With fraudulent activities on the rise and malicious actors becoming a lot smarter and more sophisticated in navigating online systems, it has become quite critical for payments and financial services providers to make sure they’ve got the right cybersecurity measures in place to combat online fraud.
That’s why Kompli-Global, a Fraudtech specialist, has introduced The Great Kompli-Global KYB Bake-Off challenge.
The main goal of the challenge is to put companies’ fraud prevention systems to the test, identify which companies they may onboard and whether their existing procedures are appropriate for effectively dealing with fraudulent activities carried out via digital or online platforms.
In addition to the Bake-Off challenge, Kompli-Global has introduced Kompli-Investigate™, which is described as a rich research utility, fraud prevention, and detection system that lets IT professionals conduct thorough investigations of corporates and the people associated with such organizations.
An important aspect or component of the Kompli-Investigate™ system is Kompli-Konnect™, which is a complete and accurate corporate structure data that has collated and reconfigured all of Companies House data since 1986.
Kompli-Global linked and connected all Directors, owners, firms, and related addresses to offer an accurate and current entity resolution product. The system updates new and changed information and re-maps the database daily. In-house professionals are responsible for overlaying known fraud characteristics and suspicious Modus Operandi (MO) scenarios to provide a unique risk prognosis for users, and informing relevant entities about criminal activity.
With the right in-house and technological expertise, Kompli-Investigate™ aims to complete the missing pieces of the fraud prevention strategy by allowing payments firms and other Fintechs to make connections, before carrying out deep due diligence for convictions, allegations of criminality and associations to adverse events and activity.
If a new company or business is looking to open an account, Kompli-Investigate™ will be able to identify all connected businesses and people to that particular company. This enhanced investigative tier aims to provide a unique predictive layer to due diligence and flags businesses or companies that could potentially engage in unlawful activities.
Martin Pashley, Chief Commercial Officer at Kompli-Global, stated:
“Today’s fraudsters know exactly how to work the system but what we have designed significantly enhances payment providers’ fraud prevention efforts by supplying them with the information they need to really question the business they are taking on. Therefore, we feel this is an important challenge to set those businesses either sending, receiving, processing or facilitating payments so they can see how complete their KYC jigsaw is.”
“By taking part in our simple challenge, we can quickly show companies the information they might be missing and the potential of already available technology on the market. We’re so confident that Kompli-Investigate™ provides the most complete and accurate KYB insight, we challenge all companies to a ‘Bake-Off’.”
The Great Kompli-Global KYB Bake-Off challenge was developed for firms so they may test out their systems with real-life scenarios, in order to check if they would work with certain entities/individuals.