Shufti Pro extends to new sectors, surpasses 20M digital identities verified

The scope of Shufti Pro’s digital identity verification services continues to broaden, with an announcement that the UK-headquartered firm now provides services to every major business sector globally, from banking, crypto and fintech to gaming, healthcare and insurance.

Shufti Pro also serves the ecommerce and education industries, and says it supports more than 150 languages.

A press release lists KYC, AML, KYB, KYI, risk assessment and OCR among the ID verification services that Shufti Pro offers through its three-layer enhanced AI-driven platform. CEO Victor Fredung points out that the firm has been providing trusted biometric identity verification since 2017, and adapted its technology as threats have evolved.

“In response to the threat of ID scammers infiltrating every sector, we have taken proactive steps to adapt and enhance our services to align the platform in sync with the evolving tactics of scammers,” says Fredung.

In a separate release this week, the firm announced that it has surpassed 20 million ID verifications globally. This follows the announcement in late September that the firm has secured more than 1,000 clients.

“Our golden achievement of more than 20 million verifications showcases Shufti Pro’s standards and the trust that clients put in us,” Fredung says. “Our ongoing mission is to enhance our services and technology, delivering even more effective solutions to tackle this challenge head-on.”

Recently introduced innovations for the platform include depth-sensing technology in biometric verification to fight deepfakes and 2D flat image spoofing, and improved liveness detection integration. The system combines human and artificial intelligence for a guaranteed accuracy rate of up to 99.7 percent.

In a case study, Shufti Pro illustrates how it provided AI-driven KYC and AML identity verification services for Egemoney, a Turkish crypto exchange. Facing compliance challenges in the strictly regulated industry, Egemoney enlisted Shufti Pro for improved onboarding, fraud assessment, and cost reduction. The result was a 50 percent decrease in onboarding delays and 30 percent less fraud.

A 2022 FBI report on Internet crime showed the total loss of ID scams for that year to be $10.2 billion, with a projected 19 percent growth rate in every subsequent year.

Article Topics

biometrics  |  digital identity  |  face biometrics  |  identity verification  |  KYC  |  Shufti