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KYB is essential in the regulatory landscape since securing your interest before partnering with another business provides protection.
KAUNAS, LITHUANIA, May 20, 2022 /24-7PressRelease/ -- iDenfy, the online identity verification, fraud prevention and compliance startup, presented an automated Know Your Business (KYB) platform, which will scan multiple databases to help organizations determine whether they are dealing with authentic organizations or shell companies.
iDenfy claims to have created the business verification that offers reports and complete details regarding any entity within a few clicks. Ownership data, Credit rating, Financials, or Registration data will be provided during iDenfy's Know Your Business (KYB) verification. According to iDenfy, the startup's new automatic company evaluation saves up to 30% of compliance team time and decreases drop-off rates up to 15%.
Generally, Know Your Business or KYB is designed to help battle fraud and review the organizations' profiles against money laundering. The service is part of anti-money laundering (AML) checks and is demanded by regulators, especially when dealing with foreign entities. According to iDenfy's CEO, Domantas Ciulde, KYB is essential in the regulatory landscape since securing your interest before partnering with another business provides protection.
The trick for fraudsters to get away with the illegitimate company scams is to open as many bank accounts as possible under the same financial institution. Ciulde notes that such schemes complicate matters for banks and their employees: "We've noticed tons of new bank account opening applications, which move the attention from the real issue – how to spot illegitimate companies efficiently." For this reason, iDenfy proceeds with a full Address audit to help determine the company's authenticity.
To prevent shady business operations and the high volume of shell company scams conducted online, iDenfy paid special attention to mastering its automated system based on accuracy and speed. iDenfy's KYB check is based on many factors and includes reports and Website Audits, such as social media scanning.
"Responsible businesses usually deeply care about their digital image. Screening and monitoring websites as well as social profiles help complete the final business assessment. It's important to evaluate how many public posts the company has or how long the profile was created. Counterfeiting such details is difficult even for experienced illegitimate company creators," – explains iDenfy's CEO.
With KYB verification and the assistance of artificial intelligence, organizations can evaluate the company and decide if they want to pursue a business relationship and determine other important details, such as the actual country of origin or any links with tax crime or political corruption.
As per iDenfy's Chief Business Development Officer, Darius Sulte, the company's Business Verification services reduce fraud risks, show potential problems, and overall, the whole company's picture. To safeguard other businesses and provide accurate results, iDenfy's Business Verification platform scans more than 540 million company records.
According to iDenfy's internal research, the global market is in high demand for KYB screening services. Countries are facing stricter regulations that require mandatory Business Verification checks, especially in the Cryptocurrency sector. The global pandemic impacted this change due to the large wave of fraud schemes resulting in millions of losses.
Capital One's survey showed that 19% of all online B2B inquiries are fraud attempts, and 77% of businesses have lost money due to fraud. As per recent data, 51% of enterprises have uncovered more fraud since the onset of the pandemic.
"If you want to fight fraud effectively, the first step is to know who you're battling against. Once that's taken care of, you can spread awareness. Know Your Business is part of this conversation as an effective anti-fraud tool for businesses. It saves you from potential risks, regulatory fines, and partnering with the wrong entities." – stated Domantas Ciulde, the CEO of iDenfy.
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named as the best "Fintech Startup" in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.
For more information and business inquiries, please visit www.idenfy.com
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