Equifax is launching the Know Your Business (KYB) solution, with which American lenders and businesses will be able to make more informed decisions about gaining new accounts or vendors.

The new product is called Business Verification Solution. This tool satisfies the need to obtain information about the legitimacy of the business at the early stages of the application process. The corresponding need is becoming more and more urgent against the background of an increase in the number of new business apps. The relevant information is contained in the Equifax press release.

The company said that its new tool is critically important for Internet and telephone service providers, financial institutions, lenders, insurance firms, and others. The new solution will help identify potential risks, including fraud, before starting the implementation of partnerships.

It is worth noting that at present the issue of security is of particular importance in cyberspace. Hackers’ actions are becoming more sophisticated. Virtual criminals have access to advanced technologies. To avoid becoming victims of cybercrime, users need to improve their knowledge of new methods of committing digital fraud. For example, an Internet search query such as how to know if my camera is hacked will help the person to detect illegal activity.

The press release notes that Equifax’s business verification solution uses advanced data and analytical models in the industry. The new tool provides users with a coherent report that is easy to read. In this case, a more complete view of the business applicant and the principal is formed. The solution verification process is based on a comprehensive risk model and provides customers with the opportunity to evaluate many aspects of a small business.

Sal Hazday, senior vice president and general manager of Equifax’s commercial information solutions unit in the United States, says that companies belonging to the category of large and small businesses contribute to economic growth that has an impact on the communities in which they operate. According to him, the company continues to develop solutions and resources to help businesses of all sizes receive information to take informed action. Sal Hazday noted that the new tool was designed so that firms understand who offers them cooperation before starting partnerships.

In September, Equifax partnered with global identity verification firm Mitek Systems. This cooperation is aimed at preventing identity fraud. The interaction between the two companies is aimed at combating the growing threats of virtual fraud.

Equifax is integrating Mitek’s biometric identity verification and liveness technology into its digital identification software.

Adam Gunther, senior vice president and CEO of Equifax Digital Solutions, said in September that the company’s mission is to help people live their best financially. He noted that the firm is working with partners such as Mitek to provide customers with a set of identity verification and authentication solutions.