Identity Theft Plagues Business – Trulioo Report

New Research Reveals Alarming Rates of Business Identity Theft

This week, global identity verification platform Trulioo announced the results of a new study that exposed the prevalence of business identity theft among organizations. According to the findings from the September 2023 Global Know Your Business (KYB) Survey, a staggering 79% of participating organizations reported experiencing instances of business identity theft, where fraudsters exploit and steal money from companies.

The survey collected responses from 705 professionals in various industries, including banking, trading, payments, online marketplaces, healthcare, and government sectors. More than half of the respondents reported annual sales revenue exceeding $500 million, and 65% confirmed that they verify over 100 businesses every month.

Interestingly, the research reveals that 34% of respondents expressed dissatisfaction with their current business verification vendor. These organizations cited challenges related to data accuracy, global coverage, and compliance requirements as the primary issues they encounter while conducting business verification operations. Furthermore, large international companies also face the challenge of navigating the ever-evolving business landscape as they strive to minimize the risk of identity theft.

The growing threat of business fraud has created a sense of urgency in the verification market, as over 75% of survey participants expressed their intent to invest in advanced solutions within the next year to combat this issue.

To address these challenges and combat the rising rates of identity theft, organizations are turning to Know Your Business (KYB) solutions. These solutions help businesses tackle verification obstacles while minimizing false positives and negatives. Trulioo, as a leading provider in this field, enables organizations to build digital trust through fast, secure, and accurate onboarding of merchants and suppliers, as well as efficient submitter verification and watchlist screenings.

According to Michael Ramsbacker, Trulioo’s Chief Product Officer, “Our global KYB survey shows that 79% of companies have been affected by business identity theft. 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 offers comprehensive business verification and utilizes global data sources, all accessible through a single platform. This enables organizations to effectively combat fraud threats and achieve compliance worldwide.

The platform utilizes complex algorithms to analyze multi-source business data, providing precise and actionable results with risk and fraud indicators that facilitate informed decision-making. By using Trulioo’s platform, organizations can verify their business customers, thus facilitating secure expansion into new markets while significantly reducing the risk of identity theft.

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