Bectran Secretary of State Corporate Verification helps companies identify potential fraudulent transactions - Help Net Security

Bectran has released an automated Secretary of State Corporate Verification solution.

The Secretary of State Corporate Verification solution allows companies to automatically verify the corporate identity and business profile of potential business credit customers by referencing Secretary of State databases across all 50 states. Corporate identity verification helps companies to identify and isolate potential fraudulent transactions.

Currently, manual corporate identity verification is a slow and error-prone process, causing delays in credit decision-making that prolong new customer onboarding. Companies verifying the identity of potential business customers must navigate to the state specific Secretary of State website where the details are listed and perform a manual search.

This process can be time-consuming when the volume of transactions requiring corporate identity verification is high. However, abandoning the corporate identity verification process could create potential exposure to fictitious entities.

The Bectran Secretary of State Corporate Verification solution initiates significant advancements in the ease, speed, and simplicity of business identity verification. This solution was designed to automatically transmit data between the Bectran platform and the Secretary of State databases, allowing businesses to fully automate the corporate identity verification process, while remaining fully compliant with internal audit requirements. Bectran’s use of real-time data validation reduces application processing time up to 90% for faster credit decision-making.

“Purchase credit fraud is best prevented during the credit origination process, so that companies can identify bad actors and prevent losses before they occur. Integrating Secretary of State Verification into the Bectran Credit Management system has enabled our customers to quickly validate business entity information in real-time, eliminating the need to manually search for corporate information in the respective Secretary of State websites. This solution delivers immediate improvements to businesses’ fraud risk management efforts while creating a more efficient customer credit application process, “said Louis Ifeguni, CEO of Bectran.