iDenfy introduces KYB platform to detect false companies

Friday 13 May 2022 12:44 CET | News

Identity verification startup iDenfy has delivered an automated Know Your Business (KYB) platform to screen other companies and find criminal activity.

iDenfy claims to have created a fraud prevention solution to detect bogus companies. According to company officials, the new KYB platform ensures compliance, detects fraud in real-time, and helps decrease drop-off rates. The startup developed algorithms that scan information from more than 180 Business Registries and four credit bureaus, which makes over 540 million company records in total.

Typically, Know Your Business (KYB) is an extension of Know Your Customer (KYC). It’s a process where companies identify their customers by verifying their identities. The procedure fights money laundering, terrorist financing, and tax crimes. KYB shares the same features as KYC, but it is used for business verification.

The service is designed to detect illegitimate companies and avoid damage. The automated software instantly recognises illicit companies and allows customer onboarding with low effort. The goal was to turn the complex business onboarding process to a user-friendly platform, similar to the startup’s first product, the four-step person onboarding solution.

iDenfy’s team also conducted internal research to understand the market and adjust its Business Verification platform to the customers’ needs. By analysing different companies, iDenfy noticed that the number of fraudulent businesses is rising. One virtual office company in England alone had registered almost 70,000 companies allegedly operating in the same office with various fictitious companies.

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Keywords: iDenfy, product launch, KYB, AML, digital onboarding, CFT
Categories: Fraud & Financial Crime
Companies: iDenfy
Countries: World
This article is part of category

Fraud & Financial Crime


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