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The KYB Introduces Enhanced Fraud Prevention Solution to Help Businesses Combat Shell Company Partnerships

30 November, 2023

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London, England – November 30, 2023 – The KYB, one of the fastest-growing B2B due diligence solution providers, unveils a new and improved fraud prevention solution. The all-new technology uses strategies to detect fraudulent entities through a dedicated set of activities and prevent these actions from causing financial and data loss to the customer and institution.

According to the Insurance Information Institute, at least 422 million people were affected by online scammers in 2022 – either executed by fraud rings or by individual scammers. The most common scams were opening new bank accounts with stolen IDs, e-commerce deceptions, identity theft, transaction scams, and booking economy sites. Additionally, with the evolving generative AI, fraudsters are becoming more refined. The KYB’s advanced fraud analytics tackle this issue with a new approach through up-to-date data sources and proprietary monitoring algorithms to deter fraudulent actions backed by MLROs to ensure every decision is accurate to the highest level.

“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 Ilma Faljic, Marketing Executive at The KYB.

The platforms work based on connections. It looks at billions of data ends across government databases based on behavioural similarities and other indicators. Using advanced strategical measures with a layer of government-provided databases, the platform grouped past performances into clusters and determined the potential fraud risk of each entity.

Key Features of The KYB Fraud Prevention:

  • UBO Identification to analyse the information regarding the company’s stakeholders and their ultimate ownerships.
  • Conducts comprehensive screenings of businesses and their owners against AML lists, sanction lists, PEP lists, adverse media, and more, ensuring regulatory compliance.
  • Official registry scanning of the entity from government-backed databases.
  • MLROs led due diligence to ensure every platform decision is accurate and to prevent false positive results.

About The KYB

The KYB is dedicated to providing business verification services, helping FI and other businesses eliminate fraud risks, enable secure transactions, and fortify trust in the digital landscape.  It sets itself apart with AI-driven precision, offering real-time AML screening,  business verification, and fraud prevention for unrivaled business compliance. Headquartered in Sussex, England, The KYB ensures that no fraudster can access the business’s data and services and onboard customers safely and quickly whilst allowing businesses to comply with know-your-business regulations.

For further information, please contact:

Ilma Faljic
Marketing Executive | The KYB
[email protected]
+387 62 709 851

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