With the revolution of the internet and technology, the way we do business has changed beyond recognition. The digitization of the world has urged customers and businesses to communicate digitally. The direct contact between clients and businesses and face-to-face communication is no longer a suitable option. That means the trend to manually confirm the identities of businesses through physical confirmation was forgotten long ago. Covid-19 has significantly raised the number of digital frauds causing millions of losses for individuals and businesses every year. _______________________________________________________ The businesses are always on the target of fraudsters and cybercriminals. No matter what the size of the business is, verification of the customer and other businesses is essential to protect the business from cybercriminals and intruders. To achieve this goal, bombarding individuals with intrusive questions or manually verifying the documents is not the solution as it is time-consuming and is full of errors and omissions. The answer is the use of AI-based digital verification solutions for KYB and KYC. These solutions identify and verify the ID of real-world businesses through the use of document verification to know if a business is merely a shell company. Integrating these services in your system not only eliminates the time-consuming onboarding process but it also helps the business in meeting regulatory requirements. ____________________________________________________________________________________________________________ Importance of KYB for Business _______________________________________________________________________________________________________________ KYC Solution is essential for any business and organization so is the KYB solution while dealing with other businesses. Your business might be a platform for other businesses to indulge in fraudulent activities like money laundering, account takeover, data breaches and many more. The advent of technology has raised some serious digital security concerns for online businesses. Digital fraudulent activities, data breaches, and identity theft have been on the rise and it is much easier to abuse the system than before. Such activities cause significant revenue loss for businesses. _______________________________________________________________________________ Every business wants to protect itself from fraudsters, saving them time and cost for fulfilling the orders of customers who don’t exist. Henceforth preventing them from accessing the business and carrying their illegal activities. In the long run, the use of digital verification services is a safer and cheaper solution with real-time verification results. The digital KYB checks authentication solutions are quite vigilant solutions for businesses as they make sure if the business is authentic enough to deal with it. _______________________________________________________________________________ _____________________________ KYB & KYC verification in different Industries ______________________________________________________________________________________________________________ The online industries are readily looking forward to implementing verification services to curb fraud. The KYC and KYB regulations are strictly imposed on the financial institutes and other industries. With the digitization, cybercriminals have elevated organized criminal activities by leaving the sector open. Because of this, the online industries, whether e-commerce, banks, financial institutes, or investment businesses, need to protect their services and products from being accessed by suspicious or unauthorized individuals. _________________________________________________________________________________________ Moreover, with the increasing trend of ID theft, credit card fraud, false chargebacks claim, the organizations not just need verification at the time of onboarding, instead, the authentication of the customer and businesses every single time is as important. With digital KYB the digital operations of businesses will be secured and only authorized users will be allowed access. This type of verification can identify and prohibit intruders by securing user accounts and their information.