Shufti Pro makes fraud report available, upgrades AML capabilities

More than 1 in 7 attempted online financial transactions in 2022 was fraudulent, according to Shufti Pro‘s ‘Identity Fraud Report 2022.’ The company is building out its portfolios, meanwhile, both of businesses it is protecting from fraud, and tools for doing so.

Now, the company has made its report available as a free download through Biometric Update to help organizations take effective action against digital identity fraud and financial crime.

The data analysis shows a substantial increase in biometric fraud attempts from 2021 to 2022, but a much larger increase still in document forgery.

Shufti Pro’s report reveals new fraud types and industrial trends, explains methods of document and digital ID manipulation, and provides recommendations for how businesses can protect themselves from fraud in 2023.

Fill out the form linked here to download the report.

Customer win and partnership

Shufti Pro has also been selected to provide selfie biometrics and identity verification technology to Berlin-based fintech Funanga, and also partnered with client lifecycle management platform KYC Portal.

KYC Portal is providing due diligence checks and real-time risk alerts to strengthen Shufti Pro’s AML capabilities. The partnership will also help Shufti’s clients perform digital onboarding more efficiently, according to the announcement.

“A large number of companies have been using our IDV services to combat fraud,” explains Shufti Pro CEO Victor Fredung. “With such a customer base, we are required to be vigilant in terms of helping them store their essential data. Getting in touch with KYC Portal has made it a lot easier for us to offer our services without any obstacle.”

The deal with Funanga is expected to help it meet its KYC, KYB and AML regulations across international markets.

“Like us, they are a young and agile company, so it’s a good cultural match. They offer a great and easy-to-use solution. It’s also been a fantastic customer journey so far. We always feel appreciated as a customer and prioritised by the team, who are very accommodating,” says Funanga CEO Jens Badern.

“The deal they offered us was highly appealing financially. The pay-as-you-go performance-based pricing model works well for us and demonstrates that they have supreme confidence in their ability to deliver results.”

Article Topics

AML  |  biometrics  |  digital identity  |  face biometrics  |  fraud prevention  |  identity verification  |  KYC  |  selfie biometrics  |  Shufti Pro