Verify identity

How Blockchain is Making the World a Better Place

Verify identity: The whole world lives online now. Yes, that’s an exaggeration but we are gradually moving there. Every day millions of people connect with the internet to research, shop, comment and to pay bills. The more a person interacts online the more concrete their digital footprint. 

How Blockchain Can Resolve Identity Management Issues

What’s Wrong with Online Money Transaction?

Most online transactions require a person to give identification before proceeding. If you have purchased items on Amazon, used PayPal or Google Pay, you know the drill. Usually, these companies ask you to answer personal questions. 

Answering questions is not the problem, where they store them is.

Every time someone interacts with the internet this way, they leave that information on the web. Your digital identity creates clones on different platforms (wherever you interact), which is a security risk. Hacking of Equifax was one such episode where personal data was hacked. This event and many others expose how vulnerable the system is.

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How can Blockchain Help?

Blockchain offers security. It lets individuals and businesses create a peer to peer network. They can exchange information or currency through it. It also allows individuals to create digital identities or self-sovereign identities which are difficult to steal. 

What is so special about Blockchain? Democracy!

Master nodes are a possible solution to verify identity online. Master nodes democratically select a node to verify the user. Similarly, they can verify documents. Nodes are the soul of the blockchain.

There are three types of nodes;

  • Node: Send and receive transactions
  • Full node: Whatever the node does plus it keeps the copy of the entire chain
  • Master nodes: It has the power of the full node plus enables decentralized governance and budgeting. It’s the master.

Your Digital Identity is in Safe Hands with Blockchain

Blockchain basically creates your digital identity or a digital watermark that can be affixed to all your online transactions. Hence any unusual or suspicious transaction will not be approved since they won’t be wearing your digital watermark.

Blockchain not only secures your Verify identity but also helps secure the clones. Which means that you are more secure transacting online if it exists on the Blockchain. You get more freedom about your identity. The companies also get more control in who they approve or include in their blockchain network. 

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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Real Estate Industry Kyc

Fraud Prevention in Real Estate Industry

Fraud prevention tools that include3rd-party KYC service providers are essential in the real estate industry to elaborate what we mean. Please imagine this: you’re living cosily in your house. You’ve had it for quite some time. You bought it using the money that you received in your inheritance. It has a decent market value and you’re fortunate to not have any mortgages or loans to pay. One day you get up and you go out to check your mail. There is a mail for you from a real estate company that you have never heard of. You open it up thinking it must be an ad or something, but it’s actually a letter addressed to you. As you read through it you get a serious expression on your face and your heart starts to race. You think this has to be some mistake or a misunderstanding. You call the real estate company and ask to speak to the person mentioned in the letter. You tell him your name and he tells you that you have missed out on your mortgage payment for the first month. You tell him that you never applied for any such mortgage on your property. He says you signed the agreements and everything. You tell him that you would like to meet up and he agrees and you go to the address mentioned on the letter. When you reach the place you ask the secretary to direct you to the person whom you spoke with. You enter in his office and the person sitting behind the desk inquires as to how he can help you? You tell him your name,  and tell him you spoke on the phone with him. He suddenly loses the smile on his face and with a serious look inquires if this is a joke. You tell him that you almost fainted when you saw the letter. He says the man he processed the mortgage for was younger and a totally different person. You show him your ID and then he is the one who looks like he is going to faint. You have just become a victim of title fraud, you wonder why didn’t the real estate company do any background checks.

Luckily you have title insurance, although you never thought it would be required…

Another reason for the checks is that the real estate industry is a very lucrative and high equity business. This fact is something that in itself attracts a lot of people to invest in it. Sometimes not all the investor are good. Some plan to launder their money for use in criminal activities or even terrorism. Hence, AML/CFT (Anti-money Laundering/Combating Finance of Terrorism) compliance is imperative.

Are KYC Service Providers the Ideal Fraud Prevention Tool?

The incident above is a plausible scenario and a KYC process including a thorough background check would’ve actually stopped this from happening in the first place. These days real estate agents and companies can hire third party KYC service providers to help with their verification needs. These 3rd-party services providers use advanced AI that not only simplifies the entire process but also makes it extremely fast. The SaaS software integrates with almost all systems. The AI uses the power of the Internet, a webcam or a smartphone camera to carry out its KYC procedure. Let us explain using the fraud scenario mentioned above. When a client comes in for a mortgage they are asked to fill in an online form. Once the form is filled the KYC provider SaaS software kicks in and informs the customer of the process and also that the session will be recorded. Then it asks the individual to face the camera or, if one is not available, sends a link on their smartphone so that they can use their selfie cam. The AI checks for anything that would alter their face or hide it, such as excessive makeup, a mask, or using of a picture instead of showing their live face. The system is advanced enough to account for facial hair, glasses, jewellery and hair cuts. After that the system asks the person to show their ID on the camera and asks them to focus on their picture, name, DOB, and number (if applicable). The AI then matches the picture with the face and checks for signs of tampering or forgery on the ID. During this time the AI also carries out a background check. It searches global watchlists for finding any mention of fraud, money laundering or any links with terrorist organisations; thus ensuring compliance with AML/CFT rules and regulations. If everything checks out  then the system gives the go-ahead for the processing of the mortgage request. All these properties make KYC service providers an effective and efficient fraud prevention tool.

What to Look for in a Good Fraud Protection Tool?

Not all KYC service providers are the same, so we’re mentioning somethings that will make it easy for you to search out a good fraud prevention tool.

The most important  point is to make sure that the company you are selecting is compliant with all rules and regulations in the industry as lack of compliance can result in heavy fines for the company as well as the real estate business. The other important factors is speed. As people get tend to pass on long and time consuming processes that are complicated. Keeping this issue in mind, most good companies do verifications in seconds and provide easy-to-follow instructions. The background checks the system carries out is done simultaneously so it is also processed within the same time frame.

Almost all KYC service providers offer advanced AI solutions, but the good ones offer an adder layer of verification which is done by HI (people). Once the AI gives a verdict it is verified by live people to ensure there are no false positives. The entire process is completed in less than a minute.

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russia

Shufti Pro® Expands ID Checks Online to Russia and China

 

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

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

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

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

CEO, Shufti Pro® said:

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

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

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

shufti pro due books

DueBooks® integrates Shufti Pro® for Business Verification Services

 

Improved KYC protocols, superior ID verification services and reduced on-boarding time compels the new entrant into the startup world to adopt Shufti Pro® for protection in the highly vulnerable cyberspace

BATH, United Kingdom – October 2017 – Shufti Pro®, one of the rapidly growing online identity verification Software as a Service (SaaS), has made public that after the huge success of EPP System’s® implementation of their services, now DueBooks® has decided to follow in their lead and embrace Shufti Pro’s® real-time ID verification technology for a simple, secure and fast paced on-boarding process.

A month ago, DueBooks® employed Shufti Pro®’s services to act as a security screen and help them verify customers’ identities. During this time, a sizeable number of potential consumers were verified and the results from the company’s survey show 90% reduced on-boarding time due to digital KYC compliance. The results go on show that numerous dubious customers were rightly stamped out during the screening process, preventing considerable potential losses to the startup.

CEO, DueBooks® said:

“For a novice company like ours, digital identity verification services from Shufti Pro® have proved their worth by increasing our fraud-free client base, enhancing our on-boarding process and developing a trust between us and our customers. With a boost in sales, and the amplified quality of our services, DueBooks® has been able to form strong foundational basis, and looks forward to quite a bright future.”

Shufti Pro® works with some of the most promising emerging start-ups, businesses and enterprises, helping them quickly and accurately uphold the Know Your Customer compliance . For every business, regardless of their level, Shufti Pro® believes that fraud prevention must be the foremost concern. They make this come to life through the use of artificial and human intelligence. Checking the authenticity of their customers has proved to be of immense importance for DueBooks® due to Shufti Pro’s® 99% accurate results, cost & time effectiveness and appropriate confidentiality and security measures.

Secure identity verification services have streamlined DueBooks’® digital HR and cost-accounting system through substantiating their clients as well as their employees using their legal credentials and performing ID checks on them. DueBooks® is rapidly covering milestones towards becoming an established business by performing efficient team & project management, attendance reports formation, invoice/expenses/salary administration, etc. for themselves as well as other companies. The manual resources previously consumed during these errands are now put to a better use of building up their business using Shufti Pro’s online fraud prevention tools.

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DueBooks® can be used by many different companies, who can use it to validate their customers/employees as well. The swiftly progressing startup can now work on their business rather than in their business. The latter chore has been taken up by Shufti Pro® and both have joined hands for a fruitful collaboration for online fraud prevention and digital KYC purposes.