Shufti Pro Launches AI-Powered Identity Verification Solutions To Combat Identity Theft
In this technology-driven world, everything is digital. The whole world is equipped with artificial intelligence and machine learning algorithms. In almost every sector, from financial infrastructure to tourism, from online education to electronic games, everything is becoming digital. But unfortunately, hackers are moving at the speed of light, leading to illegal money transfers, unauthorized access and fraudulent activities.
We are all witnessing an unprecedented vulnerability. Fraud involving identity theft is increasing rapidly every year. The FTC received 4.8 million reports of identity theft and fraud in 2020, up 45% from 3.3 million in 2019, primarily due to a 113% increase in identity theft complaints.
Various products and services may be available to combat identity theft. However, Shufti Pro is a software-as-a-service (SaaS) provider that offers AI and AML-based identity verification solutions. Shufti Pro provides seamless identity verification solutions with high accuracy, effectiveness and efficiency. 70% of Shufti Pro solutions use artificial intelligence and machine learning. The rest is a matter of human intelligence. Shufti Pro has developed artificial intelligence models based on the type of official document in each country. For example, there are 52 states in the United States, and each state has a different driver’s license format.
Let’s take a look at some of the other products, services and solutions that Shufti Pro offers to combat the ever-evolving problem of identity theft.
Identity check with CEW
Shufti Pro provides AI-based identity verification solutions that use the latest artificial intelligence and machine learning algorithms to make user verification processes reliable, accurate and efficient. The digital identity check is performed as follows:
- First, the user registers on the online platform by entering their personal details.
- The system then asks the user to confirm the verification. This means that users must provide a driver’s license, government-issued ID, password or other official document.
- An AI-based identity verification system extracts the user’s information from the submitted documents.
- The customer also provides a photo of their face, which the software compares to the photo on the face verification document.
- The results of the identity check are then passed on to the end user.
During the document check, the customer is checked against official documents. Official documents include government-issued identification, driver’s licenses, passports, government documents, tax returns, bank statements, medical certificates, and utility bills. The verification process includes these documents, which contain the user’s original photos, to reliably authenticate the user and eliminate any fraudulent activity. AI-driven document verification detects and eliminates forged, altered and illegal documents.
The address verification process consists of verifying user addresses before a transaction is made. Address verification is performed with 98.67% accuracy and high efficiency. This way, companies can be sure that they are dealing with legitimate users and that all companies implementing new systems are fully protected.
The address validation process involves three simple steps:
- The end user downloads the autoloader using a government issued ID card. The face of the user is then compared to the face on the official identity card.
- The user must provide a secondary document proving their residential or business address.
- The address on the official government-issued ID is compared to the address on the user’s second document to verify the address.
On-the-spot identity check
Shufti pro provides a local identity verification solution for data sensitive industries. Internal identity control provides technically oriented organizations with full access to and control over user information. This allows for better support of complex architectures while maintaining full flexibility. In addition, local identity verification solutions help develop transparent relationships between customers and organizations. Shufti pro offers the best solutions for industries operating entirely in a local environment where data security is a necessity and local solutions a must.
Extracting OCR data
Ignoring the increase of illegal activities in cyberspace is a downright sin in this high-tech world. With this in mind, Shufti pro offers advanced optical character recognition technology based on artificial intelligence. This advanced OCR technology incorporates both machine learning and natural language processing (NLP) algorithms to provide a high level of verification and fraud prevention. Shufti Pro’s OCR technology provides a secure solution for strong authentication.
Shufti Pro also offers an advanced OCR technology called Intelligent Character Recognition (ICR for short). OCR technology focuses primarily on handwritten characters. ICR solutions, on the other hand, allow computer systems to learn different fonts and writing styles to improve accuracy and text recognition.
KYC and AML compliance
Shufti Pro provides advanced Know Your Customer (KYC) solutions for screening individual customers to reduce the rapidly growing number of cybercriminals and prevent money laundering. Synthetic algorithms based on artificial intelligence and human intelligence are used to validate the end users. It is essentially an all-in-one solution fully equipped with enterprise-wide KYC processes and customer compliance programs.
With a complete KYC and AML solution, you can effectively meet all regulatory requirements. KYC services include face verification, address verification, and consent verification with AML checks and KYC video decisions. Money laundering controls are crucial, particularly in financial infrastructures, to prevent illicit transfers of funds and money laundering activities. Financial institutions should implement an AML verification compliance program to effectively assess risk and combat synthetic identity fraud.
For example, the use of Shufti Pro’s AI-based identity verification solutions has proven beneficial to the financial infrastructure and many other industries such as the peer-to-peer economy, e-gaming, crowdfunding, telecommunications and the travel industry. The company develops on the basis of the principles of authenticity, transparency and trust. It is the first company in the identity verification industry to offer a free test and make its prices public. Shufti Pro provides seamless fraud protection with customizable identity verification solutions. In addition, Shufti pro offers flexible pricing models to provide businesses with adequate fraud prevention and competitive technology.
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