Digital transformations are on the rise and are bringing innovation to businesses’ operations. However, the point to worry about is that this digital world is simultaneously driving challenges for industries such as camouflaged identities, fake documents, and others. These risks expose businesses to consequences like non-compliance fines, data breaches, illegitimate onboarding, financial loss, and reputational damages.
In order to ensure legit customers onboarding industries need to employ authentic solutions like the Shufti Pro Identity Verification services. It is powered by emerging technologies like machine learning, OCR, and artificial intelligence that make it a viable option for businesses finding it hard to counter financial crimes. The digitally advanced Shufti Pro Solutions not just paces up the process but also ticks out chances of human error and discrepancies. The blog covers various types of identity theft and how these solutions prevent them.
IDV Services – Must-Have for Industries to Fight Sophisticated Crimes
As per Shufti Pro News, criminals illegally get their hands on information of legit entities like name, date of bright, insurance details, social security number, bank statements, credit/debit card details, addresses, and other such information. This way they create fake identities and bypass the verification process. This helps them carry out their malicious activities like availing government aid, medical benefits, and financial support. According to the Federal Trade Commission (FTC), there were over 5.7 million complaints recorded so far, among which 25% were of identity theft.
Moving on, the manual verification leaves more room for the criminals to commit these activities. This is why industries need efficient identity verification to enhance their operations. Keeping in view his bad experience, Shahid Hanif laid the foundation of Shufti Pro to bridge the gap between identity verification and digital industries. With an accuracy rate of 98.67%, Shufti Pro Solutions combat the following types of fraud:
Identity Fraud in Gaming Industry
As digital transformations were taking over, the gaming sector was shifting its services online. To facilitate regional as well as global players, the gaming/gambling industry is introducing digital methods for them. After making massive growth in Europe, U.S. Supreme Court’s also made gaming platforms autonomous so that they can make their own rules. However, alongside all these positive uplifts, come great terror that exposes gaming platforms to minors-based risks, money laundering, and identity fraud.
Therefore, e-gaming and especially gambling sites need to employ digital identity verification services to mitigate the chances of fraudulent onboarding. This way they can also restrict minors’ access. The Shufti Pro Services offer authentic AML screening that further adds layers of security to the identification process.
Synthetic Identity Fraud
Criminals often blend fake and original information to create a document that looks believable. For this, they use the name of a real person and combine it with a fake address. This helps them bypass the identity verification process with ease. Industries face difficulty in identifying these types of criminals as they use the latest technologies to dodge the process. The CEO of Shufti Pro – Victor Fredung gave the following comments while seeing the rise in identity fraud:
“We are surprised to see the remarkable turn of fraudsters from simple manipulation of identity documents to tech-driven tampering to dodge identity verification. As we move on to 2022, I would advise businesses in every industry to employ robust mechanisms to combat identity thieves and financial criminals.”
Therefore, digital identity verification providers like Shufti Pro are helping industries combat criminal attempts while taking less time. Businesses can further save operational costs with guaranteed accurate results.
Account Takeover Fraud
Identity fraud has many forms, account takeover is one of them. Fraudster gets their hands on customers’ account details and makes changes in the Personally Identifiable Information (PII). similarly, they also make changes in the account’s owner’s name and password which deprives real account holders of the ownership of the account. Criminals do this to make illegal transactions, fund terrorist activities and launder money.
However, Shufti Pro Solutions provide biometric-based identity verification that leaves less room for criminals. Customers can link their facial features to the log-in and easily prevent unauthorized access. These traits are impossible to replicate which helps financial institutions and banks to address fraudulent attempts.
Identity Theft in Healthcare Sector
Where IDV solutions provider helps other industries to place gates in criminals’ way, it also enables the healthcare sector to counter medical fraud. Medicare centres hold sensitive data which if breached will expose patients to fatal consequences. Offenders commit data breaches to get their hand on them and use it for personal benefits. For instance, paying for costly treatments, back their surgery with insurance or buying drugs using fake prescriptions.
The Shufti Pro’s IDV solutions help healthcare providers to shield their databases by mitigating the chances of unauthorized access. It further identifies patients by cross-checking them against global medical databases.
Bringing it all Together
Shufti Pro’s IDV services make sure that authorized customers are accessing the services and accounts while restricting criminals. Where fraudsters use various methods to fake their identity, cutting-edge Shufti Pro Solutions verify them in seconds. Furthermore, it detects spoof attacks as well as the presence of customers through liveness detection, which makes it a more reliable option for industries.