Fraudulent activities in the automobile industry occur in terms of transactions as if the buyer is in possession of both; the money & vehicle, and the seller ends up receiving no payment in return. It can also go vice versa. Moreover, in the standardised ways of conducting a transaction through banks while buying and selling used cars, customers also face the same teething troubles along with delays.
To help its customers avoid transactional risks, Owny took the initiative to integrate Shufti Pro’s identity verification solutions into its web platform, which will help it to combat transactional fraud while meeting AML, KYC, and CFT regulations across the country.
Owny exists with the purpose of protecting both the buyer and the seller during the process of buying or selling a vehicle. The company’s targeted market includes mainly private individuals and independent companies. At the moment, Owny is only operating with Italian-registered vehicles that will remain registered in the country once they are sold.
Commenting on the partnership, officials from Owny said that having a serious and solid company alongside Owny is a fundamental strategic choice. This partnership allows Owny to be compliant with European regulations and is, above all, essential for the protection of their customers, which is what Owny and Shufti Pro care about the most.
Shufti Pro, an identity verification solution provider, aims to create ease for businesses by eradicating operational inefficiencies. The company’s robust IDV solutions have proven to be reliable and highly accurate in terms of detecting identity theft and making them capable enough to secure customer transactions.
Owny is currently operating in Italy with the aim of securing buyers and sellers while trading used cars or motorcycles. Its targeted audience includes private individuals and independent companies, and the whole business model revolves around Italian-registered vehicles.
Shufti Pro is an identity verification service provider. It offers KYC, KYB, KYI, AML, and OCR solutions to keep businesses safe from financial fraud, identity theft, and other fraudulent activities. The UK-based company has expanded to six international offices and has introduced many IDV products and solutions since it was created in 2017. With the ability to verify over 10,000 documents in 150 languages, Shufti Pro serves customers in 230 countries and territories.
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