Resources:Fraud

Articles

Discover practical fraud prevention strategies, from advanced KYC/KYB checks to AI-powered detection, to protect your business effectively with Bynn.

Articles

The Economic Crime and Corporate Transparency Act (ECCTA) is a landmark UK law enacted in 2023 to enhance corporate transparency and combat economic crime. It strengthens regulations to ensure that companies are not used for illicit purposes, chiefly by introducing stricter identity verification and reporting requirements. In essence, ECCTA mandates that key individuals associated with UK companies prove they are who they claim to be. This includes a new mandatory identity verification system for people involved in running or controlling companies. Specifically, all company directors and persons with significant control (PSCs) – both new and existing – are now required to verify their identities with the companies registry. Even individuals who file documents on a company’s behalf must be verified, unless they’re registered agents under the Act.

Articles

Synthetic identity fraud is an invisible threat infiltrating businesses at alarming rates. Fraudsters create fake personas by stitching together real and fictitious information – a “Frankenstein” identity – to open accounts and commit crimes undetected. The result? The fastest-growing form of identity theft, costing businesses billions globally​. In the U.S. alone, the average loss per synthetic fraud case is around $15,000, and shockingly over 80% of new account fraud today is attributed to synthetic identities​. This isn’t a niche issue; it’s a growing epidemic. Nearly half of organizations worldwide experienced synthetic identity fraud in the past year, and 91% of U.S. companies see these fake identities as a growing threat​. Looking at recent trends, suspected synthetic fraud incidents rose 21% in just one year (184% since 2019)​. In short, synthetic identities have become a favorite weapon of cybercriminals – and no industry is immune.

Articles

Ever had a legitimate customer blocked by your KYC system even though they were who they claimed? That’s an example of a false rejection. Or worse, imagine a fraudster slipping through as a verified user – a false acceptance. In identity verification, these two error metrics are critical. The False Rejection Rate (FRR) measures how often a good user is mistakenly rejected, while the False Acceptance Rate (FAR) measures how often a bad actor is wrongly accepted.

Articles

Financial institutions worldwide face a critical balancing act in digital identity verification (IDV). Traditional banks and fintech startups both must verify customer identities to meet Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, but they often approach the task differently. This thought leadership overview compares how legacy banks and agile fintechs tackle IDV – from compliance hurdles and onboarding workflows to the latest innovations in AI-driven verification. We also explore global regulatory landscapes and fraud prevention strategies, highlighting key differences in approach.

Guides

Know Your Customer (KYC) is the process of verifying customer identities and background to meet Anti-Money Laundering (AML) requirements. In the crypto industry, KYC has become essential for exchanges and wallet providers to operate legally and safely. KYC for crypto typically involves a set of steps during user onboarding to confirm who the customer is and assess their risk – steps which are legally required under financial regulations​. By implementing robust KYC procedures, crypto platforms can deter illicit activity; vigorous identity checks make it much harder for criminals to launder money or commit fraud through an exchange, effectively dissuading bad actors from using that service​. This not only protects the business and its users from fraud and theft, but also builds trust, allowing crypto exchanges and wallets to integrate with the broader financial system. In short, strong KYC compliance helps legitimize the crypto industry, making it safer and more credible for everyday users and regulators alike.

Report

Digital identity verification has become a cornerstone of the modern digital economy, underpinning everything from banking to government services. As we enter 2025, the landscape of remote identity verification is undergoing a major transformation, driven by rapid technological advancements, increasing fraud threats, and tightening regulations. This evolution aims to meet growing security and compliance needs while maintaining a seamless user experience. The following report explores key trends shaping digital identity verification, the challenges that lie ahead, industry-specific applications, and a forward-looking outlook with recommendations for businesses and regulators.

Guides

Understanding KYB (Know Your Business) – A Guide to Business VerificationIntroductionIn today’s global business environment, compliance and trust are more crucial than ever. Financial crimes like money laundering and fraud are on the rise – an estimated $800 billion to $2 trillion is laundered globally each year​ – pushing regulators to tighten oversight. This is where Know Your Business (

Guides

Identity Verification (IDV) has become a cornerstone of doing business in the digital age. Verifying that someone is who they claim to be is crucial for preventing fraud, complying with laws, and building trust online. This guide provides a beginner-friendly overview of IDV in 2025 – why it matters, how it works, where it’s used, and what the future holds – tailored for businesses, iGaming operators, and financial institutions around the world.