Both KYC and KYB are essential processes used by companies to verify the identities of their customers and reduce the risks related to financial crimes like fraud and money laundering. Though their goals are similar, understanding the difference between KYC and KYB is crucial for effective compliance and risk management.
With today’s prevalent digital world, fraudsters are becoming more sophisticated, and one of the fastest-growing types of fraud is synthetic identity fraud. This form of deception is particularly challenging to detect and prevent, making it a critical issue for businesses and consumers alike. But where does this type of fraud come from, and how does […]