Fraud-as-a-Service: The New Dark Web Service & How ID Verification is Preventing It?

The dark web is the home to a range of fraudsters. The majority of cybercrimes, financial frauds, and more can be traced back to the dark web in one way or another. This also includes Fraud-as-a-Service (FaaS) platforms that offer phishing kits, fraud kits, stolen credentials, and other tools to conduct fraud. With these tools […]

All You Need to Know About Multi-Accounting Fraud

Online platforms such as marketplaces, gaming sites, fintech apps, referral programs, and online stores are constantly under threat from fraud. Fraudsters keep coming up with newer methods to conduct fraud, and multi-accounting is one of them. Multi-accounting is where a single user creates multiple fake accounts to exploit a system. In this guide, we’ll explore […]

Open Banking: The New Era of Financial Auditing

The world of auditing is changing rapidly, and Open Banking is driving the change. For decades, auditors have relied on traditional, manual processes—chasing down client records, cross-referencing financial statements, and making sense of fragmented data. It’s a system that works, but it’s far from perfect. Traditional audits are slow, prone to human error, and often […]

Proof of Income Verification – Common Documents Used for POI Verification

Proof of income is a critical requirement in various financial and legal transactions, from securing a loan to renting an apartment. Lenders, landlords, and government agencies often request proof of income to assess an individual’s financial stability. While there are several documents that can serve this purpose, verifying their authenticity is equally important. In this […]

documents for proof of income verification

Refund Fraud – What is it & How to Stop It?

Refund fraud is not just an occasional inconvenience; it’s a well-organized and increasingly sophisticated crime that drains billions of dollars from businesses each year. Unlike chargeback fraud or phishing, refund scam happens after a legitimate purchase has been made, making it harder to detect and prevent. Fraudsters are exploiting the weaknesses in refund policies and […]

What is EIN Verification in KYB Compliance?

Employer Identification Number or EIN is a type of Tax Identification Number (TIN) that’s issued by the IRS in the US for businesses. EIN is crucial for KYB compliance as it helps in proving that a business is operating legally. Including EIN in the KYB verification process helps in verifying whether a business has a […]

Guide to Protecting Yourself after an SSN Data Breach

SSN (Social Security Numbers) data breaches have become common, and they expose the victims to cyber-attacks and identity theft. Social security numbers are one of the most sensitive pieces of personally identifiable information, leaving the victims vulnerable to all kinds of frauds. How Does an SSN Data Breach Happen? Recent data breaches highlight vulnerabilities in […]

How Do Mortgage Lenders Check & Verify Bank Statements?

If you seek a mortgage for buying a new home or for refurbishing, it has to be approved by a mortgage lender for you to get your loan. One of the major factors involved in loan approval is the verification of the borrower’s financial information, but how do mortgage lenders verify bank statements for loan […]

how do mortgage lenders verify bank statements

The Complete Guide to Balance & Audit Confirmations

Balance & Audit confirmations are highly misunderstood when it comes to auditing. For businesses to boast about financial accuracy, balance & audit confirmations are absolutely necessary. In this guide, we’ll break down everything you need to know about balance audit confirmations. What Are Balance & Audit Confirmations? At their core, balance and audit confirmations are […]

Open Banking Tools to Prevent Audit Breaches

Audit breaches & failures have become a normal occurrence. However, most of the breaches are unintentional, they’re caused by inadequate audit tools. Recent audit failures are teaching businesses that a lack of proper audit frameworks can be catastrophic. Failing audit breaches leads to huge fines for non-compliance. Businesses can avoid financial, legal, and reputational damages […]

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