IDology is trying to make it easier for businesses to comply with their Know Your Business (KYB) obligations. To that end, the company has expanded its existing ExpectID identity verification portfolio with the release of the aptly named ExpectID Business solution.
With ExpectID Business, IDology clients can essentially automate what has historically been a manual due diligence process. The solution draws on a number of different data sources to assign a risk score to each potential partner, and in doing so, allows organizations to move forward with the confidence that that operation is legitimate. ExpectID Business will gauge the risk level of the business entity itself, as well as all of the individuals that have been authorized to act on its behalf. It also cross-references each name and business with multiple watchlists.
According to IDology, the solution eliminates the need for difficult and time-consuming manual evaluations, which are more prone to human error. Once the analysis is complete, IDology’s clients can decide how they want to proceed based on the results and their own risk tolerance.
As it stands, the overwhelming majority (98 percent) of B2B operations fell victim to some kind of fraud attack in the past year. ExpectID Business lets clients vet more organizations in a shorter amount of time, which in turn allows them to sign partners and expand more quickly.
“Fraud and money laundering are growing threats to the B2B sector, making KYB a major pain point for businesses,” said GBG Americas CPO Heidi Hunter. “We’re giving our customers the data insight and guidance they need to confidently onboard legitimate customers and identify higher-risk customers to avoid the costs associated with more complex background checks.”
IDology has previously argued that businesses will need to shoulder some of the responsibility for fraud prevention if they want to protect themselves and retain the trust of their customers. GBG, IDology’s parent company, also acquired Acuant in November of 2021.
June 8, 2022 – by Eric Weiss