iDenfy's new KYB platform examines money movement through shell companies

iDenfy, the European fraud prevention startup, released fully customisable Business Verification services. iDenfy’s approach of Know Your Business (KYB) will scan government and commercial databases to detect shell companies and prevent money laundering, all in one platform. The services will help organisations screen their partners in real time, eliminating chances of fraud, non-compliance fines, and reputational loss.

iDenfy’s Business Verification services will show if the company that is being scanned is legit, showing its activity records from start to finish. The software will display the company’s ownership data, registration records, and credit rating by reviewing various business registries and major credit bureaus.

Asked about the idea behind the new KYB project, company officials noted that the fraud prevention startup conducted internal research for better results and noticed alarming changes in the market: ‘The number of attempts to open shell companies and corporate bank accounts increased by 35% in since the beginning of 2022, along with the use of forged identity documents.’

Following the situation, the startup decided to upgrade its customer identity verification system by adding a business identification approach to its existing AI-powered fraud prevention package. According to Ciulde, the large number of new applications for obtaining bank accounts complicates the work of employees of financial companies and reduces the focus on distinguishing shell companies from real ones.

The startup has developed new algorithms specifically for its Business Verification service and integrated 4 major credit bureaus along with 180 state registry centres to provide access to data on more than 200 million companies. iDenfy claims that screening and monitoring multiple data points are vital since fraudulent parties mask their activity by using fictional addresses, off-shore accounts, and even use the private homes of unsuspecting residents.

For more information about iDenfy, please check out the company profile in The Paypers Company Database.