Tech Expert

In the identity verification service sector, Shufti Pro is a leading player and provides Know Your Customer (KYC) verification services as a SaaS product. Shufti Pro provides multiple services under the umbrella of KYC services including ID verification, document and face verification, age verification and AML compliance. Shufti offers its services not just in Canada and North America but in over 230 countries all over the world. Its verification process works on the basis of top of the line AI based authentication protocols, that is able to keep the user data secure and private.

Such verifying checks are never performed without a user’s consent. Moreover, such services are primarily built to protect users’ data and cannot share it with any third party. They do not have access to any government data and are legally liable to conform to the data protection laws put forth by every government.

Shufti Pro offers 15 days free trial of its services for all its customers that want to check the real-time verification results provided by this state of the art user verification service. So if you want to adopt a highly scalable and customizable identity verification service to reduce the risk of registering users with fake identities, then Shufti Pro is the right choice for your online business.

Tokens or securities offerings, be it an IPO, ICO or an STO are charged with glitches and last-minute errors. KYC solutions can help ensure a smooth process for STOs that has less of a chance to attract fraudulent or financially vulnerable investors. This can reduce the chance of any irregularities in the process of initiating an STO.

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The scandal involving Cambridge Analytica, Facebook and Russia being involved in using Facebook to help Donald Trump win the election has gained much traction for the world to consider the downside of SM. In relatively simpler times, Facebook was an excellent tool to generate “word of mouth” and generate viral marketing views for posts. But as fraudsters took advantage of the lack of liability of identities on such platforms, it became a norm for them to create fake accounts to hoodwink users.

Every organisation today faces the challenge of digitising its operations to provide fast and easy access to services to customers. Whether it is developing multiple channels to engage customers or providing secure payment channels for online buyers, businesses are constantly establishing better IT systems to increase convenience for customers. With the rise and progression in technologies like Artificial Intelligence and the Internet of Things, the IT industry has been able to develop solutions that are both efficient as well as secure. For more details visit: https://shuftipro.com/blogs/digital-id-verification-the-key-to-developing-intelligent-security-systems/

Brexit and its ramifications for the UK seem to be the only topic that anyone is interested in Britain right now and even the entire world is looking towards the country – while holding their breaths – in anticipation that what will be the consequences of the divorce between EU. This separation of UK from the European Union will impact businesses of all sorts, operating within the jurisdictional bounds of the country who have to adapt to the changing free trade agreements between the EU and the UK currently happening.

The importance of patient identification and verification is crucial in the healthcare sector. According to a paper by the World Bank, patient identification can be critical in imparting fast and effective healthcare services to patients and can do wonders for public health management, thereby helping achieve sustainable development.

Augmented intelligence (AI), also referred to as intelligence augmentation (IA) and cognitive augmentation, is next level in Artificial Intelligence, fine tuning the overall automation process for different categories of tech industry including ID Verification services. Some skeptics believe that augmented intelligence will do away with human intelligence but in essence it is an effective way to make humans work in a refined environment with better productivity and trackable results.

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Systems in AI like machine learning algorithms can detect patterns in data within seconds. The AML and KYC requirements around the world are constantly changing. Regulators dole out new laws and requirements every year in an effort to curb money laundering and financial crimes. This makes the tasks of a compliance team more complicated and dynamic. AI is able to analyse and detect patterns in data, thus keeping compliance requirements up to date.

The increasing territorial and regulatory gap between organisations and consumers has lead to a demand for digitisation of operations. Regulatory bodies owing to evolving nature of online fraud and monetary assets (cryptocurrency) are putting a safety check on every interaction between a business and its consumer. This results in a narrow gap between compliance management and profits. But fortunately technology has evolved enough to remove this barrier.

Admittedly, Artificial Intelligence or AI has gained a considerable amount of ill reputation from the public. There are a number of reasons for this infamy including the perception that AI is putting people out of jobs. But analysts and experts who have actually studied the pros and cons of AI-enabled systems have a different view. They actually believe that AI can have a substantially meaningful impact on human lives, hence the concept of Augmented Intelligence. The latter idea is centred around the fact that artificial intelligence is capable of actually helping human capabilities rather than replacing them. It focuses on the fact that these technologies can help people achieve better results in different tasks. This different and a fresher concept on AI can enable people to better understand the potential that AI has.

Financial institutions and banks have ended up in a loop of dumping billions of dollars because of ever-tightening regulatory compliance especially in regards to identity verification services and data protection. 

GDPR Compliance is here to stay and it is going to be binding on every business and online enterprise that wishes to operate in European Union or want to offer its services to EU citizen despite having a non-EU presence. But this user-friendly and pro data rights regulations create an interesting scenario for companies utilising blockchain technologies or individuals involved with Blockchain based products. Interestingly, unlike a straight forward clash among technology and regulations, GDPR and Blockchain offer several positive points in addition to some clearly daunting pointers for future. GDPR compliance ensures transparency that sometimes goes in favor of blockchain technology but in case of oversight or data usage rights, same blockchain is found to be in direct violation of GDPR. There are huge fines involved if a company or business is found to be operating in violation of GDPR. So it is pertinent that every company using this technology is fully aware of the risks and benefits of using Blockchain in post-GDPR world.

Customer Due Diligence that is otherwise known as CDD in banking and the financial vernacular is an important aspect of AML compliance. There are various international regulators that have strict guidelines issued over the years in order to clamp down not only money laundering but to make it harder for funds to be transferred for carrying out terror activities. Some of the major global organisations that have set forth this kind of regulations include United States’ Federal Financial Institutions Examinations Council on Customer Due Diligence (FFEIC) and the Financial Action Task Force’s (FATF)