Home Science & Technology iDenfy provides the Business Verification platform to help customers identify bogus companies

iDenfy provides the Business Verification platform to help customers identify bogus companies


iDenfy introduced its automated platform Your Know Business (KYB). IDenfy’s Business Verification Services will offer customized automation in one API, helping businesses verify other companies and more effectively detect criminal activity.

iDenfy claims to have created the world’s most effective anti-fraud solution to detect bogus companies. According to iDenfy CEO Domantas Suld, the new KYB platform ensures compliance, detects real-time fraud and helps reduce the frequency of falls. The startup spent months developing unique algorithms that now scan information from more than 180 business registers, four major credit bureaus, making up more than 540 million company records.

Typically, Know Your Business (KYB) is an extension of Know Your Customer (KYC). This is the process when companies identify their customers by verifying their identities. The procedure fights money laundering, terrorist financing and tax crimes. KYB has the same features as KYC, but is used to validate businesses.

According to Ciulde, the iDenfy service is designed to detect illegitimate companies and avoid harm. According to the CEO of the company, despite the fact that there are similar tools on the market, Business Verification services from iDenfy stand out for reliability, efficiency and compatibility. Automated software instantly detects illegal companies and simplifies customer customization with minimal effort. “The goal was to turn the complex business adaptation process into a user-friendly platform similar to our first product, a four-step human adaptation solution,” adds Sulde.

The iDenfy team also conducted internal research to better understand the market and adapt its Business Verification platform to customer needs. Analyzing various companies, iDenfy noted that the number of fraudulent businesses is growing: “There have been many cases of fake,“ virtual ”registrations and business addresses. One virtual office company in England alone has registered almost 70,000 companies that allegedly work in the same office with various fictitious companies. – said the CEO of iDenfy.

KYB’s solution from iDenfy addresses this issue by identifying the company address and showing interior and exterior images of the office from street viewers, the Internet, satellite and other sources to identify and assess the potential risks of the company under review.

According to the images, iDenfy distinguishes between a dormitory, a house, a commercial space or an elite office. New Business Verification services even determine the cost of renting a company office. “If the company’s monthly expenses are worth hundreds of thousands and the monthly office rent is a few hundred dollars, it’s immediately suspicious.” – says the CEO, describing that this feature is vital for assessing the authenticity of a business address.

Many industries, especially the financial sector, must conduct business audits as a mandatory requirement. For example, companies regulated in the Business-to-Business (B2B) sector need to exercise due diligence to scan their partners. In this way, businesses provide security guarantees; otherwise violation of financial sanctions and rules will result in damage to reputation or criminal case.

One of the biggest challenges for doing business remains the regulatory burden. While some argue that compliance services are expensive, the responsibility for complying with legal and regulatory requirements affects every company – from small businesses to large organizations.

Despite this, covering fines for non-compliance with KYC or KYB does more harm. A memorable illustration of this scenario is the case of Western Union, when, according to the Federal Trade Commission (FTC), businesses ignored fraudulent payments that were made through its transfer system, causing damage to millions of account holders. The fraud schemes resulted in a refund of $ 153 million.

IDenfy CEO Darius Sulte describes that the biggest advantage of the Business Verification platform is that it is not a “one-time” risk assessment that occurs only during customer adaptation. Collecting and monitoring company data in real time helps identify money laundering risks from the beginning to the end of a business relationship.

“Our mission was to create a platform that would change the old expensive methods of verifying business in the market. Improving operational efficiency while complying with anti-money laundering requirements is a priority for every regulated company. All this can now be achieved by avoiding illegal companies in the fastest and least expensive way. We believe our new automated platform is revolutionizing the business verification landscape. ” Said Domantas Siulde, CEO of iDenfy.

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