Businesses’ operations are in a constant state of change due to digital transformation. While on one side they are bringing innovations for better customer experience, criminals on the other hand are using these technologies to go otherwise. They commit identity theft by using software like photoshop, 2D/3D masks, and much more. This way they illegitimately onboard platforms to exploit benefits.
Therefore, regulatory authorities are revamping strict Know Your Customer (KYC) regulations that mandate industries to perform identity verification prior to customer onboarding. For accuracy,
Digital IDV Services Entails So Much More Than Just Customer Onboarding
Criminals are using advanced technologies to exploit the identity verification process and onboard platforms. This helps them pose as imposters and reap illegitimate benefits. On the contrary, it exposes industries to reputational damages and non-compliance fines. In accordance with the prevailing identity fraud trends, Shahid Hanif, the CEO of Shufti Pro, came up with an initiative to help industries combat digital crimes while staying compliant with the regulations.
These services provide robust and seamless customer onboarding while making sure criminals are restricted at the bay. Moreover, this digital IDV solutions provider helps industries shield their databases from unauthorized access. Shufti Pro’s identity verification solutions come in various forms and provide multi-layer identification so that criminals can not bypass the checks. The most reliable ones are discussed in the next section:
1. Biometric-Based Identification
Biometric verification strengthens the identification process by providing authentic checks. It scans the biological traits of customers like facial features to make sure no imposter is onboarding the platform. Biometric recognition is one of the most reliable Shufti Pro solutions. It uses artificial intelligence to map the facial features and later cross-match them with the ones on documents. It critically examines features like the nose, space between eyes, and others.
Where criminals can create fake documents to commit identity theft, they can not replicate facial features. To provide an additional layer of security, the Shufti Pro’s biometric authentication also cross-verify customers’ faces within global databases in less than a second. Sectors like e-commerce and finance are using facial biometrics to streamline their operations. Online stores have made payments and purchases easier while banks enable customers to seamlessly log in to their digital accounts.
2. Real-Time Identity Verification
Real-time identification is another of Shufti Pro’s game-changing solutions. It identifies customers by asking for their selfies which are analyzed within seconds. Similarly, it provides liveness detection, where the KYC expert schedules a live call with the end-users and analyzes their surroundings to make sure they are present in the real world. The digital identity verification provider has an accuracy rate of 98.67% which very much justifies its authenticity and reliability.
3. Document Validation
Document verification is mandatory for every industry either offering services online or in the physical world. Regulatory authorities oblige businesses to perform KYC which involves document verification. However, in this digital world, it has become easier for criminals to create fake documents. They make minor changes to the original ones and bypass the verification process. Moreover, the manual identity verification services are prone to human errors due to which it lacks accuracy with high chances of discrepancies.
Whereas, Shufti Pro solutions are driven by the latest and improved technologies that ensure accuracy as well as convenience. The process comes with a user-friendly interface that guides customers with simple steps. In the first one, the system asks end-users to upload pictures of their government-issued documents like ID cards, driver’s licenses, and passports.
Similarly, for proof of address, customers upload utility bills, insurance documents, rental or ownership agreements, and bank statements. After submission of the Shufti Pro’s automated engine extracts data by using OCR technology. Later it validates the information, holograms, and various other characteristics to mitigate identity theft. document in real-time
4. Screening Against Global Watchlists
Along with the rest of the other solutions, Shufti Pro offers effective AML screening. In the past few decades, financial institutions have seen a dramatic rise in money laundering and terrorist funding. These criminal activities expose banks to various consequences, hefty non-compliance fines, reputational damages, and lack of data security, to name a few.
The digital IDV solutions provider not only identifies risk-possessed entities in seconds but also helps financial institutions to keep track of customers’ activities. Shufti Pro’s Services are capable of providing accurate screening of identities against a global watchlist which helps institutions to build secure relationships.
5. Two-Factor (2FA) Authentication
In this digital world, usernames and passwords are no more enough as it is easier for criminals to get access to them. They steal this information by committing data breaches and easily get access to accounts of legit customers. Banks and other financial businesses are on the verge of falling prey to this type of crime more than any other sector. In order to combat cybercriminals’ attempts, Shufti Pro Solutions quite come in handy. They are accurate and automate the verification process to streamline legit customer onboarding.
Considering the rise in fraudulent attempts, Shufti Pro provides industries with robust identity verification solutions. These provide seamless onboarding while restricting criminals’ access. By using its feature like liveness detection, industries can ensure that the customer is present in the real world.
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