Fast identity verification processes can build solid web 3.0 rails - interview with Shufti Pro

Victor Fredung, CEO of Shufti Pro, shares how fast identity verification processes can build solid web 3.0 rails and futureproof internet security.

In today’s digital age, data is critical to accurately verify customers’ identities and their devices, no matter the area they operate in finance (traditional, decentralised finance, crypto), gaming, government, art funding, or charities.

Mobile has become a fundamental banking tool. With everyone from young to old using online banking and more physical banks closing, the banking industry has had to pivot to cater to a wider audience with varying levels of tech know-how.

With mobile payments and cashless transactions the norm, the industry needed to innovate to manage quick verifications for customers ‘on the go’. Ensuring processes are user-friendly, particularly for the aging population, while keeping security top of mind is critical as the rise and sophistication of internet fraudsters has burgeoned.

We’ve also seen advanced artificial intelligence (AI) and machine learning tools make mobile payment methods easier and more secure than ever before. Biometric authentication technology via fingerprints and facial recognition uses 3D liveness detection to quickly and securely authenticate users. Transaction monitoring algorithms and online identity verification also simultaneously improve the detection of fraud and the efficiency of the purchase process.

Failure to meet customers’ high expectations around fast, convenient identity verification is the biggest challenge when onboarding new customers. Across many industries, there are often concerns that conventional onboarding processes are overly complex and time-consuming. Unfortunately, some businesses have succumbed to the temptation of cutting corners in the vetting process in a bid to quickly onboard customers, opening them up to waves of financial crime. Providing swift verification to keep customers happy is important, but robust verification measures remain king.

Shufti Pro’s intelligent identity verification solution verifies customer identities in seconds with an unmatched accuracy of 98.67% - not compromising security integrity for speed. The company has launched 17 different identity verification (IDV) products since its inception in 2017 and enables its businesses to verify thousands of ID documents in 150+ languages, serving customers in 230+ countries and territories. Shufti Pro’s unmatched global coverage provides complete and reliable fraud cover for businesses anywhere in the world.

The Shufti Pro story begins with a bad experience. Our Founder and CTO, Shahid Hanif, was a developer working on a major digitisation project, integrating a Know Your Customer (KYC) solution. After multiple failures and delays, the solution was integrated... but then the company ended up cancelling the whole project and reverting to manual KYC. Shahid then ran into another bad experience where a digital bank took a month to verify his ID documents to receive payments.

There had to be a better way, he thought. Shahid was determined to bridge the gap in the digital identity verification industry. Within two months Shufti Pro was registered and, in the market, providing better, faster, more transparent services to customers all over the globe.

The company is established on the principles of authenticity, trust, and transparency. Our mission is to accelerate trust across the digital economy and create a future where fraud prevention is cost-effective and accessible to every business, big and small anywhere in the world.

Businesses are under immense pressure to fully embrace digital transformation. Service providers need to deliver flexible and intelligent systems to cater to ever-changing needs. By verifying end-user identities digitally through Shufti Pro’s IDV solutions, companies can prevent digital fraud while avoiding compliance costs.

In a few years, Shufti Pro has made a significant mark on the end-to-end KYC verification services industry. It has revolutionised online identity verification services across multiple verticals – financial services, ecommerce, gaming, and the crypto community – leveraging both artificial and human intelligence to perform user verifications. As a pioneer in governing technologies and KYC systems, Shufti Pro offers a comprehensive digital platform – a reliable source of accurate identity verification and complete compliance, without security concerns.

Since the outbreak of war in Ukraine, more than 10 million people have been forced to flee their homes resulting in an increase in violence and trafficking across the country. To support NGOs delivering care and aid to citizens in need, we needed to verify volunteers’ identities quickly and effectively, reducing the possibility of negligence or malicious interference.

Teaming up with Team4UA, a charitable foundation operating in Ukraine, we provide a fast and accurate ID verification solution enabling the charity to focus on supporting those in need, with their safety and security in mind. The charity found Shufti Pro had the fastest ID verification service it had trialled and was most effective for its needs. Using Shufti Pro’s technology, Team4UA was able to streamline its screening and hiring process for volunteers, which helped accelerate the charity’s work.

Team4UA’s support is now crucial more than ever. With the extra time on their hands and predicted charity growth, the verified volunteers can provide support and aid in such a sensitive time. We are proud to support Team4UA and its volunteers, who are making a monumental difference in people's lives.

Shufti Pro has several new features projects lined up that will innovate KYC, Identity Data Validation, and Risk Assessment measures. The company will continue to offer and build on its first-class customer experience with frictionless flow, even faster onboarding, and optimised instruction.

Here’s a teaser of what’s new and what will launch soon:

• Higher spec to KYC – Shufti Pro has added a number of features to the platform: account duplication detection that identifies the same person setting up multiple accounts, drag and drop verification journey builder, customisable mobile SDK, and easy to configure original document flexibility, allowing customers to decide the format of the ID documents accepted.

• eKYC – KYC digitalisation. Remote and paperless, minimising costs and even less traditional bureaucracy. Shufti Pro will offer completely secure eKYC processes that also accept portable digital identities stored in a digital wallet.

• Enhanced KYC for higher-risk industries – Greater due diligence for industries that pose higher risks (e.g., crypto industry, gambling/iGaming, Money Transfer businesses) than others, giving customers peace of mind against potential threats.

• WordPress and Shopify KYC plugin for ecommerce – Easy integration to combine the ecommerce features.

About Victor Fredung

Victor Fredung is a seasoned fintech innovator with over 10 years of experience in the payment sector. Currently, he serves as the CEO at Shufti Pro, leading the charge to offer better, AI-powered Identity Verification technology. Under his leadership, the global SaaS provider has expanded its operations to 230+ countries and territories, opened 4 regional offices, and won numerous awards for its AI-powered KYC and AML verification services. With a passion to drive talent, Victor is a strong believer that success comes from time, patience, and effort –‘If you don’t have time, make time’. As a strong supporter of connecting people, Victor believes that new ideals such as remote work allows us to tap into the brightest minds globally to accelerate growth all-round.

About Shufti Pro

Shufti Pro provides fully automated KYC and AML services to banks and other financial institutions around the globe. Shufti Pro’s KYC solution authenticates customers through selfie-based AI-powered face recognition, and purpose-built OCR document verification in real-time during onboarding, which helps businesses avoid identity theft, money laundering, terrorist financing, and multiple types of fraud.

The UK-based company has 5 regional offices and launched 17 different IDV products since its inception in 2017. With the ability to verify 1000’s ID documents in 150+ languages, Shufti Pro is serving customers in 230+ countries and territories.