The KYB, a leading B2B due diligence solution provider, has announced the launch of an enhanced fraud prevention solution aimed at detecting and preventing fraudulent activities that could potentially lead to financial and data loss for both customers and institutions. With online scams affecting millions of people each year, the need for advanced fraud prevention technology has become increasingly crucial.
According to the Insurance Information Institute, over 422 million individuals fell victim to online scams in 2022, highlighting the prevalence of fraudulent activities. These scams ranged from identity theft to transaction fraud and were executed by both large-scale fraud rings and individual scammers. Moreover, the advancement of generative AI has made it easier for fraudsters to refine their approaches, posing an even greater threat to businesses and consumers.
The KYB’s latest fraud prevention platform utilizes cutting-edge technology to combat these evolving threats. By leveraging up-to-date data sources and proprietary monitoring algorithms, the platform is designed to identify and deter fraudulent actions with the highest level of accuracy. This is further supported by MLROs, ensuring that every decision made by the platform is precise and reliable.
Ilma Faljic, Marketing Executive at The KYB, emphasized the importance of developing a robust fraud prevention platform in response to the staggering statistics. “Millions of scammers yearly steal billions of data and money. Considering the statistics, we’ve developed our most potent fraud prevention platform, capable of deterring fraudsters and shell companies with the highest possible accuracy,” said Faljic.
The platform operates by analyzing connections and behavioral patterns across billions of data points from government databases. Through advanced strategic measures and official registry scanning, the platform is able to group entities into clusters and determine the potential fraud risk associated with each one.
Key Features of The KYB Fraud Prevention include UBO (ultimate beneficial owner) identification, comprehensive screenings against AML lists, sanction lists, PEP lists, adverse media, and more, as well as MLROs led due diligence to prevent false positive results and ensure regulatory compliance.
The KYB is dedicated to providing business verification services that help financial institutions and businesses mitigate fraud risks, facilitate secure transactions, and build trust in the digital landscape. Its AI-driven precision enables real-time AML screening, business verification, and fraud prevention, setting it apart from other providers. Headquartered in Sussex, England, The KYB helps businesses comply with know-your-business regulations while ensuring that no fraudster can access their data and services. With its focus on enabling safe and efficient customer onboarding, The KYB is committed to driving business compliance and security in the digital age.
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