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The UK Gambling Commission announced new gambling rules earlier this year to make gambling safer and fairer. Since online operators are required to follow these new rules, it has sparked an interesting debate since gambling platforms are to verify the age and identity of customers before they can gamble. The gambling business is growing at a staggering pace. According to the Gambling Commission,  “Statistics show that industry profits (1) from the sector have grown 10%…
Identity Proofing: The success of e-commerce has been very remarkable. It is expected that global e-commerce sales will reach $632 billion by 2020. There was a time when only a few huge names were present on online platforms securing a huge customer base. The evolution of global markets and the integration of the customers and markets from around the globe have raised the competition in the market. When a consumer or a business search online…
World economic forum states that Cyberattack is mapped as one of the top threats to global stability. A cyberattack occurs every 39 seconds. Research states that the global economy can lose $445 billion a year due to cybercrimes. The stolen data is used to defraud the businesses for financial gain which ultimately turns into the financial and value loss of the business. According to a survey of Insurance Information Institue, out of 3 million stolen…
AML compliance is inevitable for all types of businesses around the globe. The regulatory compliance face has been changing rapidly. According to a PWC (2018) survey, 2% to 5% (approximately $1-2 trillion) of global GDP is lost to money laundering. The authorities are becoming ever more vigilant in controlling and mitigating financial risk posing to the businesses and the economies of the countries as well. The regulations are not only targeting the money launderers but…
California consumer privacy act has been revolutionizing consumer data regulations. The act was passed in June 2018, introducing reforms that would cause a major change to the privacy policies and data usage policies of the tech companies. The Act has made it mandatory for the tech companies to disclose their data collection motive, the nature of the data collected and also the third parties to whom it has been sold for ad generation. It will…
With the rapid development in the online retail industry and banking industry, there is an increase in the fraudulent activities accordingly. New and emerging technologies are on one side serving the businesses in multiple ways, but on the other side, they are giving them a tough time. Fraudsters find loopholes and vulnerabilities in the system and exploitation allows them to perform malicious activities. These activities result in heavy fines and risks. A huge amount is…
API Based Technologies: Application Programming Interfaces (APIs) are giving advanced ways of digitizing businesses. Multiple online marketplaces are extending their services using external and internal APIs. This helps online businesses increase customer traffic by providing them better user experience. It is estimated that out of 7.7 billion global population, 1.92 billion people are digital buyers (which is increasing incredibly). The reason is the advanced API technology that is playing a key role in the online…
Biometric authentication is considered as an advanced way of ensuring Know Your Customer (KYC). The purpose of controlled access is achieved through biometric scanning which verifies a person’s identity based on the physical characteristics. The biometric data for each individual is different. This data is already stored in the biometric security system which identifies and verifies the identities. Today at the organizational level, 65% of authentications are based on biometrics. The global revenue generated from…
Financial Technology (Fintech) refers to the use of technological advancements in the financial industry. Today, Fintech has entered into the phase of rapid development in the landscape of information technology and the financial market. This revolution is changing the ways how people use, transfer, save and manage their money. According to KPMG, in 2018, the global Fintech market size reached $111.8 billion. This represents a 120% increase as compared to 2017 ($50 billion). This increase…