This week, Trulioo, a global identity verification platform, 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 north of $500 million, and nearly two-thirds (65%) verify more than 100 businesses per month.
One-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 three challenges they face in conducting business verification. The dynamic business landscape also ranked high as a challenge for large international companies as they seek to reduce the instance of identity theft.
The business fraud threat drives urgency in the verification market, with more than 75% of respondents indicating they will likely invest in such solutions within the following year.
KYB solutions help organizations address business verification challenges while weeding out false positives and negatives. Trulioo said it 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’s 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.”
Trulioo said its platform can distill complex, multi-source business data into precise, actionable results with risk and fraud signals that enable nuanced decision-making. The platform allows organizations to verify business customers to fuel secure expansion into new markets while reducing the chances of identity theft.
