Pioneer of first-ever on-premises identity verification solutions, Shufti Pro, has announced the launch of its risk assessment and eIDV services to help global businesses fight identity fraud and financial crimes and meet the ever-evolving KYC/AML regulatory landscape.
Risk assessment procedures are purposely built tools to help businesses identify risks associated with their globally diverse client base. On the other hand, online ID checks are required of businesses liable for compliance under the KYC & AML regimes, as countries have started to introduce national electronic verification systems eliminating the need for data entry.
Risk Assessment Solution: Shufti Pro’s custom-built risk-scoring solution adapts to the interests of organisations whilst addressing every possible risk factor to safeguard businesses from financial crimes, reputational damages, and regulatory sanctions. It ensures enterprises make informed decisions by evaluating customer risk factors through custom questionnaires and fraud prevention data points, further examined by the Shufti Pro’s risk intelligence profiling engines (a database of over 10 billion ID elements).
eIDV Service: Electronic identity verification (eIDV) is the process of verifying customers through a government-issued unique identifier number. eIDV works similar to the KYC process, asides from the requirement of paper-based document uploads provided by the customer. Shufti Pro’s eIDV matches the clients’ data, such as name, DoB, social security number, and address, against multiple databases and provides unparalleled security.
The digitisation of the modern world shows us to be moving away from paper IDs towards completely electronic forms due to enhanced privacy, fraud prevention and the elevation of user experience. Such changes will ensure customer onboarding will be easier, more accurate, cater to global customers and effectively reduce customer abandonment rates.
“As a global IDV service provider, Shufti Pro continuously innovates to meet an increasingly varied and diverse range of regulatory compliance requirements for our customers,” said Victor Fredung, CEO of Shufti Pro. “We are dedicated to providing solutions that address the changing needs of our global clientele and the wider general market – both at the point of onboarding and beyond, and I am pleased to share that risk assessment and eIDV services do just that.”
Shufti Pro recently introduced an array of new features, such as SSO implementation, duplicate account verification, and more, to strengthen the suite of its identity verification products. Last year, the company 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 launching 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 identity verification service provider offering KYC, KYB, KYI, AML, biometric verification, and OCR solutions and accelerating trust worldwide. It has six international offices and has launched a suite of 17 complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 9000 ID documents in more than 150+ languages, Shufti Pro proudly serves customers in 230+ countries and territories.
