According to recent research by global identity verification platform Trulioo, 79% of surveyed organizations have fallen victim to fraud, extortion, or financial theft. The data is based on the September 2023 Global Know Your Business (KYB) Survey conducted by Trulioo, which collected responses from 705 professionals in sectors such as banking, trading, payments, online marketplaces, healthcare, and government. Over half of the respondents reported annual sales revenue exceeding $500 million, and a majority (65%) verified more than 100 businesses each month.
Notably, 34% of respondents expressed dissatisfaction with their current business verification vendors. The primary challenges cited included issues related to data accuracy, global coverage, and compliance requirements. Additionally, the rapidly changing business landscape posed challenges for large global companies.
The research underscores the increasing urgency in the verification market due to the threat of business fraud. More than 75% of respondents indicated their intent to invest in such solutions within the next year.
KYB solutions play a crucial role in addressing business verification challenges, aiming to reduce both false positives and false negatives. Trulioo aids organizations in bolstering digital trust by facilitating swift, secure, and precise onboarding of merchants and suppliers, verifying submitters, and conducting watchlist screenings.
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