Shufti Pro reaches 1000 client milestone, upgrades AI accuracy
Identity verification provider Shufti Pro has had a busy week, rolling out new products, signing up new clients and marking new milestones.
This week, the London-based firm announced that it had reached more than 1,000 clients, many of them hailing from fintech, banking, insurance, healthcare, government services, forex, gaming and real estate.
Its latest client, announced this Thursday, is Aconomy, a decentralized exchange (DEX) for trading crypto assets owned by Singapore-based Pandora Finance. According to Shufti Pro CEO Victor Fredung, the company will help the Aconomy tackle fraud in the NFT economy with its identity verification solutions, including Know Your Customer (KYC) and anti-money laundering (AML).
“With the increasing rate of fraud in the crypto industry, it’s essential for businesses to be equipped with a robust ID verification solution to safeguard their customers’ data,” Fredung said in an announcement. “Shufti Pro aims to assist blockchain businesses in strengthening their fight against ID frauds and collaboration with Aconomy was a significant step in this regard.”
In March 2020, Shufti Pro raised US$20 million A series round led by Updata Partners to accelerate its global expansion. Many of its recent clients have been coming from the Middle East.
During August and September, the company clinched deals with legal and business advisory firm Thinc, UAE-based investment management group Mascap, Qatari fintech CWallet and crowdfunding platform Bamburcorn based in Bahrain. The company has also landed fintech clients from other areas including Supercharge, Newton Global and Penning.
Better algorithms, new products
Aside from new clients, the company announced a new milestone for its AI accuracy this week.
Shufti Pro’s accuracy rate reaches up to 99.7 percent while its first-time-pass rate is up to 98.44 percent, the company says in a release. Its user authentication is completed in under 30 seconds.
To tackle online scammers using ID spoofing attempts, the firm also launched e-IDV (Electronic Identity Verification).
The product means that its users will no longer be required to scan their ID documents. Instead, the platform will use government databases for cross-checking.
“As the digital world evolves, scammers are finding new methods of bypassing conventional KYC and biometric checks,” says the company’s CEO. “Addressing these challenges and losses companies face due to scammers, we’ve developed the most advanced, powerful and secure IDV solution ever made, e-IDV.”
The client enters their e-ID number provided by the government, while Shufti Pro’s algorithms perform face and liveness verification. The recorded data is cross-checked against a government and a private database. When the verification is completed, the user is given a unique ID number that they can use on cross-platforms.
Shufti Pro claims that the authentication process can be completed in less than five seconds.
The company also said it upgraded its biometric authentication. The new biometric authentication system is also designed to detect deep fakes, using machine learning (ML) for depth perception and identification of flat 2D images. The technology can identify 3D masking attempts through liveness detection.
The technology uses a “three-layered model technology” to ensure accuracy and eliminate ID spoofing. In the first layer, Shufti Pro’s AI performs verification with an accuracy rate of up to 99.7 percent. The second layer is the human review in which reviewers evaluate each decision of the AI and remodel its algorithm for better accuracy. The final step is quality assurance.
“We are now introducing the all-new biometric verification platform, equipped with depth-sensing technology that can now spot all kinds of deep fakes, masking and flat images with better accuracy than ever,” says Shufti Pro’s Fredung.
Shufti Pro says it has so far successfully verified over 20 million identities worldwide.