Cryptolocator Teams Up with Shufti Pro to Build a Sound KYC Structure

Cryptolocator Teams Up with Shufti Pro to Build a Sound KYC Structure

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Cryptolocator, a cryptocurrency Marketplace, has recently partnered with Shufti Pro to implement state of the art client authentication system.

Cryptolocator is an advanced P2P marketplace for buying, selling, and storing Bitcoin and Ethereum. Users can easily exchange the world’s two most popular cryptocurrencies in their multi-platform systems with traders around the world. Carrying out a robust and seamless due diligence process to register authentic buyers or sellers is imperative for such businesses. The need to integrate a reliable KYC and AML solution was the impetus for Cryptolocator to approach Shufti Pro.

Cryptlocator is a cryptocurrency marketplace with a mission to increase Ether’s availability, organize the trading process and make it secure. The platform brings together those who want to exchange cryptocurrency from all over the world with no limits.

The service gives an opportunity either to post advertisements, creating your own terms of exchange or just choose from a list of ready-to-make offers. Through Shufti Pro’s AI-driven verification software, they have been able to build a comprehensive KYC/AML structure for verification and authentication of users. 

Reflecting on the association between the two companies, Victor Fredung, CEO Shufti Pro said:

We are delighted by the fact that Cryptoloacator has trusted Shufti Pro to help meet with their customer identification requirements. Working with Cryptoloacator has proved to be a challenge as well as a growth opportunity. Shufti Pro is focused on pushing the boundaries of providing the best KYC and AML services through a combination tech of AI and HI (Human Intelligence). We aim to provide quality services to our clients and keep them satisfied by offering them valuable support.”

Kirill Stepanenko, Chief Marketing Officer of Cryptolocator said:

 “KYC and AML solutions are becoming a standard for legal cryptocurrency projects. We’ve been looking for an identification service which will make our KYC-process native and simple for our users, but powerful and safe for our platform. Shufti Pro is what exactly meets our needs! Our users easily go through the frictionless experience and get the verification done in less than 30-60 seconds! Moreover, Shufti Pro has a very impressive dashboard that is easy to use for even non-IT people, like our AML-officer. Shufti Pro API is also easy to integrate with our platform code. 

Cryptlocator brings together those who want to exchange cryptocurrency from all over the world without limits. Because of the peer-to-peer approach, it is possible to trade fast and directly. Unlike some centralized cryptocurrency exchanges, you make a trade directly with another person. This makes the process lean and fast. Because of Shufti Pro, Cryptolocator can verify the identity of users in real-time. Shufti Pro provides next-generation end-to-end Identity Verification services. It’s a SaaS product offering KYC verification as its basic feature. It was developed to address the gap between quality and availability thus providing the best service to their clients.

About Shufti Pro

Shufti Pro was launched in 2017, London, UK, to provide end-to-end identity verification services. The SaaS provider has offices in the UK, Latvia, Cyprus, and Sweden, and provides document verification, KYC/AML screening, geolocation verification, face verification, and 2-factor authentication to a global clientele. Using a hybrid of AI (Artificial Intelligence) and HI (Human Intelligence), it can verify seven billion people on earth. It delivers results in 30-60 seconds with an impressive 98.67% accuracy.

You can visit Shufti Pro here:

Shufti Pro Limited

Unit C401, Westfield Shopping Centre,

Ariel Way, London, W12 7FD

[email protected]

Online Identity Verification – Why Shufti Pro is Perfect for Digital Authentication

Online Identity Verification – Why Shufti Pro is Perfect for Digital Authentication

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In a short period of time, Shufti Pro has managed to make a significant mark upon the end-to-end KYC or Know Your Customer verification services industry. It has made monumental efforts to revolutionize online identity verification services for the financial services sector, e-commerce stores, forex and crypto exchanges, ICOs and many other businesses that look towards enhancing their KYC and AML procedures. Here are five reasons why Shufti Pro is perfect for online identity verification;
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Face, Document and Address Verification

Shufti Pro offers a number of online identity verification services through its AI-based verification software including facial verification, document verification and address verification. The facial verification feature can verify a user with the help of a top of the line facial recognition software. Through flawless OCR (Optical Character Recognition) abilities, the system can extract data from documents in a seamless manner and can verify a user’s identity in an instant. Shufti Pro also allows businesses to verify the addresses of their users using their utility bills, bank statements and ID cards.

Online Identity Verification

Hybrid Verification Technology

Shufti Pro offers a unique combination of hybrid verification technology that uses both artificial and human intelligence to perform user verifications. The amalgamation of AI and Human Intelligence allows for enhanced accuracy in the verification results. It immensely reduces the number of false positives in the identity verification process.

KYC Compliance is getting difficult for banks and financial institutions but with a KYC service provider such as Shufti Pro, KYC becomes hassle-free

Online Identity Verification

AML Screening

Shufti Pro’s AML screening services are the perfect solution for financial services firms. It enables them to fulfil their AML compliance obligations in a seamless manner by screening individuals through global financial risk watchlists. Shufti Pro can easily determine high, medium and low-risk PEPs (Politically Exposed Persons) through its advanced AML background checks. The AML databank is updated every 14 minutes to account for any changes in the sanction lists.

Online Identity Verification

Global Coverage

With universal language support and the ability to verify over 3000+ documents, Shufti Pro provides global coverage for its verification services. At present, Shufti Pro is available in over 230 countries and is thus able to cater to clients from nearly every corner of the world.

Online Identity Verification

Pay as you go Pricing

On top of everything, Shufti Pro makes life easier for its customers by offering a Pay as you go pricing model for availing its services. This model allows users to choose the services they want and pay for them accordingly. It allows our clients the leverage to only pay for the services they are using. Shufti Pro also offers a free trial period of 7 days, allowing businesses the chance to test its services before availing them full time.

Identity Verification

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Intelligent Security Systems & Digital ID Verification

Intelligent Security Systems & Digital ID Verification

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Most technology solutions present a compromise between convenience and security to their users. In that, as a system is made more secure, it becomes harder and harder for users to access. This tradeoff has become somewhat of a challenge for different businesses as they seek to provide both attributes in all their digital channels for customers. The e-commerce sector, for instance, faces the repercussions of credit card fraud or identity theft in the form of chargebacks and fines. Digital ID verification solutions present themselves as the ultimate solution where companies no longer have to compromise on accessibility while providing security to customers.

Every organisation today faces the challenge of digitising its operations to provide fast and easy access to services to customers. Whether it is developing multiple channels to engage customers or providing secure payment channels for online buyers, businesses are constantly establishing better IT systems to increase convenience for customers. With the rise and progression in technologies like Artificial Intelligence and the Internet of Things, the IT industry has been able to develop solutions that are both efficient as well as secure.

AI systems are being constantly refined and are able to learn from their own experiences. They are being made to perform redundant tasks, suggest the best course of action and minimise risks for the company. With the increased advancement in intelligent systems, businesses can now implement systems that are able to verify users in real-time, all the while lending better security to transactions.

The Problem With Present ID Verification Systems

The prevalent verification systems in businesses are outdated, manual or both. They have become stagnant and inefficient in the wake of increased sophistication in the landscape of fraud. Businesses and financial institutions still rely on stagnant data sources, that makes it harder to achieve accuracy in identity verification. As the increased usage of social media has rendered personally identifiable information or PII vulnerable, businesses must come up with data sources that are more reliable and can establish the true identity of an individual.

Manual verification procedures tend to be prone to error, not to mention time-consuming. Banks have long relied on manual, in-person verifications for clients. Online businesses, on the other hand, had no such verification tools to authenticate their users. The outdated systems that have been used for customer identification and verification are no longer efficient and reliable. They operate on outdated and rule-based systems and, thus are prone to generating false positives. As the staff members sift through false leads, they get to legitimate leads belatedly, thus giving fraudsters the opportunity to get away with their scam.


Building Intelligent Security Systems Through Digital ID Verification

As the landscape of technology progresses at a rapid pace, systems have been developed using modern technologies including AI. Big data analytics and the IoT that can eliminate the construct of inefficiency in its entirety. The digital age has given rise to intelligent security systems that allow companies to curb crimes like identity theft, credit card fraud and money laundering. Systems are available for fraud detection through online ID verification and risk appraisal of customers.

An ID verification software allows businesses to identify and authenticate a customer’s identity within seconds. An identity verification service like Shufti Pro is capable of verifying users through document scanning and facial recognition online. Users are able to establish the authenticity of their identity through the former and proceed to verify themselves with the latter.

Another efficient tech solution for fraud detection is the risk analysis of customers through advanced machine learning-based algorithms.  A risk analysis software is able to detect suspicious activity amongst a client’s transaction history, thus enabling the organisation to detect and prevent fraudulent activity as it happens.

Industries Using Smart Security Systems

Fraud detection and security solutions have a vast array of applications for different industries. Some of the industries where modern technology has helped in revolutionising security include;

  • Healthcare

    The safety of medical records is of the utmost importance in the healthcare industry. Medical identity theft has become more common and prevalent than people care to realise.  With advanced AI-based systems, it is possible to secure these records. There are now systems available wherein doctors can retrieve medical data of their patient through their identity bracelets. Through real-time identity verification, healthcare providers can verify the information of patients thus preventing identity theft.

  • Financial Services

    Financial services industry has long relied on manual methods for client verifications. Through an online ID verification service, they can authenticate a client’s credentials in real-time thus increasing accuracy as well as the efficiency of the process. Transaction monitoring systems can detect threats instantly thus making sure that the bank can deter fraudulent activity.

  • Freelance Economy

    Platforms like ride-hailing services and online consumer to consumer buying platforms also require a certain level of trust among its customers before they can use them. These businesses can increase the levels of trust among its users through online ID verification services.

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