A brand new survey from identification verification platform Trulioo reveals that almost 80% of responding organizations have suffered from enterprise identification theft. Enterprise identification theft entails defrauding, extorting, or stealing cash from an organization. The info comes from Trulioo’s International Know Your Enterprise (KYB) Survey, carried out final month. The evaluation included responses from 705 professionals in banking, funds, e-commerce, buying and selling, well being care, and the general public sector.
“Our international KYB survey exhibits that 79% of corporations have been affected by enterprise identification theft,” Trulioo Chief Product Officer Michael Ramsbacker stated. “Fraudsters all too typically discover an open door by utilizing stolen enterprise identities.”
Along with the excessive variety of corporations reporting expertise with enterprise identification theft, the survey famous that greater than a 3rd of these responding (34%) stated that they weren’t pleased with their present enterprise verification vendor. These respondents cited points with knowledge accuracy, worldwide protection, and assembly compliance laws as the main challenges to efficient and environment friendly enterprise verification.
To this finish, Ramsbacker underscored that Trulioo’s method helps companies take care of this particular assault vector by enabling corporations to conduct enterprise verification as a part of the onboarding course of. “(Our) platform permits our prospects to deploy onboarding workflows that confirm the consumer submitting the enterprise info is affiliated with the enterprise,” Ramsbacker defined. “Trulioo supplies multilayered enterprise verification and international knowledge sources, all via one platform, to assist organizations thwart these fraud threats and obtain compliance in nations world wide.”
Greater than 50% of survey respondents got here from companies reporting annual gross sales of greater than $500 million. A majority of the survey respondents reported verifying greater than 100 companies a month. The survey respondents have been geographically various, hailing from North America, Central and South America, Asia-Pacific, Europe, the Center East, and Africa.
A Finovate alum since 2014, Trulioo gained Better of Present for its demo at FinovateEurope final yr. The corporate returned to the Finovate stage this March, exhibiting how its international identification platform supplied a complete suite of companies to confirm each people and companies. Extra just lately, Trulioo launched its Superior International Particular person Match Providers with Clever Routing providing. This answer provides to the capabilities of Truiloo’s Workflow Studio, a element of the corporate’s identification platform.
“The Trulioo breakthrough method eliminates the necessity for redundant, complicated multivendor verification techniques,” Ramsbacker defined, “enabling organizations to shortly and intelligently onboard prospects and acquire a aggressive benefit.”
Headquartered in Vancouver, British Columbia, Canada, Trulioo supplies real-time identification verification of greater than 5 billion individuals and 700 million companies world wide. Based in 2011, the corporate has raised greater than $474 million in funding from buyers together with Goldman Sachs and Blumberg Capital. Steve Munford is CEO.
Make sure you take a look at Trulioo’s upcoming webinar – Optimize Onboarding to Maximize Income – coming at 10am Japanese on Tuesday, October 31.
Photograph by kat wilcox
