Supercharge has partnered with ID verification solution provider Shufti Pro to enhance security in digital services. Through the partnership, the two companies aim to develop digital solutions and software, while ensuring security and compliance standards.

According to their representatives, the collaboration’s objective is to assist clients in establishing a secure and transparent digital future whilst ensuring adherence to KYC, KYB, and AML regulations. Supercharge is an end-to-end digital innovation partner, the company collaborating with its clients to create digital solutions, from design to scalability, working towards enabling businesses to grow in an evolving industry. Security in digital banking While digital banking has been on a constant rise, banks now face greater exposure to cybersecurity threats. According to KPMG Advisory, considering the Russia-Ukraine war, 81% of bankers who participated in their survey stated that they expect to observe an increase in cybersecurity threats.

However, 34% of them also indicated that they do not focus enough on security protection, while 47% said their bank is heavily working on improving security. Digital criminality in the financial sector has become an issue for financial institutions, as a study suggests that a bank experiences 85 serious attempts of cyber breaches annually. Incidents have increased by approximately 40% in 2020 in the financial services industry, with 90% of data breaches mostly attributed to third-party vendors.

Security updates, transparency, and safety play an important role in banking relationships between customers and banks. Banks are now required to use technology and other cyber security solutions, while cloud providers must have a deep understanding of the financial services sector’s requirements. Solutions are introduced and developed to aid financial institutions, including digital ID that uses biometrics to verify identity. Moreover, the regulatory landscape must adapt to the sector and its needs, as well as to combine sharing best practices and mandatory requirements.

To meet the objective of offering a more secure digital environment for customers and financial services providers, inclusion must also be a fundamental part. The COVID-19 pandemic had a negative impact on how individuals access services, therefore financial inclusion has a pivotal role in delivering growth globally. More information about Shufti Pro Recently, Shufti Pro launched its Electronic Identity Verification solution to aid in redefining verification in the IDV landscape.

The service’s objective is to assist businesses in combating fraudulent activities while ensuring adherence to KYC and AML regulations. Some of the features include liveness detection, facial detection, and document authentication. In August 2023, Shufti Pro also partnered with CWallet, aiming to improve the digital financial experience for Qatar customers and enterprises. The company entered the market with the help of the Qatar Central Bank, as the bank supports both companies’ commitment to offering fintech solutions to Qatar’s citizens.

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