Shufti Pro, an ID verification service provider, upgraded its KYC service to guarantee a 100% increase in onboarding rate for businesses with unbeatable security. With an advanced KYC service, Shufti Pro aims to make client onboarding faster, easier, and more secure for firms.
What is the market offering of Shufti Pro?
Businesses nowadays lose many experienced and legitimate customers due to archaic, slow, and frustrating onboarding processes. For this reason, global companies look for an efficient and secure way that streamlines the onboarding process for legitimate customers.
Shufti Pro’s advancement in KYC services offers higher security and accuracy by using AI algorithms to cross-check user data and identify fraudulent activities. The advanced KYC service guarantees increased onboarding rates by 100%, helping businesses to confidently onboard customers with a reduced risk of fraud whilst complying with KYC regulations.
Shufti Pro provides AI-based IDV solutions to enterprises in the Fintech, Regtech, banking, and many more industries. The company offers IDV solutions to companies of all sizes due to its global reach and has an unprecedented verification accuracy rate of 99%. The company is advancing its Know Your Customer (KYC) service to revolutionise the onboarding process.
What does this mean for Shufti Pro?
“We are committed to providing businesses with the most advanced identity verification solutions. With our advanced KYC service, we are taking our commitment to the next level by offering businesses a reliable solution that increases their onboarding rate to 100% whilst providing unbeatable security,” said Victor Fredung, Chief Executive Officer of Shufti Pro.
Shufti Pro has recently introduced a Risk Assessment Service that analyses clients’ risk factors and identifies and prevents fraud. The company also won the World Financial Award for outstanding use of AI in 2022 and released its ID fraud report 2022, showing no signs of identity fraud slowing down in the coming years. To read the full report, click here.
What is the wider industry context of this product upgrade?
Identity fraud is a growing problem for businesses of all sizes. In 2022, the global cost of identity fraud was estimated to be $60 billion, and it is expected to grow to $100 billion by 2025. Identity fraud can take many forms, including credit card fraud, account takeover, and tax fraud. It can damage a business’s reputation, financial bottom line, and customer relationships.
There are a number of steps that businesses can take to fight identity fraud. These include:
- Implementing strong security measures. This includes using strong passwords, multi-factor authentication, and data encryption.
- Educating employees about identity fraud. Employees should be aware of the different types of identity fraud and how to spot suspicious activity.
- Monitoring customer accounts for suspicious activity. Businesses should monitor customer accounts for unusual activity, such as large purchases or changes in spending patterns.
- Reporting suspected identity fraud to the authorities. If a business suspects that identity fraud has occurred, it should report it to the authorities as soon as possible.
By taking these steps, businesses can help to protect themselves from identity fraud.
Here are some additional tips for businesses that want to fight identity fraud:
- Use a fraud detection service. A fraud detection service can help to identify suspicious activity and prevent fraud before it happens.
- Stay up-to-date on the latest fraud trends. Fraudsters are constantly developing new ways to commit fraud, so it is important for businesses to stay up-to-date on the latest trends.
- Work with law enforcement. Law enforcement can help businesses to investigate and prosecute identity fraud cases.
By following these tips, businesses can help to protect themselves from identity fraud and keep their customers safe.
In addition to the above, businesses can also take steps to make it more difficult for fraudsters to steal their customers’ identities. This includes:
- Only asking for the information that is absolutely necessary. The more information that a business asks for, the more likely it is that a fraudster will be able to steal it.
- Encrypting sensitive data. Encrypting sensitive data makes it much more difficult for fraudsters to access it.
- Regularly reviewing security policies and procedures. Businesses should regularly review their security policies and procedures to ensure that they are up-to-date and effective.
By taking these steps, businesses can help to protect their customers from identity theft.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3. Since joining Upwork in 2012 (back when it was still eLance), Gerald A. has delivered great results for hundreds of clients, maintaining a 98% Job Success rate as well as 5+ years of Top Rated Plus rating (and Premium Writers Talent Cloud membership). Book a meeting with Gerald A. today to get the powerful SEO content you need!
