Trulioo claims huge increase in KYB adoption as US tightens ID verification requirements

KYC firm Trulioo claims to have seen a 586 percent increase in Know Your Business (KYB) adoption, ahead of the implementation of the U.S.’ new INFORM Consumers Act, which came into play today.

The new legislation will force e-commerce platforms to collect more information about the identity of their high-volume sellers, with potential civil penalties of $50,120 per violation on the table for online marketplaces.

Online marketplaces, including some of the largest such as Amazon, eBay, and Etsy, will need …

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