In this tech-oriented world, everything is prone to digitization. The whole world is accommodated with artificial intelligence together with machine learning algorithms. Almost every sector, from financial infrastructure to the travel industry, from online education to e-gaming, everything is digitized. But unfortunately, hackers are evolving simultaneously with the speed of light, resulting in illicit money transfers, unauthorized access, and fraudulent activities.
We are all witnessing an unprecedented level of vulnerability. With every passing year, identity theft fraud is increasing swiftly. In 2020, FTC received 4.8 million identity theft and fraud reports, an increase of 45% from 3.3 million in 2019, mostly because of a 113% increment in identity fraud complaints.
Perhaps there exists a wide range of products and services to combat identity theft. However, Shufti Pro is a Software as a Service(SaaS) provider which provides AI-powered identity verification solutions and AML screening. Shufti Pro provides seamless identity verification solutions with a high rate of accuracy, efficiency, and effectiveness. 70% of the shufti pro solutions utilize artificial intelligence and machine learning. The rest of them utilizes human intelligence. Shufti Pro has designed artificial intelligence models in accordance with each country’s official document type. For example, the United States has 52 states and each state has its own document format of driving license.
Let us have a deep dive into some more products, services, and solutions provided by Shufti Pro to combat evolving identity theft.
AI-Powered Identity Verification
Shufti Pro provides AI-powered identity verification solutions with the incorporation of the latest artificial intelligence and machine learning algorithms to make user authentication processes reliable, accurate and efficient. Digital identity verification is performed by following the steps below:
- In the first step, user is registered to an online platform by entering his personal information
- Then the system asks the user to provide proof of verification. This means that users are required to provide a driving license, government-issued ID card, password, or any other official document.
- AI-powered identity verification system extracts user information from provided documents
- The customer also submits a photo of their face so that software can compare that with the photo on the document for face verification purposes.
- Identity verification results are then shared with the end-user.
The document verification process involves customer verification using official documents. Official documents involve government-issued ID cards, driving licenses, passports, papers published by the state government, tax statements, bank statements, health statements, and utility bills. The verification process involves such documents that possess original photos of the user for foolproof user authentication and for the elimination of fraudulent activities. AI-powered document verification assists in the detection and elimination of false documents, modified documents, and illegitimate documents.
The Address verification process involves the authentication of user addresses before completing any transaction. Address verification is performed with an accuracy rate of 98.67% and a high rate of efficiency and effectiveness. This assists businesses in assuring that they’re dealing with legitimate users and all the onboarding businesses are completely secure.
Address verification process works with 3 simple steps:
- End-user uploads a selfie holding his/her government published ID card. The face of the user is then compared to the face on a government-issued ID card.
- The user is required to provide a secondary document that possesses a residential or business address.
- The address on the official government-issued ID card is compared to the address on the secondary document of the user for the purpose of address verification.
On-Premises Identity Verification
Shufti pro provides an on-premises identity verification solution for data-sensitive industries. On-premises identity verification provides full access and control to user information to tech-oriented organizations. This provides wider support to complex architecture along with complete flexibility. In addition to this, on-premises identity verification solutions help to develop a transparent relationship between customers and organizations. Shufti pro provides the best solutions to those industries that are working completely within an on-premises environment where data security is obligatory and on-premises solutions are mandatory.
Neglecting a swiftly evolving number of illicit activities in cyberspace is not less than a sin in this high-tech world. Considering this fact, shufti pro provides enhanced AI-powered Optical Character Recognition technology. This advanced OCR technology involves machine learning as well as natural language processing (NLP) algorithms for assuring a high level of verification and elimination of fraudulent activities. Shufti Pro’s OCR technology provides a robust verification solution for stringent authentication.
Shufti Pro also provides extended technology of OCR, which is called Intelligent Character Recognition, abbreviated as ICR. OCR technology mainly focuses on handprinted characters but on the other hand, ICR solutions permit computer systems to learn different fonts and styles of handwriting for the enhancement of accuracy and text recognition.
KYC and AML Compliance
Shufti Pro provides enhanced Know your customer (KYC) solutions for the verification of individual customers to reduce the swiftly evolving number of cybercriminals and to prevent money laundering activities. Synergizing artificial intelligence and human intelligence algorithms are incorporated for the verification of end-users. It is basically an all-in-one solution that is completely equipped with KYC processes and customer compliance programs in organizations.
An all-inclusive KYC and AML solution can effectively accomplish all the obligatory business requirements. KYC services include face verification, address verification as well as consent verification with AML checks and video KYC solutions. AML checks are crucial especially in financial infrastructures for the prevention of illicit money transfers and money laundering activities. Financial institutions must incorporate an AML compliance program for screening for efficient risk assessment and to combat synthetic ID fraud.
An Inevitable Conclusion
Hence incorporation of Shufti Pro’s AI-powered identity verification solutions proves to be beneficial for financial infrastructures and numerous other sectors such as peer-to-peer economy, e-gaming, crowdfunding, telecommunication, and travel industry. The company is developed on the principles of authenticity, transparency, and trust. It is the first company in the identity verification industry that offers a free trial while keeping its pricing public. Shufti Pro delivers seamless fraud cover with customizable identity verification solutions. Also, shufti pro provides flexible pricing models to assist businesses in achieving appropriate fraud prevention along with competitive technology.