bitcoin Business With KYC Compliance

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Even with a lot of resistance to its use as a form of currency, Bitcoin and its blockchain technology have come a long way. It started the whole concept of cryptocurrencies and not only that its initial development and consequently increasing value and demand has spawned many new businesses. As with all businesses where some sort of money or monetary value is involved, there will always be the threat of money laundering, scams and threat of fraud either by the company itself or the end consumer. In this case, KYC compliance is essential not only to conform to rules and regulations set by the government or other regulatory bodies, but also to safeguard one’s own business and financial interests. We will elaborate more on what the businesses are and how they can benefit from knowing their customer and identity verification both in the short term and in the long run. At the end of this article we will discuss KYC solutions and what a business should look for when searching them.

Bitcoin and Blockchain Related Businesses

As mentioned previously, Bitcoin and the blockchain technology has given rise to many businesses that are centred around them. We’ll be taking a look at what they are and then in the next part  discuss how they can protect themselves through KYC compliance and identity verification.

Bitcoin and Cryptocurrency Consultant With the ever rising popularity of Bitcoin and Cryptocurrencies, more and more people turn to them as forms of investment and/or to use as currency. These people are constantly looking for experts in the field of Bitcoins and cryptocurrency for advice and consultancy on how they can get a piece of the crypto pie. This is a well paying and much sought after position. With the main requirement that consultants should be able guide people in all aspects including risk management  and minimisation.

Cryptocurrency Wallet – The concept of the Bitcoin or crypto wallet has been around since the first time that Bitcoin and Blockchain came into being. It provides a secure place to store the digital currency. As more people turn towards the making of these digital wallets we can see more innovation in the terms of the handling and security that these digital coin storage s/w provide.  

Bitcoin Trading and Cryptocurrency Exchange – This platform came into being following the stock exchange model. As people turned towards the cryptocurrency they looked for venues where they could trade cash and other cryptocurrency for Bitcoins and other digital coins and vice versa.

Cloud Based Bitcoin and Cryptocurrency Mining Bitcoin and cryptocurrency transactions require independent verification that can only be done through specialised software. As a reward for these verifications/hash checks people are awarded a certain amount of the cryptocurrency. This process is known as mining. Mining cryptocurrency such as Bitcoin and Ethereum requires expensive hardware, cloud based mining services provided a platform for investors with little capital to get in on the mining of these cryptos and get some in return. On top of dividing the hardware cost among small investors these mining operators charge a small service fee.

ICO (Initial Coin Offering) using the Blockchain Technology – This is the biggest business that has come about as consequence of Bitcoin and the blockchain technology. Similar to IPOs many companies and organisations are turning to blockchain technology and offering ICOs (coins) in return for funding by potential investors. Investors fund the said companies in return for these coins  which depending on the performance of the company are expected to increase in monetary value. Some companies even offer benefits and dividends in the form of discounts and alternate coins. Due to 

Bitcoin ATM – Bitcoin ATMs have become increasingly popular they allow people to purchase or sell their Bitcoins from the convenience of an automated machine similar to the ATMs that allow the withdrawal and deposit of cash.  

KYC Compliance and Identity Verification

The KYC compliance or Know Your Customer process and identity verification are not new concepts. In fact before the advent of online account opening, when you walked into a bank to open an account they would make you sit down and gather all your personal details. This is the Know Your Customer part. Before the account was opened, they would ask for some identification such as your social security number or an id card this part is the identity verification part. They needed to make sure that you really are who you say you are. This is not only to safeguard their own interests but also to make sure that other individuals are protected from any sort of fraud or identity theft. On a personal level, it helps organisations know their clients and customers better. Also, adding a personal touch to a business transaction is always appreciated and is a major part of developing rapport.

The government and other regulatory bodies that watch over financial companies, exchanges and businesses such as banks have a requirement for these organisations to maintain KYC and identity authentication. They do this to prevent money laundering, identity theft and to safeguard the money of the public from fraud. If businesses do not comply they are heavily fined and in worst case scenarios shut down.

Now more than ever, consumers are turning to the Internet for the majority of their financial, business and purchasing needs. Hence, these days the entire process of KYC has been made digital and can be done online. Also the same goes for identity verification it can be done online as well. In fact there are tech firms specialising in KYC solutions. Banks, online traders and companies are turning towards these specialised businesses for their KYC and identity validation needs. We will elaborate this in greater detail soon.

Ways KYC Compliance can Secure the Business

Having explained what KYC and identity authentication is by the use of an elaborate example, let us see how they can help the Bitcoin and crypto businesses.

Governments agencies and other financial regulatory bodies are working towards imposing strict regulations and rules on Bitcoin and other cryptocurrencies. So the first point is if you are already compliant with existing KYC and authentication regulations then you have secured your business from heavy fines and even closing down.

Bitcoin and crypto exchanges, cloud crypto mining companies, Bitcoin ATMs and organisations offering ICOs all need to go through KYC and identity authentication. The simple reason is that they deal in credit cards or debit cards or fiat cash. Where these forms of payment are used the chances for fraud and the use of laundered money increases. Also, there is the chance of a chargeback with the use of stolen cards. A chargeback can also be associated with a legit person who saw there is no ID verification involved and hence, decided to report that they haven’t done the transaction and get the Bitcoins as well as the cash back.

Bitcoin wallets although do not deal in credit cards and cash in general, but they are liable to be investigated in money laundering investigations . It is imperative for them to ensure that they are compliant with KYC and authentication regulations to avoid bad repute and heavy fines. For crypto consultants it is necessary that they are aware of all regulations and understand the best practises involved in Bitcoin businesses, hence, it is essential for them to know about the various KYC compliance requirements and identity authentication rules and regulations.

What to Look For in a Digital Know Your Customer Service Provider

We have mentioned the reason for why Know Your Customer and identity validation procedures are essential for the protection of Bitcoin and crypto associated businesses. Now, we’ll discuss the points that such businesses should look for when searching out KYC solution providers.

Ease of Use –  This should be the first thing that companies should look for. A solution that can be easily integrated with the existing system is invaluable. Also, ease of use should be taken in context with your customer or client. It should be easily understood by your customer to avoid loss of business.

Speed – People in general do not like long time consuming processes and procedures and if they find that something is going to take a lot of time they will usually leave it. The entire Know Your Customer and ID verification process should be quick. Good companies offer verification times in the seconds.

Features – Since you will be paying for these services, the more you get for your money the better it is. Make sure that they offer both online and offline data collection and user verification services. Online or real-time verification allows clients to ask their customers to show their faces and identification right then and there. The entire process is recorded either by taking pictures or a video. Offline can give you the option to verify by having the customer submit in their documents for verification.

Technology – Most third party verifiers will say that they have an advanced AI that checks for any tampering with identification documents or any other suspected tampering such as wearing of masks during real-time checking. Better companies such as Shufti Pro will offer a hybrid system that includes AI along with human validation to give it that extra check.

Compliance – Another very important requirement is that the authentication service provider should be compliant with all rules and regulations associated with the industry. For example take GDPR that is being implemented in the EU. Non compliance or lack of it can result in heavy fines for the business as well as the service provider. So besides ensuring that you have secured  KYC compliance you need to make sure that your identity validator is aware and compliant with the latest regulatory developments in the industry.

With the surge in KYC.AML regulations around the world by authorities; it only makes sense to have a strong preemptive safeguard measure in place.

Challenges of KYC Compliance for Cryptoverse

KYC compliance or introduction of a KYC software on any crypto-based platform cannot go without hankering on both sides of the aisle. Regulators will have a strong desire to not allow “digital bandits” into the confines of a conventional financial system. On the other hand, a large number of crypto-enthusiasts will find a KYC service, totally against the very spirit of crypto verse. But the truth of the matter is that cryptocurrency is here to stay and so are financial regulations and more importantly KYC compliances. Cryptocurrency is the main tool to run the blockchain based economy and KYC regulations are a method to secure the interest of a common consumer.

KYC services for a cryptocurrency add an additional layer of security, which is a perfect match to the intrinsic anonymity of blockchain based cryptocurrencies. Digital KYC opens new avenues of collaboration between crypto-enthusiasts and those launching exciting new products using the infinite benefits of blockchain technology. So, the major challenges in the large-scale adoption of KYC solutions in crypto verse can be summarily described as:

The stigma attached to cryptocurrency:

Unfortunately, cryptocurrency in general and Bitcoin, in particular, have earned a bad reputation because of its earlier users being involved in several illegal activities. There is no doubt that the de-centralized nature of bitcoin attracted a large swath of people who wanted to use the virtual currency as a medium of transaction for their criminal activities. But now, even bitcoin and the majority of cryptocurrencies are being used for large-scale adoption of blockchain technology and to raise capital through ICOs.

Doubts originating from Volatility:

 Just recently, all major cryptocurrencies witnessed an unprecedented slump in prices.  Much like its huge price hike, there is no general consensus on the reasons for this volatile shift in prices. This also creates problems for businesses who want to integrate ID verification with their crypto wallets or want to use KYC and AML for their upcoming ICO.

Misunderstandings regarding KYC

This surely is the greatest challenge in the popular adoption of know your customer technology within the crypto verse. Most of the crypto-devouts believe that cryptocurrency is the easiest way of laying low and flying below the radar of financial regulators. They find it cheaper to perform transactions using cryptocurrencies. De-centralized nature of cryptocurrency and a pirate like a lifestyle is the idealization of the majority of people that oppose KYC for cryptocurrencies. Until and unless, this crowd of people is swayed to the fact that KYC services will help secure their vested interest from online scammers and digital fraudsters, it is virtually impossible to achieve large-scale adoption of KYC for cryptocurrencies.

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EPP System® partners with Shufti Pro® for Fraud Protection Services

EPP System® partners with Shufti Pro® for Fraud Protection Services

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Need for digital KYC has compelled one of the pioneers in the payment processing industry to join hands with Shufti Pro® for an improved credibility experience through their online identity verification services

BATH, United Kingdom – October 2017 – Shufti Pro®, the Software as a Service, has partnered with EPP System® to provide more authentic and seamless credit card fraud prevention services . They aim to verify new customers at every carrier level between bank-to-bank payment transfer. Banks provide a budget to the PSPs, which then equally distribute the budget between their many retailers. Those retailers then provide services to the merchants, completing the chain.

EPP System works to endow their customers with safe and secure monetary transactions between banks. They have opted Shufti Pro’s e-KYC services to integrate at each carrier level mentioned above. Every step will be separately checked for fraudulent consumers so no discrepancy occurs, disrupting the transfer processes.

CEO, Shufti Pro® said:

“Our goal is to provide Electronic Payment Services to our rather sizeable number of customers. Opting for Shufti Pro’s digital ID verification services has allowed us realise our aim in a secure, accurate and efficient manner. We’re extremely proud to present them with quick KYC online verification services so they can enjoy the fast and effective experience seamlessly.”

Shufti Pro aims to make the digital markets secure through ID checks online, so all high-risk transactions can be performed without the added apprehension of fraudsters and swindle connections. The rising star in the Mastercard theft protection and Visa card fraud prevention aims to get established as a symbol of the clients’ go-to service when in need. The successful integration of artificial and human intelligence has not only raised security protocols’ standards, rather have managed to attract more traffic to the SaaS owing to greater client satisfaction. Likely, Shufti Pro’s days in the sun have just begun now that they have EPP Systems as their on-board clients.