Wednesday, June 9, 2021
What inspired the concept for a KYB Bake-Off Challenge?
Our thinking behind the Bake-Off challenge is because fraudsters becoming increasingly smarter and more collaborative in trying to get round those systems with the weakest links to commit their fraudulent crimes. Therefore, we felt it was essential for payments and wider financial services businesses to ensure they have all the right ingredients in order to stop fraud.
What do you hope to achieve through this initiative?
We know that by taking part in our free and simple challenge, we can quickly show those companies the information they might be missing and the potential of already available technology on the market, such as Kompli-Investigate. We’re so confident that our solutions provide the most complete and accurate KYB insight, which is why we wanted to put existing systems to the test in a ‘Bake-Off’.
What emerging trends are you seeing in the current threatscape?
Choosing partners, customers, clients or anyone to do business with is as important as hiring the right people, and getting it wrong can potentially be devastating. There are a huge number of fraudsters targeting all types of companies, and ‘serial entrepreneurs’ looking to hide their past failures, preventing companies across the payments and wider financial services sector from truly assessing their suitability.
What advice do you have for companies on protecting data?
Our advice is to make sure you know who it is you are doing business with. Companies House is a good place to start, but it isn’t the only way to ensure that you only work with the right people. If you look to the market, there are providers that can complete a full audit of companies within seconds, connecting the dots in a way that would take human professionals weeks, flagging all of the businesses and individuals connected to a company. This allows you to audit the companies you work with in a faster, more thorough way, giving you the best defence possible against fraud.
To find out more about The Great Kompli-Global, KYB Bake-Off challenge, visit: www.kompli-global.com/products/investigate/#Bakeoff 
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