In 2024, financial fraud is a challenging concern for every business globally. With the increasing digital transactions across borders, it is significant to have an identity verification system to authenticate business identities quickly and securely. It helps to identify identity fraud and theft in the digital world. It assists in recognizing the fraudsters, financial criminals, and identities linked to money laundering, terrorist financing, tax evasion, illicit financing, and other illegal activities. 

What Report say about financial fraud?

According to a report of Experian's 2024 Future of Fraud Forecast, nearly 70% of businesses report an increase in fraud losses. Various fraud threats, including AI-generated deepfakes, synthetic identity fraud, and fraudulent return scams are going on globally and businesses that don't have any ID verification software or any security system to identify genuine identities may have to face financial loss in their business. Fraudsters and money launderers always targeting vulnerable businesses and customers to commit fraud. 

https://medium.com/@idmerit02/top-identity-verification-companies-in-2024-bac7782a8a52