Financial Crime World

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Types of Financial Fraud in Sao Tome and Principe: A Growing Concern

As the economy grows, so does the risk of financial fraud

The economy of Sao Tome and Principe continues to grow, and with it, the risk of financial fraud. The increasing number of online transactions has made the country’s financial sector more vulnerable to various types of financial fraud.

Common forms of financial fraud

Identity Theft

One of the most common forms of financial fraud in Sao Tome and Principe is identity theft. Criminals use stolen identities to open bank accounts, apply for loans, and make fraudulent transactions. To combat this, Shufti Pro has introduced its real-time identity verification system.

How Shufti Pro’s System Works

Shufti Pro’s system uses advanced technology to verify the authenticity of passports, driving licenses, credit and debit cards, and other documents issued by the Government of Sao Tome and Principe. The system checks for:

  • Accuracy of format
  • Crumpled or folded edges
  • Photoshopped or tampered images
  • Holograms
  • Blurriness or exposure

Document Verification Service

Shufti Pro’s document verification service also covers two municipalities in Sao Tome and Principe, ensuring that businesses can verify the nationality, name, and date of birth of their customers. The company claims to have a 98.67% accuracy rate in extracting characters from the Portuguese language using Optical Character Recognition (OCR) technology.

Other types of financial fraud

In addition to identity theft, other types of financial fraud common in Sao Tome and Principe include:

  • Credit card fraud
  • Debit card fraud
  • Online banking fraud

To combat these, Shufti Pro offers a range of services, including:

  • Facial verification
  • Document verification
  • Address verification
  • 2FA authentication
  • Consent verification
  • AML screening

Anti-Money Laundering (AML) Services

Shufti Pro’s AML services help identify high-risk clients, improve client onboarding with faster PEP screening, and real-time sanction list monitoring. The company uses FATF, EU, OFAC, HMT, Interpol, and other relevant watch lists in the provision of its AML services.

Preventing Financial Fraud

As the financial sector in Sao Tome and Principe continues to grow, it is essential for businesses to be aware of the types of financial fraud that can occur and take steps to prevent them. By using Shufti Pro’s real-time identity verification system, businesses can reduce the risk of financial fraud and ensure a secure online transaction experience for their customers.

Free Trial and Ongoing Support

Shufti Pro offers a 7-day free trial period for its services, allowing businesses to test the system before committing to a subscription. The company also provides ongoing support and training to help businesses get the most out of its services.