Product Overview of Shufti Pro
Shufti Pro is an advanced, AI-powered identity verification and fraud prevention solution designed to assist businesses in complying with global regulatory standards, particularly in the areas of Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML).
What Shufti Pro Does
Shufti Pro is a RegTech provider that leverages a hybrid approach combining Artificial Intelligence (AI) and Human Intelligence (HI) to offer robust identity verification services. This solution is tailored to reduce friction, cut costs, and prevent fraud and identity theft in online marketplaces. It helps organizations comply with stringent KYC, AML, and Customer Due Diligence (CDD) regulations set by bodies such as the Financial Action Task Force (FATF) and the Financial Crimes Enforcement Network (FINCEN).
Key Features and Functionality
Identity Verification
- Shufti Pro offers comprehensive identity verification services, including document verification, face verification, and biometric authentication. It supports over 3000 types of identity documents and can verify identities in 150 languages.
Document and Identity Verification
- The platform uses advanced technologies such as Optical Character Recognition (OCR), template matching, and Machine Learning to verify the accuracy and originality of various ID documents, including passports, driving licenses, and government IDs.
AML Screening
- Shufti Pro screens individuals against over 1000 worldwide sanctions and watchlists, as well as adverse media, to detect and restrict access to Politically Exposed Persons (PEPs), criminals, and financially at-risk individuals.
Face Biometrics and Liveness Detection
- For remote user authentication, Shufti Pro employs face biometrics and liveness detection technology to ensure the remote presence of the user during the verification process, reducing false positives.
Address Verification
- The solution verifies the validity of addresses by checking bank statements, utility bills, and other documents to prevent false chargebacks.
Ongoing Monitoring
- Shufti Pro provides ongoing AML screening and assigns a “High-Risk” status to individuals for continuous monitoring, ensuring continuous risk assessment and reducing the chances of illegal activities.
Global Coverage and Compliance
- The platform operates in over 230 countries and territories, supporting global compliance standards. It is compliant with regulations such as GDPR and the Payment Card Industry Data Security Standard (PCI DSS).
Integration and Customization
- Shufti Pro offers seamless API integration, SDKs, and a user-friendly dashboard. It supports multiple platforms, including Android and iOS, and allows for customizable workflows to meet specific business needs.
Additional Features
- Other key features include two-factor authentication, consent verification, age verification, video KYC, and a touchless kiosk system. The platform also provides real-time results, data encryption, and compliance reporting.
Free Trial and Pricing
- Shufti Pro offers a 7-day free trial, allowing businesses to experience the full range of verification services before committing to a payment plan. The pricing models are flexible, including pay-as-you-go and monthly commitment options.
In summary, Shufti Pro is a comprehensive identity verification and fraud prevention solution that leverages AI and HI to provide accurate, efficient, and compliant services for businesses worldwide. Its extensive features and global coverage make it an indispensable tool for ensuring regulatory compliance and preventing identity-related frauds.