A new survey from identity verification platform Trulioo reveals that nearly 80% of responding organizations have suffered from business identity theft. Business identity theft involves defrauding, extorting, or stealing money from a company. The data comes from Trulioo’s Global Know Your Business (KYB) Survey, conducted last month. The review included responses from 705 professionals in banking, payments, e-commerce, trading, health care, and the public sector.
“Our global KYB survey shows that 79% of companies have been affected by business identity theft,” Trulioo Chief Product Officer Michael Ramsbacker said. “Fraudsters all too often find an open door by using stolen business identities.”
In addition to the high number of companies reporting experience with business identity theft, the survey noted that more than a third of those responding (34%) said that they were not happy with their current business verification vendor. These respondents cited issues with data accuracy, international coverage, and meeting compliance regulations as the major challenges to effective and efficient business verification.
To this end, Ramsbacker underscored that Trulioo’s approach helps businesses deal with this specific attack vector by enabling companies to conduct business verification as part of the onboarding process. “(Our) platform allows our customers to deploy onboarding workflows that verify the user submitting the business information is affiliated with the business,” Ramsbacker explained. “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.”
More than 50% of survey respondents came from businesses reporting annual sales of more than $500 million. A majority of the survey respondents reported verifying more than 100 businesses a month. The survey respondents were geographically diverse, hailing from North America, Central and South America, Asia-Pacific, Europe, the Middle East, and Africa.
A Finovate alum since 2014, Trulioo won Best of Show for its demo at FinovateEurope last year. The company returned to the Finovate stage this March, showing how its global identity platform provided a comprehensive suite of services to verify both individuals and businesses. More recently, Trulioo launched its Advanced Global Person Match Services with Intelligent Routing offering. This solution adds to the capabilities of Truiloo’s Workflow Studio, a component of the company’s identity platform.
“The Trulioo breakthrough approach eliminates the need for redundant, complex multivendor verification systems,” Ramsbacker explained, “enabling organizations to quickly and intelligently onboard customers and gain a competitive advantage.”
Headquartered in Vancouver, British Columbia, Canada, Trulioo provides real-time identity verification of more than five billion people and 700 million businesses around the world. Founded in 2011, the company has raised more than $474 million in funding from investors including Goldman Sachs and Blumberg Capital. Steve Munford is CEO.
Be sure to check out Trulioo’s upcoming webinar – Optimize Onboarding to Maximize Revenue – coming at 10am Eastern on Tuesday, October 31.
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