Resources:Fraud

Articles

Discover essential tips to verify a company's legitimacy. Protect yourself from scams and make informed decisions. Read the article for practical advice.

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Prevent catfishing and romance scams with Bynn’s AI-powered identity verification. Build safer, more trusted dating platforms in 2025.

Guides

In today’s digitized economy, a small square QR code on an invoice or receipt can carry huge significance. Around the world, tax authorities are mandating the use of QR codes in invoices and receipts to combat fraud, streamline audits, and improve tax compliance. For multinational enterprises, the rapid spread of QR in invoice and receipts requirements means navigating new regulations in nearly every market – and the stakes are high. Embracing this trend is not just about avoiding fines; it’s about leveraging technology to enhance transparency and efficiency in financial operations.

Articles

Explore real-world anti-money laundering scenarios and learn how proactive AML strategies and advanced solutions like Bynn can safeguard your business effectively.

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.