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As Cybercrime Escalates, Businesses Fight Back with Technology and Big Data

Data breaches and other forms of cyber crime are on the rise, as are fraud and corruption. These threats pose menacing risks to both businesses and governments.

Trulioo, a U.S.-venture-backed Canadian technology company that provides bank-grade electronic identity verification for businesses worldwide, is experiencing significant growth as a result of this trend.

We spoke with Zac Cohen, Trulioo’s first-ever General Manager, who was recently hired to help scale the company’s operations and teams for its unprecedented growth to find out more about his new role and the future plans for Trulioo.

TV: What are your responsibilities as Trulioo’s new general manager?

ZC: I work closely with our leadership teams to develop cooperative and dynamic processes that are aligned with the company’s strategic business and organizational goals. I also collaborate with [CEO] Stephen Ufford to develop, execute, and manage new business development strategies and growth for the company.

TV: What is behind Trulioo’s rapid growth as a company?

ZC: In today’s digital world, it’s no surprise that verifying identities online is big business. Delivering a bank-grade AML/KYC compliant solution creates growth opportunities for innovative companies like Trulioo who bridge that digital divide. We are seeing a significant increase in demand for risk mitigation solutions, and a greater need for versatile technology that satisfies international regulatory compliance obligations.

In industries like financial services, regulators are getting tougher on companies that fail to meet strict compliance requirements, issuing record fines to major international banks. Elsewhere, we’re seeing widespread data breaches at big box stores like Target, Home Depot, and more. Even in emerging markets there’s a huge opportunity as the middle class’s online presence grows rampantly, and their desire for financial inclusion gains momentum.

Overall, identity verification has become more important than ever for businesses to protect themselves and their customers from fraud, and to ensure that companies operating within regulated industries remain compliant. At Trulioo, we’re continuing to build out effective operations and business development strategies that enable our teams to collaborate and scale across these market opportunities worldwide.

TV: Who are your customers?

ZC: Trulioo’s customers come from all over the business spectrum. We work closely with businesses in eCommerce, financial services, banks, insurance, travel, gaming, and peer-to-peer marketplaces.

TV: How does Trulioo help businesses protect against fraud?

ZC: One example at top of mind is how Trulioo’s identity verification service, GlobalGateway, protects online gaming businesses from fraudulent withdrawal attempts. One such customer saw a patron request a payout, but after entering their identity information into GlobalGateway the results returned was “Not Verified.”

See, unlike other services, we don’t just return a score when verifying identities. Instead, GlobalGateway presents a comprehensive matrix matched against legitimate source information, such as citizen records, credit header data, and government-issued ID document databases, that show you exactly what portions of ID data were matched, or not, and based on a customizable rule set, return an easily interpreted and highly effective ‘Verified’ or Not Verified result.  This allows our customers to make the most informed decision about whether or not someone is using a legitimate identity.

As a result of the investigation, our customer confirmed that the patron’s identity was suspicious. Authorities were notified and no payment was made. GlobalGateway saved our customer $6,000 that would have otherwise gone to a fraudster.

TV: How does GlobalGateway help businesses adhere to regulatory compliance?

ZC: GlobalGateway has access to over 140 trusted and licensed data sources to provide coverage for 3 billion people in more than 40 countries. Unique product features like easily integrated APIs and customizable rules sets, ensure seamless deployments and the best match rates according to applicable regulations, As a result, our product is effective in helping businesses comply with their anti-money laundering [AML] and know your customer [KYC] obligations wherever they do business.

GlobalGateway can also verify whether or not clients are on any one of 26 global watchlists, which mitigates risk by flagging individuals due to suspected money laundering or terrorist funding, global sanctions, political exposure, or other security reasons.

The global marketplace looks very different than it did a decade ago, let alone 40 years ago, when many of these regulations were created. It’s only reasonable that businesses fight fraud and cyber criminals using today’s data and technology-based solutions, such as electronic identity verification (eIDV).                                                                                                                                                                                  

TV: What’s next for Trulioo?

ZC: This will be a big year for Trulioo and AML/KYC identity verification.  We’re expecting triple digit growth as regulators enforce greater scrutiny, and our customers increasingly deploy the fast, reliable, and cost-effective ID verification solution we’ve brought to market.

But we’re also really excited about continuing to build strong partnerships with organizations that help provide access to financial services to the poor. Our team is focused on advancing financial inclusion so that everyone has an opportunity to actively participate in the global economy. Combining GlobalGateway with cyber ID data from sources such as social networks, ad networks, mobile and eCommerce sites, the unbanked and underbanked finally have a digital footprint that they can use to verify who they are, and surpass an overlooked hurdle many of us take for granted.

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