Survey finds data accuracy, global coverage and compliance requirements top the list of business verification challenges
Vancouver, British Columbia, Oct. 5, 2023 — Trulioo, a leading global identity verification platform, today announced new research revealing that 79% of responding organizations have experienced business identity theft, which involves defrauding, extorting or stealing money from a company.
The findings stem from the Trulioo September 2023 “Global Know Your Business (KYB) Survey,” which includes responses from 705 banking, trading, payments, online marketplace, health care and government professionals. More than 50% of respondents report annual sales revenue exceeding $500 million, and a majority (65%) verify more than 100 businesses per month.
A third (34%) of respondents report dissatisfaction with their current business verification vendor. Participating firms cite data accuracy, global coverage and compliance requirements as the top 3 challenges they face in conducting business verification. The dynamic business landscape also ranked high as a challenge for large global companies.
The business fraud threat is driving urgency in the verification market, with more than 75% of respondents indicating they will likely invest in such solutions within the next year.
KYB solutions help organizations address business verification challenges while weeding out false positives and negatives. Trulioo helps organizations increase digital trust by enabling fast, secure and accurate merchant and supplier onboarding, submitter verification and watchlist screening.
“Our global KYB survey shows that 79% of companies have been affected by business identity theft,” said Michael Ramsbacker, Trulioo chief product officer. “Fraudsters all too often find an open door by using stolen business identities. To address this increasing attack vector, the Trulioo platform allows our customers to deploy onboarding workflows that verify the user submitting the business information is affiliated with the business. Trulioo provides multilayered business verification and global data sources, all through one platform, to help organizations thwart those fraud threats and achieve compliance in countries around the world.”
The Trulioo platform distills complex, multisource business data into precise, actionable results with risk and fraud signals that enable nuanced decision-making. The platform enables organizations to quickly and confidently verify business customers to fuel secure expansion into new markets.
Learn more about Trulioo business verification capabilities.
About the Global Survey:
Conducted in September 2023, the Trulioo survey comprised 705 respondents from various industries, including banking and lending, online trading, wealth management, online marketplaces, health care and social influencer platforms. The respondents were from regions including North America, Central and South America, Asia-Pacific, Europe, the Middle East and Africa. Respondents’ job titles included senior leadership, product manager, compliance officer and risk analyst.
Trulioo is the world’s identity platform, trusted by leading companies for their verification needs. Offering unparalleled global coverage for business and person verification, Trulioo operates in 195 countries and can verify more than 12,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists. Its comprehensive suite of in-house capabilities, integrated across a single automated platform, powers customizable onboarding workflows tailored to meet any market requirement. Combining its state-of-the-art technology with expert verification knowledge across diverse markets, Trulioo enables the highest verification assurance levels, optimizing onboarding costs and fostering trust and security in the global digital economy.
PenVine for Trulioo