Trulioo , a global identity verification platform, has announced new research showing that 79% of responding organisations have experienced defrauding, extorting or stealing money. The following findings come from the Trulioo September 2023 Global Know Your Business (KYB) Survey.

This survey included responses from 705 banking, trading, payments, online marketplace, health care, and government professionals. As per the press release, the company states that more than 50% of respondents report annual sales revenue exceeding USD 500 million, and a majority (65%) verify more than 100 businesses per month. About a third (34%) of respondents report dissatisfaction with their current business verification vendor.

Participating firms cite data accuracy, global coverage, and compliance requirements as the top three challenges they face in conducting business verification. Moreover, the dynamic business landscape also ranked high as a challenge for large global companies. The press release further highlights that the business fraud threat is driving urgency in the verification market, with more than 75% of respondents indicating they will likely invest in such solutions within the next year.

KYB solutions help organisations address business verification challenges, minimising both false positives and negatives. Trulioo helps organisations increase digital trust by enabling fast, secure and accurate merchant and supplier onboarding, submitter verification, and watchlist screening. About Trulioo Based in Canada, Trulioo offers global coverage for business and person verification.

The company operates in 195 countries and verifies more than 12,000 ID documents and 700 million business entities while checking against more than 6,000 watchlists. Its comprehensive suite of in-house capabilities, integrated across a single automated platform, powers customisable onboarding workflows tailored to meet any market. Combining its technology with expert verification knowledge across diverse markets, Trulioo enables verification assurance, optimising onboarding costs and fostering trust, and security in the global digital economy.

In June 2023, Trulioo released new offerings to further improve business automation processes. The company would provide a fully end-to-end Know Your Business (KYB) service that was designed to automate the manual verification procedure, in order to confirm that the individual is legitimate and suitable to collaborate with. This aimed to reduce the time allocated to the onboarding process and make it more secure and seamless.

Trulioo would leverage artificial intelligence to improve the way organisations and firms streamline individual and business verification at a global scale. The Trulioo global identity platform would perform KYC checks on a company’s ultimate beneficial owners in the same workflow. .