Shufti Pro’s selfie biometric KYC solution deployed by 2 fintechs for fraud prevention
Shufti Pro has announced two separate integration partnerships this week. The first one is with MENA’s first micro-investment mobile app Xponent.
The fintech startup will integrate Shufti Pro’s biometric identity verification services, delivering KYC (know your customer), KYB (know your business) services, and anti-money laundering (AML) checks.
The UK-based firm currently has five international offices and has launched 17 identity verification products since its establishment in 2017.
Xponent customers will now be able to use real-time verification in 150 languages via a single API integration. The partnership will reportedly reduce identity theft and financial fraud, also helping the startup avoid hefty penalties due to non-compliance.
“Innovative organizations like Xponent that provide financial assistance to their customers require identity verification solutions more than anyone else,” comments Shufti Pro CEO Victor Fredung.
“This partnership aligns with our efforts in supporting innovative financial service providers and offering reliable and secure identity verification services in an increasingly borderless and digital world.”
The second integration Shufti Pro announced this week is with Action Monkey, an institutional-grade, decentralized finance (DeFi) platform that focuses on covering the entire life cycle of a digital asset.
Following the beginning of the partnership, Action Monkey will use Shufti Pro’s identification platform and its KYC verification and AML screening services for user onboarding.
Shufti Pro’s AML screening will be used to spot high-risk profiles against criminal watch lists and politically exposed persons (PEP) lists. At the same time, the firm’s biometric identity verification services will enable a better customer onboarding rate while also promoting KYC & AML compliance in the DeFi market.
“Shufti Pro’s powerful Enhanced AI Technology will allow us to achieve the highest level of accuracy in ID verification with devoted AI models for each type of document, giving our customers a quick and seamless onboarding experience,” says Action Monkey CEO Ángela Álvarez. “Shufti Pro solutions incorporated in the Platform are effective to support our compliance and control functions in order to comply with regulation, incorporating technologically advanced AI.”
The company also recently partnered with Team4UA to authenticate the identity of volunteers in Ukraine with end-to-end identity verification.
Hinge to deploy selfie biometrics to verify users
Dating app Hinge (a subsidiary of Match Group) is planning to add selfie biometrics to verify users on its platform.
The news comes from Jarryd Boyd, director of brand communications at Hinge, who told Wired the company would begin implementing the Selfie Verification feature next month.
Following the rollout, users will be able to take a video selfie within the app, which will be compared by biometric algorithms and human moderators with users’ profile photos. Should the match be positive, a “Verified” badge will appear on their Hinge profile. Match Group said the feature was not mandatory.
A biometrics provider for Hinge was not announced, but Match Group’s Tinder rolled out a trial of face biometrics from FaceTec earlier this year.