Persona Unveils Industry-First Business Fraud Prevention Solution

New solution strengthen defenses against rising business impersonation and fraud rings

Persona, a leading global identity platform, announced the next generation of their unified KYC-KYB platform that will combat sophisticated fraud during business onboarding and throughout the business lifecycle. These enhancements deliver unprecedented insights into both businesses and the individuals behind them, enabling more effective fraud detection compared to traditional single-focus solutions.

The rise in business fraud has created significant challenges across industries, from marketplace merchant fraud to fintech application fraud. According to the FTC, business identity theft has reached unprecedented levels, with $752 million in losses from business impersonation reported in 2023 alone. Fraudsters are increasingly targeting business verification processes for their higher potential payouts compared to individual schemes.

“The landscape of business fraud has fundamentally changed,” said Rick Song, CEO of Persona. “With business fraud offering significantly higher returns than individual fraud schemes, we’re seeing cybercriminals rapidly adapt their techniques. What’s particularly concerning is how easily fraudsters are transferring successful KYC attack methods to business verification flows, especially in industries with less developed fraud prevention frameworks.”

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Comprehensive Protection Against Emerging Business Fraud Vectors

Persona’s signal-based architecture provides a powerful foundation for comprehensive fraud detection that minimizes impact on legitimate business onboarding. By leveraging data points already collected during the verification process, organizations can derive rich risk insights without requiring additional customer input. The platform generates over 40 distinct signals from standard business verification data, enabling sophisticated fraud detection across multiple vectors. This intelligent approach allows companies to proactively identify and prevent the most common types of business fraud while maintaining efficient conversion rates.

Building on this signals-based foundation, Persona delivers targeted solutions for today’s most critical business fraud challenges:

• Advanced Business Impersonation Detection: A comprehensive “Chain of Trust” approach integrates business registration data, online presence verification, and ownership analysis to automatically validate connections between individuals and businesses.
• Sophisticated Fraud Ring Prevention: Enhanced link analysis capabilities uncover hidden connections across businesses and associated individuals across aspects like beneficial owner information or device data enabling organizations to identify and stop coordinated fraud attempts before they scale.
• Proactive Account Takeover Protection: Continuous monitoring combined with adaptive verification workflows provides robust security while maintaining seamless experiences for legitimate businesses.

“Traditional fragmented approaches to business verification which focused on just one aspect of a business like its registration information or online presence have left organizations vulnerable,” added Song. By unifying critical business and individual insights into a seamless, automated framework, we provide a holistic view that connects the dots between companies and the people behind them. This comprehensive approach enables our customers to detect sophisticated fraud patterns and verify legitimate businesses more effectively, while future-proofing their fraud defenses against evolving threats.”

Persona helps hundreds of customers streamline and automate global Know Your Business (KYB) processes through their integrated KYB-KYC solution today. With end-to-end KYB capabilities, organizations can onboard businesses faster while maintaining robust verification standards. Leading marketplaces and fintech companies like GetYourGuide, Branch, and 6lock are already using Persona’s business fraud prevention solution, seeing significant improvements in fraud prevention without compromising their onboarding efficiency.

“Our partnership with Persona had an incredible positive impact on our business,” said Gianmichele Zappia, Head of Risk and Fraud at GetYourGuide, a global online marketplace for travel experiences which serves over 12,000 cities.. “It has fundamentally changed the way we approach fraud prevention, allowing us to proactively identify and stop fraudulent suppliers in real-time, thereby protecting our platform’s integrity and enhancing trust with our users.”

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