Build Better Business Onboarding

Fraudsters often have easy access to the information they need to hijack identities from businesses, forcing organizations to quickly determine if the companies they onboard are real.

But there are onboarding strategies that can help. The “Build Better Onboarding and Beat Business Identity Theft” webinar from Trulioo explores how flexible onboarding workflows that blend powerful verification capabilities help organizations quickly adjust to emerging fraud threats while meeting customer acquisition goals.

The Evolving Digital Business Landscape

The ever-expanding digital economy includes a broad range of business types – sole proprietors, small and medium-sized companies, and large, complex enterprises – for organizations to verify.

Organizations also have to adapt to a regulatory landscape that shifts and expands as new fraud threats emerge. Regulations, such as the U.S. INFORM Consumers Act, vary around the world and derive from a range of regulatory bodies, such as the European Banking Authority.

The variety in business type, location and governing regulations has led organizations to accumulate verification point solutions to navigate complex onboarding challenges around the world.

Recent shifts in the global economic environment also have affected how organizations onboard customers. Tighter budgets have turned what once was a mentality to onboard as many customers as possible into a focus on efficiently onboarding good users.

That shift toward efficiency has led organizations to prioritize vendor consolidation and cost-effective onboarding.

The Need to Balance Multiple Onboarding Priorities

Fraud mitigation, enterprise growth, regulatory compliance, optimized customer acquisition costs and vendor consolidation are all critical business onboarding elements. The challenge for organizations is to develop a strategy that balances those priorities.

Flexible workflows that enable organizations to mix and match verification techniques can form the foundation of that business onboarding strategy. Those workflows can combine checks against global and local data sources, ID document verification and Know Your Customer due diligence for a business’s ultimate beneficial owners.

When organizations apply that mix-and-match approach through a global platform, they can adjust verification workflows to match business onboarding needs in any market around the world.