Identification verification supplier Shufti Pro has had a busy week, rolling out new merchandise, signing up new purchasers and marking new milestones.
This week, the London-based agency introduced that it had reached greater than 1,000 purchasers, lots of them hailing from fintech, banking, insurance coverage, healthcare, authorities companies, foreign exchange, gaming and actual property.
Its newest shopper, introduced this Thursday, is Aconomya decentralized change (DEX) for buying and selling crypto property owned by Singapore-based Pandora Finance. In response to Shufti Professional CEO Victor Fredung, the corporate will assist the Aconomy sort out fraud within the NFT economic system with its id verification options, together with Know Your Buyer (KYC) and anti-money laundering (AML).
“With the increasing rate of fraud in the crypto industry, it’s essential for businesses to be equipped with a robust ID verification solution to safeguard their customers’ data,” Fredung mentioned in an announcement. “Shufti Pro aims to assist blockchain businesses in strengthening their fight against ID frauds and collaboration with Aconomy was a significant step in this regard.”
In March 2020, Shufti Professional raised US$20 million A series spherical led by Updata Companions to speed up its world growth. A lot of its latest purchasers have been coming from the Center East.
Throughout August and September, the corporate clinched offers with authorized and enterprise advisory agency ThinkUAE-based funding administration group MascapQatari fintech CWallet and crowdfunding platform Bamburcorn primarily based in Bahrain. The corporate has additionally landed fintech purchasers from different areas together with Supercharge, Newton Global and Penning.
Higher algorithms, new merchandise
Other than new purchasers, the corporate introduced a brand new milestone for its AI accuracy this week.
Shufti Professional’s accuracy charge reaches as much as 99.7 % whereas its first-time-pass charge is as much as 98.44 %, the corporate says in a launch. Its person authentication is accomplished in below 30 seconds.
To sort out on-line scammers utilizing ID spoofing makes an attempt, the agency additionally launched e-IDV (Digital Identification Verification).
The product implies that its customers will not be required to scan their ID paperwork. As a substitute, the platform will use authorities databases for cross-checking.
“As the digital world evolves, scammers are finding new methods of bypassing conventional KYC and biometric checks,” says the corporate’s CEO. “Addressing these challenges and losses companies face due to scammers, we’ve developed the most advanced, powerful and secure IDV solution ever made, e-IDV.”
The shopper enters their e-ID quantity offered by the federal government, whereas Shufti Professional’s algorithms carry out face and liveness verification. The recorded knowledge is cross-checked towards a authorities and a non-public database. When the verification is accomplished, the person is given a singular ID quantity that they will use on cross-platforms.
Shufti Professional claims that the authentication course of may be accomplished in lower than 5 seconds.
The corporate additionally mentioned it upgraded its biometric authentication. The brand new biometric authentication system can be designed to detect deep fakes, utilizing machine studying (ML) for depth notion and identification of flat 2D pictures. The expertise can establish 3D masking makes an attempt by way of liveness detection.
The expertise makes use of a “three-layered model technology” to make sure accuracy and eradicate ID spoofing. Within the first layer, Shufti Professional’s AI performs verification with an accuracy charge of as much as 99.7 %. The second layer is the human assessment by which reviewers consider every determination of the AI and rework its algorithm for higher accuracy. The ultimate step is high quality assurance.
“We are now introducing the all-new biometric verification platform, equipped with depth-sensing technology that can now spot all kinds of deep fakes, masking and flat images with better accuracy than ever,” says Shufti Professional’s Fredung.
Shufti Professional says it has up to now efficiently verified over 20 million identities worldwide.
Author: Masha Borak
Date: 2023-09-29 10:26:45