Shufti Pro has launched its risk assessment and eIDV services to assist global businesses in combating identity fraud and financial crimes, as well as complying with the ever-changing KYC/AML regulatory landscape. The risk assessment solution is a tool designed specifically to assist businesses in identifying risks associated with their globally diverse client base.
Shufti Pro’s custom-built risk-scoring solution adapts to the needs of organizations while addressing every potential risk factor in order to protect businesses from financial crimes, reputational harm, and regulatory sanctions.
It makes sure businesses make informed choices by assessing customer risk factors using unique questionnaires and fraud prevention data points, which are then further examined by the risk intelligence profiling engines of the Shufti Pro (a database of over 10B ID elements).
The eIDV service uses a government-issued unique identifier number to verify customers. Except for the requirement for customer-provided paper-based document uploads, it functions similarly to the KYC process.
With its unmatched security, Shufti Pro’s eIDV matches the clients’ data, including name, DoB, and SSN, against numerous databases.
Due to improved privacy, fraud prevention, and the improvement of user experience, the digitisation of the modern world reveals that we are moving away from paper IDs and towards completely electronic forms. With these adjustments, customer onboarding will be made simpler, more accurate, and accessible to customers worldwide, effectively lowering the client abandonment rate.
Victor Fredung, CEO of Shufti Pro stated, “As a global IDV service provider, Shufti Pro continuously innovates to meet an increasingly varied and diverse range of regulatory compliance requirements for our customers. We are dedicated to providing solutions that address the changing needs of our global clientele and the wider general market – both at the point of onboarding and beyond, and I am pleased to share that risk assessment and eIDV services do just that.”
Shufti Pro recently added a slew of new features to its IDV suite, including SSO implementation, duplicate account verification, and more. The company raised $20 million in Series A funding last year to accelerate its international expansion, improve its IDV solutions, and expand its compliance suite.