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Game of Threats

In the vast landscape of threats impacting businesses, knowing who you are doing business with should not be one of them. In this edition of the Enigma newsletter we’re covering our latest product updates and enhancements to KYB to enable you to get ahead and defend against fraud including

  • 5% lift in automated address verifications
  • Higher confidence checks with verification tiers
  • Screening just got PEP-pier

5% lift in automated verifications

A business’s registration filing doesn’t always reflect where it actually operates. This gap adds drag to verification workflows by flagging a legitimate business simply because its registration hasn’t caught up to the business address footprint.

To narrow that gap, our KYB verification now checks addresses sourced from government records newly added to Enigma’s data model, on top of the registration and operating locations it already covered.

Thanks to that expanded coverage, automated verification rates are up 5% across customer queries, with no change to response times, which means fewer false mismatches in your queue.

What’s new:

  • Mailing addresses now count toward a match, sourced from newly added data sets, alongside registration and operating locations
  • Every match shows which address type it’s based on, so you can see exactly what you’re looking at when you review a decision
  • These filings come straight from government records and verifiable sources, so they’re citable. Trace any match back to the original document if you want to check it yourself.

Raw address data is messy. Matching it to the right business takes real entity resolution, which is the part most KYB providers skip, and it’s why this kind of coverage is hard to find elsewhere.

Verification tiers, made visible

Zooming out, one place this expanded data model shows up directly in Enigma Console is verification tiers. We wrote about tiers in our previous editions of the newsletter. As a refresher, verification tiers grade how independently each business can be corroborated, from self-reported records up to the signals it cannot fake: card activity, government records, verified locations, review history.

The addition of these government records and other credible data sets gives you more independent evidence to distinguish more real businesses to automate approvals with confidence.

We’ll have more to come on verification tiers in the next edition of the newsletter.

Screening just got PEP-pier

Our most recent update is that customers can now screen for Politically Exposed Persons (PEP) alongside sanctions lists, sourced directly from primary government records across the US, Canada, Europe, Asia, and the Middle East.

What’s new:

  • Independence: Every PEP record is sourced directly from government publications, rather than relying on a third-party vendor
  • Coverage that keeps expanding: On a weekly basis, we add coverage across regions and position types as well as linking back to the source
  • Compliance-grade legal basis: Our PEP roster selection maps to FATF Recommendations 12 & 22, FinCEN FIN-2008-G005, and equivalent Canadian and EU regulations
  • Bottom line for customers: There is no additional cost with your existing integration

For our screening depth region by region view our PEP coverage here

These are just a few of the KYB V2 product updates the team has been working on. We’ll have more to come in August.