The Traderszone Network

Published in TZ Latest News 17 November, 2021 by The TZ Newswire Staff

Digital Economy Sees Rise in Number of Fake Businesses

Digital identity verification is being put through its paces during the pandemic as remote onboarding of consumers keeps skyrocketing, bringing a reenergized wave of financial crime with it.

As troubling as the rise in false identities and resulting consumer fraud were in 2020, this year is seeing another alarming trend on the rise: an uptick in the creation of fake businesses.

This is bringing about an evolution in digital anti-money laundering (AML) and know your customer (KYC) solutions as fraudsters continually switch tactics amid the chaos.

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