London, United Kingdom, November 17, 2023 – Shufti Pro, one of the leading IDV, KYC, and AML screening providers, is announcing a significant update in the development of its biometric section. The platform is now capable of processing face authentication in only 5 seconds, before this, it was completed in 30 seconds.
This development aims to reduce the waiting and processing time of the verification, ultimately, increasing the user experience and reducing bounce rate.
According to the latest 2023 report of IdentityTheft.org, the median loss to ID fraud victims is $500, which will increase as people become more digitally dependent. The same report also suggests one successful identity scam every 22 seconds worldwide, making it a $10.2 billion industry. The primary cause of this enormous scam market is the weak implementation of KYC and easy-to-bypass biometric verification. Shufti Pro, a leading identity verification provider, recognises the issue of the need for a secure and robust biometric verification system. The new and improved biometric solution processes the user’s face authentication in less than 5 seconds with a spoof protection rate of up to 100%.
“Identity theft is a concerning issue, and with the deepfake technology, it’s driving a new wave of online fraud. Shufti Pro is playing an essential role in mitigating the fraud risks and IDV fraud by offering state-of-the-art facial biometric authentication that offers the lowest processing time of 5 seconds and clone detection of up to 97%, making us one of the most trusted and powerful IDV providers,” said Victor Fredung, CEO of Shufti Pro.
The platform incorporates advanced 3D depth perception technology backed by Shufti Pro’s proprietary machine learning algorithm that deters spoofing attempts of up to 100%. Along with facial verification, Shufti Pro offers a complete suite of KYC and KYB, including risk assessment, AML screening, 2FA, e-IDV, address verification, and document verification, empowering businesses to foster trusted and secure user onboarding.
About Shufti Pro
Shufti Pro is a leading IDV service provider offering KYC, KYB, KYI, AML, biometric verification, and OCR solutions, accelerating trust worldwide. It has seven international offices and has launched 17+ complimentary IDV products and solutions since its inception in 2017. With the ability to automatically and securely verify over 10,000 ID documents in more than 150+ languages, Shufti Pro proudly serves customers in 240+ countries and territories.