In 2020 alone, Identity Fraud in the US cost almost $56 billion. As digitization and automation are becoming the new norm, personal data is increasingly becoming a hot target for hackers. This is where Identity Verification (IDV) companies like Shufti Pro Limited (SP) come into play.
SP provides a wide range of IDV services, ranging from simple Know Your Customer (KYC) services to Anti-Money Laundering (AML) checks, for people and organizations. Their services enable clients to meet even the strictest data regulatory standard of any industry or region and ensure that they are secure from ID thieves and fraudsters. The company was created in 2017 with basic KYC features. By 2018, they added AML checks, 2-Factor Authentication, Address Verification, Optical Character Recognition (OCR), and Consent Verification Services.
What Separates Shufti Pro from The Identity Verification Competition
In 2019, Shufi Pro began to provide Know Your Business (KYB) services and between 2020-21, they became one of the few IDV companies that offered Artificial-Intelligence and Human-Intelligence based Video-KYC services, and verification through NFC technology, along with a wide range of ‘on and off premises’ IDV services. Headquartered in London, UK, they are a GDPR compliant global services provider, with offices in Cyprus, Sweden, and Dubai.
Although comparatively young in the IDV community, SP’s proactive approach to incorporate regulatory and global data protection guidelines in the delivery of services, and integrate multi-jurisdiction cybersecurity practices, makes them stand apart from competitors.
SP’s OCR services support 150 different Latin and Non-Latin languages, including Arabic and Japanese, which none of their competitors do.
They also provide on-premises services, and cater to the demands of all clients, regardless of their order size. They offer a 14-day free trial with $50 credits for proof of concept.
They are also among the very few companies that provide payment authentication and Identity Verification through NFC technology which eliminates the need for manual data entries and hence, saves time and operational costs for all clients.
Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti Pro’s age verification solution for the protection of minors. Now, the German Media can utilize Shufti Pro’s age verification solution to prevent minors from accessing content that is not suitable for their age.
They are the only IDV company that provides such a wide range of IDV services, all from a single platform, and that too with extreme ease of integration. By using SP's Restful API, Android / iOS SDK, and Hosted Verification page services, clients can integrate the services with their existing system within 30 minutes.
What Shufti Pro Has Accomplished Since their Stevie Award Win
Since their Stevie Award win, Shufti Pro has been approved by Jumpsec, and has won two more awards in the “Business Technology” and “Banking and Finance Technology” category of the Global Banking and Finance Awards 2021. Victor Fredung, the CEO of Shufti Pro, was invited to give his testimony at the hearing hosted by the US Financial Services Task Force on Artificial Intelligence and examining key points related to digital privacy and emphasized how Shufti Pro is making the financial structure secure through the use of AI technology for identity verification. Owing to the entrepreneurial spirit of Shufti Pro, the company has been nominated yet again for an award – the Nordic Startups Award Season 2021. Shufti Pro has successfully made its way into the World’s 100 Most Innovative CyberTech Companies For Financial Services in 2021. As part of its plan for global expansion, Shufti Pro has opened a new office in Kyiv, Maidan Plaza, Maidan Nezalezhnosti, 2. Kyiv, 02000, Ukraine. Shufti Pro has launched its global identity verification services on Salesforce AppExchange, empowering Salesforce customers to seamlessly integrate identity verification solutions and accelerate their business operations. Shufti Pro has introduced an auto-capture feature to its ID document and selfie biometric technology to enhance its face verification and document screening solutions.
Shufti Pro won the Gold Stevie Award for Company of the Year - Computer Services and the Bronze for Company of the Year - Financial Services in The 2021 International Business Awards®.
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