Scaling Up Global Business Verification, Featuring Forrester

The landscape for business verification is evolving as new fraud techniques emerge, regulations change and more small companies enter the digital economy.

The on-demand webinar, “Scaling Up: Insights on Global Business Verification, Featuring Forrester,” explores how global organizations can keep pace. Andras Cser, Forrester vice president and principal analyst, and Kiran Kumar, Trulioo vice president of product management, discuss techniques that can help organizations balance growth and compliance while onboarding small and medium-sized businesses.

AI and the Changing Nature of Fraud

AI and synthetic identities are reshaping digital verification and fraud prevention. As regulatory authorities keep pace with technological advancements, compliance grows in complexity.

Many companies self-regulate to manage risk and maintain trust. Those processes grow stronger when they apply a risk-based approach to onboarding and verification.

Cser and Kumar suggested organizations focus on transparent AI verification algorithms and fair digital identity processes. Companies that apply AI and data to manage risk can position themselves to create trusted, secure digital environments.

The Evolution of Business Verification

As more small and medium-sized companies enter the digital economy, business verification processes will evolve, prompting organizations to adapt to ensure efficiency, compliance and risk management.

Organizations, Cser and Kumar said, will place a greater emphasis on data credibility and freshness as well as source transparency when verifying those small companies and sole proprietorships. Those verification processes might also require review of tax, bank account, shareholder and other documents to establish legitimacy.

There also is an emphasis, Cser and Kumar said, on ongoing monitoring to detect fraudulent activities and improve risk-based decisions.

Balancing Automation and Regulatory Compliance

While automation can handle many tasks, the human element remains crucial for nuanced risk analysis and decision-making, particularly for cases that require detailed scrutiny.

A hybrid approach that automates data collection and verification processes while maintaining human oversight for risk management and mitigation helps deliver efficient onboarding without compromising compliance.

Customizable verification workflows that align with an organization’s risk posture can deliver the right hybrid process for any business onboarding scenario anywhere in the world.