These capabilities deliver insights into both businesses and the individuals behind them, enabling more effective fraud detection compared to traditional single-focus solutions.
The rise in business fraud has created significant challenges across industries, from marketplace merchant fraud to fintech application fraud. Business identity theft caused losses of USD 752 million in 2023, according to the FTC. Fraudsters are increasingly targeting business verification processes for their higher potential payouts compared to individual schemes.
Persona aims to tackle this challenge by leveraging its single-based architecture which provides fraud detection intending to minimise impact on legitimate business onboarding. By utilising data points collected during the verification process, organisations can drive risk insights without requiring additional customer input. The platform generates over 40 distinct signals from standard business verification data, enabling fraud detection across multiple vectors. This approach allows companies to identify and prevent the most common types of fraud while maintaining efficient conversion rates.
Most critical fraud challenges include business impersonation, account takeover, and fraud rings. To manage the risks, Persona implements link analysis capabilities to uncover hidden connections across businesses and associated individuals across aspects like beneficial owner information or device data. This enables organisations to identify and stop coordinated fraud attempts before they scale.
The company also integrates business registration data, online presence verification, and ownership analysis to automatically validate connections between businesses and individuals. Features such as continuous monitoring combined with adaptive verification provide security against account takeover while maintaining a simple experience for legitimate businesses.
By unifying critical business and individual insights into an automated framework, Persona aims to provide a better understanding of companies and the people behind them. This helps customers improve and automate global KYB processes through its integrated KYB-KYC solution. With end-to-end KYB capabilities, organisations can onboard businesses faster while maintaining robust verification standards.
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