Persona has unveiled the latest version of their unified KYC-KYB platform, designed to combat sophisticated fraud in business onboarding and throughout the business lifecycle. These updates provide insights into both businesses and the individuals associated with them, leading to more effective fraud detection compared to traditional single-focus solutions.
The increase in business fraud has presented significant challenges across various industries, from marketplace merchant fraud to fintech application fraud. According to the FTC, business identity theft has reached unprecedented levels, with reported losses of $752 million from business impersonation in 2023 alone. Fraudsters are now targeting business verification processes due to the potentially higher payouts compared to individual schemes.
Rick Song, CEO of Persona, highlighted the changing landscape of business fraud, noting the shift towards cybercriminals adapting their techniques to target business verification flows. This is especially concerning in industries with less developed fraud prevention frameworks, where fraudsters can easily replicate successful KYC attack methods.
Persona’s signal-based architecture serves as a robust foundation for comprehensive fraud detection while minimizing the impact on legitimate business onboarding. By utilizing data points gathered during the verification process, organizations can extract valuable risk insights without needing additional customer input. The platform generates over 40 distinct signals from standard business verification data, enabling advanced fraud detection across various vectors.
To address the evolving business fraud landscape, Persona offers targeted solutions for key challenges, including advanced business impersonation detection, sophisticated fraud ring prevention, and proactive account takeover protection. These solutions leverage advanced techniques such as Chain of Trust approach, link analysis, and continuous monitoring with adaptive verification workflows to enhance security and maintain efficient conversion rates.
By unifying critical business and individual insights into an automated framework, Persona provides a holistic view that connects the dots between companies and the individuals behind them. This comprehensive approach enables customers to detect sophisticated fraud patterns and verify legitimate businesses more effectively, while also future-proofing their fraud defenses against emerging threats.
Persona’s integrated KYB-KYC solution has helped hundreds of customers streamline and automate global Know Your Business processes. Leading marketplaces and fintech companies, including GetYourGuide, Branch, and 6lock, have already implemented Persona’s business fraud prevention solution and experienced significant improvements in fraud prevention without compromising onboarding efficiency.
Gianmichele Zappia, Head of Risk and Fraud at GetYourGuide, praised the impact of partnering with Persona on their business, noting the positive transformation in fraud prevention strategies. The partnership enabled GetYourGuide to proactively identify and prevent fraudulent suppliers in real-time, ultimately safeguarding their platform’s integrity and enhancing trust with users.
Overall, Persona’s next-generation KYC-KYB platform offers a comprehensive and advanced solution to combat sophisticated business fraud, empowering organizations to strengthen their fraud prevention measures and enhance security throughout the business lifecycle.