Shufti Pro adds identity verification service to fraud prevention portfolio

Northern summer is ending with contracts for several developers. Shufti Pro and Toss Bank announced new identity verification services. IDenfy is setting up verification for CheckYa, and Mitie says it’s renewing a contract with one of the world’s biggest football clubs.

Shufti launches advanced IDV service

Identity verification software maker Shufti Pro announced that it is launching IDV services designed to help businesses reduce the risk of fraud and comply with KYC and AML regulations.

The service includes facial recognition, document verification and liveness detection. It uses both active verification including biometrics and passive verification including government databases and continuous monitoring of customer activity. It reportedly can verify identities in five seconds and provides 30 digital ID options for verification.

Businesses can use Shufti’s IDV to validate customers’ identities using documents such as passports, licenses, utility bills and national IDs. The company also has single sign-on and duplicate account checks.

Shufti has also formed a strategic partnership with Qtari fintech CWallet to ease digital financial transactions for customers in the Middle East.

CWallet provides a range of financial services for consumers and merchants in the region, and facilitated the approval of Shufti Pro by the Qatar Central Bank.

“We are keen on working with Shufti Pro on a long-term basis, including other territories that CWallet will be penetrating. We are confident that we can even bring more customers to Qatar. However, we need its support in hosting the solution locally,” says Michael Javier, founder and CEO of CWallet.

Shufti recently closed a $20 million series A round of funding led by Updata Partners, a growth-focused private equity firm, to continue developing IDV and compliance products. Shufti says it sells in 45 countries.

Mitie Group boasts contract extension with Arsenal FC

Mitie, a facilities management firm, reportedly has renewed its security contract with Arsenal Football Club for five years. The company’s vetting unit, Procius, will continue performing ID, right-to-work and resume checks. It will also verify education history.

Arsenal FC is one of the world’s major football clubs and demands high levels or stadium security. Procius uses the MyCheck platform. It performs background, criminal record and disclosure and barring service (DBS) checks.

“We’re proud of our great relationship with a football club of Arsenal’s stature,” says Jason Towse, a managing director at Mitie.

Bank and fintech announce IDV system successes and releases

South Korea’s Toss Bank says that its IDV software has spotted 600 fake IDs in the six months since it was launched.

Toss executives say it has prevented 12 billion won (US$9 million) in fraud. The bank signed a deal with Alchera for remote identity verification last year.

The bank’s ID system determines whether a photo ID is authentic. If the software determines a photo doesn’t match or if it’s been photographed from a phone screen or printed ID, it will restrict all transactions, including account enrollment, until the account can be verified. The bank claims a 94 percent accuracy rate.

At the same time, iDenfy, a Lithuania-based IDV software firm, is providing ID verification and built-in AML check for CheckYa, a California-based fintech for freelancers.

IDenfy will use face biometrics with liveness detection to screen creators against sanctions lists and global watchlists during onboarding. Its software supports documents from 300 countries and territories.

Article Topics

Alchera  |  biometrics  |  iDenfy  |  identity verification  |  Mitie Group  |  selfie biometrics  |  Shufti