Nov 1, 2023 | Business
Shufti Pro, a leading IDV service provider is unveiling enhanced KYC measures for ensuring minors’ safety from accessing age-restricted content. The newer platform incorporates live biometric and document verification, making sure that only age-appropriate individuals can onboard and access the content whilst enabling businesses to avoid non-compliance fines.
Access to age-restricted content for minors leaves a negative impact on the minors, affecting both their physical and mental health conditions. However, according to a report by AAS, statistics reveal that 20% of adult products, including alcohol, cigars, and even drugs, are being ordered by underage minors through e-commerce platforms.
Moreover, according to the survey of Common Sense Media, 54% of minors have access to adult content, including pornographic sites, dating apps and other explicit online content. The report also states that the major factor contributing to minors accessing age-restricted content is the lack of proper implementation of age-verification measures or easy-to-bypass IDV systems.
Shufti Pro recognises the importance of having a trusted and accurate age verification, targeted for minors, preventing them from accessing blocked content. The platform incorporates multiple IDV measures to spot ID spoofing and underage entities with up to 99.7% accuracy.
“We understood the loophole for underage verifications. Prior to our platform, it was easy for the minors to bypass age verification, enabling them to access the censored content. Our aim behind enhanced verification was to protect minors from exploiting their mental and physical health by keeping them away from adult and restricted content,” said Victor Fredung, CEO of Shufti Pro.
Shufti Pro’s IDV platform prompts the user to verify their identity document which can either be a passport or a national ID card. Through the use of OCR, the algorithm checks if the user meets the configured age. After document verification, the solution guides the user to undergo biometric face verification. Utilising AI, the system then matches the user’s face with the verified document. Moreover, the AI algorithm uses depth perception and liveness detection, spotting deep fakes, masking and other kinds of ID spoofing.
About Shufti Pro
Shufti Pro is a leading IDV service provider offering KYC, KYB, KYI, AML, biometric verification, and OCR solutions, accelerating trust worldwide. It has six international offices and has launched 17+ complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 10,000 ID documents in more than 150+ languages, Shufti Pro proudly serves customers in 240+ countries and territories.
Market Pro
Marketing Partner | Shufti Pro
Shuftipromedia@marketpro.ai
Oct 29, 2023 | Business
Shufti Pro, one of the leading ID verification service providers is pleased to announce its successful participation in the Reflect Festival, which took place in Cyprus on September 20-21, 2023. The event is known as the #1 tech & business festival in South Europe and the Middle East, brings together investors, entrepreneurs and decision-makers. Every year, attendees gather together at the festival to share innovative ideas, build relationships and spread their brand’s awareness to a wider audience.
This year, Shufti Pro was an exclusive partner in Reflect Fest’s Cybersecurity stage. Shufti Pro experts shed light on modern cyber threats for organisations on a global scale. Moreover, they also mentioned the modern tactics of scammers to commit cybercrime and how KYC & KYB solutions can assist businesses in combating the evolving tactics of fraudsters.
According to the research Javelin’s current state of cybersecurity threats report, since COVID-19, 42 million victims have been affected by identity fraud, resulting in a whooping financial loss of $52 billion to date. The report also states that the current number of identity fraud cases is the highest ever recorded in history. The major cause of this hike is the deep fake technology, allowing scammers to clone the biometrics of the real person e.g., face and voice to bypass the identity authentication system.
Shufti Pro emerges as a key player in the fight against this surge in identity fraud. From KYC to KYB, the platform provides SMEs with all the solutions to fight the evolving tactics of ID fraudsters, securing business operations and safeguarding customer’s data. It utilises AI (Artificial Intelligence) and ML (Machine Learning) to authenticate customers along government-provided databases to verify entities across multiple checks. These include risk assessment, document and biometric verification, PEPs, AML screening and other various KYC checks, guaranteeing a secure platform and preventing fraudsters from gaining access to the business’s platform.
“As one of the leading KYC providers, we’re keen to collaborate with investors and other start-ups to revolutionise the digital world and eradicate the ID fraud that causes significant financial loss to innocent users. Our partnership in Reflect Fest aims to contribute valuable insights to the cybersecurity and compliance discourse in the Cyprus market and diligently expand our services to Cyprus SMEs, fostering trust among both users and organisations,” said Victor Fredung, CEO of Shufti Pro.
Today, Shufti Pro services are being utilised in all major industries including banking, fintech, crypto, real estate, e-commerce, gaming, and more. The services cater to a multitude of use cases, such as account opening, user onboarding, document verification, risk analysis, fraud prevention, investor verification, and many others.
About Shufti Pro
Shufti Pro is a leading IDV service provider offering KYC, KYB, KYI, AML, biometric verification, and OCR solutions, accelerating trust worldwide. It has six international offices and has launched 17+ complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 10,000 ID documents in more than 150+ languages, Shufti Pro proudly serves customers in 240+ countries and territories.
Market Pro
Marketing Partner | Shufti Pro
Shuftipromedia@marketpro.ai
May 31, 2023 | Business
Shufti Pro, a leading provider of identity verification and fraud prevention solutions, continues to empower global businesses with its innovative product portfolio. The company provides an array of AI-powered IDV solutions, including KYC, AML screening, KYB, NFC technology, and risk assessment to verify identities, detect financial crimes, streamline customer onboarding, and assess potential risks effectively.
Know Your Customer (KYC) and Anti-Money Laundering (AML) screening remains the cornerstone of Shufti Pro’s product offerings. The company deploys artificial intelligence and machine learning algorithms to perform identity verification checks and ensures a greater level of accuracy and security in the customer onboarding process. Shufti Pro’s KYC solution enables the verification of clients through government-issued ID documents, such as passports and driver’s licences, or biometric analysis, such as facial recognition technology.
AML screening solutions allow merchandise to fulfil regulatory requirements and detect potential financial risks. The solution scans customers’ data against global AML watchlists, sanctions lists, and Politically Exposed Persons (PEPs) databases to prevent money laundering, terrorist financing, and other fraudulent activities, safeguarding businesses’ operations and reputation.
To meet user expectations in the technologically advanced world, the global IDV provider Shufti Pro provides an NFC verification product that uses near-field communication technology for secure, reliable, and instant customer verification. The company also offers KYB verification to authenticate other companies’ legal status and ownership to create trustworthy partnerships and eliminate financial risks in the business ecosystem.
“At Shufti Pro, we are committed to revolutionising the trust and security landscape through our innovative product offerings,” said Victor Fredung, CEO of Shufti Pro. “We are dedicated to staying at the forefront of technological advancements, continually polishing and expanding our product offerings to fulfil the evolving needs of our clients. With Shufti Pro, businesses can confidently operate in the digital age, knowing they have a trusted IDV partner by their side.”
The company has recently launched a risk assessment solution that plays a crucial role in evaluating potential threats and vulnerabilities businesses face. Shufti Pro’s risk assessment solution provides insights, empowering enterprises to make informed decisions, strengthen their security, and protect themselves against reputational damage and financial losses.
Last year, Shufti Pro secured $20 Million in Series A funding to accelerate its international expansion, enhance its IDV solutions and expand its compliance suite. Staying true to its word, the company is rolling out new IDV products to fulfil its vision of building a future where fraud prevention is cost-effective and accessible to every size of business.
About Shufti Pro
Shufti Pro is a leading IDV service provider offering KYC, KYB, KYI, AML, biometric verification, and OCR solutions, accelerating trust worldwide. It has six international offices and has launched 17 complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 10,000 ID documents in more than 150+ languages, Shufti Pro proudly serves customers in 230+ countries and territories.
For more information, please contact
Paul Keene
Snr. Digital Marketing Manager | Shufti Pro
paul.k@shuftipro.com
+44 020 3435 6498
Market Pro
Marketing Partner | Shufti Pro
Shuftipromedia@marketpro.ai
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