Trulioo Global Survey Reveals 79% of Companies Experience Business Identity Theft, Driving Urgency in Verification Market
Trulioo, a leading global identity verification platform, has released new research findings from their September 2023 "Global Know Your Business (KYB) Survey." The survey, which included responses from 705 professionals in banking, trading, payments, online marketplaces, healthcare, and government sectors, revealed that 79% of organizations have encountered business identity theft, involving fraudulent activities and financial losses.
Challenges in Business Verification
The survey highlighted several challenges faced by organizations in conducting business verification. Data accuracy, global coverage, and compliance requirements emerged as the top three challenges. Large global companies also noted the dynamic nature of the business landscape as a significant challenge.
Urgency in the Verification Market
The prevalence of business identity theft has created a sense of urgency in the verification market. Over 75% of respondents expressed their intention to invest in verification solutions within the next year to combat fraud threats and enhance security.
Trulioo's Role in Addressing Business Verification Challenges
Trulioo's platform offers Know Your Business (KYB) solutions that help organizations tackle business verification challenges while minimizing false positives and negatives. By enabling fast, secure, and accurate onboarding, submitter verification, and watchlist screening, Trulioo helps organizations increase digital trust and achieve compliance.
In conclusion, Trulioo's global survey sheds light on the widespread issue of business identity theft and the need for robust verification solutions. The findings underscore the importance of accurate data, global coverage, and compliance in the business verification process. Trulioo's platform offers a comprehensive suite of capabilities that empower organizations to verify business customers and expand securely into new markets.
Implications of Trulioo's Global Survey for New Businesses
The findings of Trulioo's Global Know Your Business (KYB) Survey have significant implications for new businesses, particularly those in sectors prone to business identity theft. With 79% of organizations experiencing business identity theft, new businesses must prioritize robust verification solutions to protect themselves from fraudulent activities and financial losses.
The Importance of Business Verification
The survey highlights the challenges in conducting business verification, including issues with data accuracy, global coverage, and compliance requirements. For new businesses, understanding and addressing these challenges is crucial. They must ensure accurate data collection and verification, establish global coverage, and meet compliance requirements to build a secure business environment.
Responding to the Verification Market's Urgency
The high prevalence of business identity theft has created a sense of urgency in the verification market. New businesses should heed this urgency and invest in verification solutions to combat fraud threats and enhance security. This investment is not just a protective measure, but a strategic move to build trust and credibility in the market.
Learning from Trulioo's Approach
In conclusion, Trulioo's approach to addressing business verification challenges offers valuable insights for new businesses. By adopting similar strategies, such as fast, secure, and accurate onboarding, submitter verification, and watchlist screening, new businesses can increase digital trust, achieve compliance, and secure their operations in the face of widespread business identity theft.
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