The creditability network for the entire global economy.

Cybersecurity breaches and theft of sensitive personal data has reached epidemic proportions. How can you protect your company and your customers?

The way we think about identity is wrong; Shyft is the solution.



SETTING A NEW STANDARD

Identity verification shouldn’t come with the risk of data compromise and extreme costs.

Shyft's blockchain-based network is building unbreachable data protection for industry, governments, and consumers, setting new standards for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance—all while reducing the cost of verification.

Shyft's distributed blockchain-based network offers data consolidation through decentralization.

  • Onerous KYC Compliance Regulations
    • Industry and governments across the globe face increasingly complex KYC / AML requirements. Failure to comply carries severe penalties and reputational risks.
    • Cybersecurity attacks continue, while compliance costs keep rising. This particularly affects: Financial institutions, governments, businesses and industries that deal with sensitive consumer data.
    • The best way to prevent a data breach is to not store any data. Yet we live in the world of thousands upon thousands of databases containing sensitive data, which exponentially increases risk to businesses and consumers.

    The system is broken; Shyft is the solution.

  • Rising Compliance Costs
    • According to surveys from Thomson Reuters' KYC business unit, firms with greater than $10 billion USD in revenue spent an average of $150 million on KYC compliance in 2017.
    • Despite an increase in compliance professionals head count and security measures, data breaches just keep coming. CNN reports that over 2 billion consumer records were lost or stolen in the first half of 2017. AML controls have failed to detect terrorists, cartels, and sanctioned states.
    • EU's law enforcement agency Europol recently likened the ineffectiveness of AML regulations to "national solutions being used to tackle an international problem."

    A blockchain-based networked approach to KYC/AML balances regulatory compliance and security risks, while drastically reducing systemic data vulnerabilities and costs.

  • Losing Control of Consumer Data
    • Consumers are increasingly required to relinquish control of their personal data when accesssing essential services, from banking to legal advice
    • Current trend of data duplication across multiple centralized, siloed databases increases the risk of a breach
    • Institutions must constantly invest in the infrastructure to collect, store, and share consumer data. This results in duplicating KYC/AML efforts, resources, and costs, as the data and resources cannot be efficiently shared with other institutions or internal departments.

    Accessing services should not come at the cost of increased cybersecurity risk.

  • Systemic Loss of Trust
    • The epidemic of identity theft has hit the world’s largest service providers and financial institutions, affecting businesses' reputations worldwide.
    • Chief Security Officers are often tasked with protecting data with outdated systems that can't respond to today's security threats.
    • Crucial modern economic and social institutions experience escalating pressures to protect sensitive consumer data and assure complete KYC/AML compliance. However, they're not sure what to do, since measures put in place have been ineffective.

    Shyft's blockchain-based network will help prevent identity fraud and restore trust in modern social and financial institutions.

THE SHYFT NETWORK SOLUTION

The Shyft Network standardizes the KYC/AML verification process, while providing the highest level of personal data protection for businesses and consumers.

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Shyft Clients

Shyft benefits financial, government, and regulatory bodies, and every entity concerned with proving, protecting, securing, and providing KYC/AML.

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Our team is comprised of industry leaders

Technical Advisors

Ecosystem Advisors

Corporate Advisors

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