How to Set Up an AML Compliance Program

by Tamas Kadar
As the name suggests, data enrichment is all about gaining extra information. But how does it work, and who does it best? The answer depends on your business needs. This is why we’ve looked at as many use cases as possible to help you find the right solution.
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A data enrichment tool allows you to take single data points and connect them to external data sources. The key objective is to get more information.
Data enrichment tools are useful to learn more about a website user, a business, or a potential customer.
Try our free tool below and see what data is fed back, based on your email address, phone number or IP address:
One of the major benefits of data enrichment tools is that you do not need to ask for more information. They provide frictionless extra information – which is why they are so popular to verify IDs during onboarding and at the transaction stage.
Data enrichment tools can look at a variety of data points, such as IP addresses, email addresses, or phone numbers. However, here are key features to keep in mind when choosing yours:
Disclaimer: Everything written about the companies mentioned in this article was gleaned from online research, including user reviews. We did not have time to manually test all the tools. However, we ensured the information was correct as of Q3 2022. Feel free to contact us to request an update/correction.
SEON offers solid fraud prevention based on four data enrichment modules, which you can enable based on your needs. There is an IP address data enrichment tool, a reverse phone lookup tool, and a reverse email lookup tool, plus a way to learn more about credit cards based on a BIN number.
All the information is delivered via API calls in real-time, but you can also perform a manual query, utilize as a Shopify app, or use a Google Chrome plugin.
Here are some of the questions you will be able to answer using these data enrichment tools:
All the results come in clear, human-readable terms, and they’re taken into account when calculating a risk score. The scoring engine itself gives you complete control over your decision to allow or block a certain user action, with both factors and results fully customizable.
Best of all, SEON is one of the few fraud prevention solutions that come with a free 14-day trial (extendable to 30 days) and transparent pricing, so you can get a clear idea of your ROI before you deploy it.
Experian is one of the most renowned credit scoring companies in the UK, but it also offers worldwide data enrichment services, with a focus on completing customer records. This can be useful if you need to meet KYC verification and AML (anti-money laundering) requirements.
The data enrichment services start by validating contact data from names, email addresses, residential addresses, or phone numbers. The data is then cleaned and enriched to gain a deeper understanding of the customer with up to 900 additional data elements.
Experian’s data enrichment is available as a free trial, but it can be confusing to know exactly which product to choose. There is a data quality platform and integration with Salesforce, Magento, Microsoft, and Oracle, among others, but there is no clear answer as to how it fits into other products such as business credit reports, targeted marketing, or debt collection – all other services that Experian offers.
Clearbit is the marketing data platform used by Intercom, Asana, and Hubspot, among others. Its use case runs the gamut from targeting B2B audiences to streamlining operations and to personalizing customer journeys.
Clearbit’s unique take? All the data enrichment is performed in-house and not outsourced to other data providers. Clearbit scans more than 250 sources including websites, public records, legal filings, and social media networks. Each data source is scored, and the ones with the higher trust level are given more weight.
Last but not least, the data is updated in real-time, so you can be certain that stale databases don’t skew your results.
Another familiar name that offers data enrichment: Crunchbase. The world’s most popular database for startups, funding rounds, and investors also doubles as prospecting software to help you find and close the right deals.
Crunchbase Enterprise lets you access all the business data of a company right in your CRM via a simple API connection or bulk CSV export.
You can then use it to your advantage, whether it’s to personalize communications, discover recommended prospects based on your needs, or perform market research.
Over 5,000 companies rely on MaxMind’s GeoIP data to enrich data about their website visitors. It can be useful for fraud prevention but also to show relevant content and ads, to get more precise analytics, and to enforce digital rights (copyright and similar issues).
Businesses can learn about their users’ connection speeds, ISPs, and there is also a dedicated fraud prevention solution for ecommerce, called minFraud.
This is in addition to the other six services MaxMind offers, which include commercial licensing, precision web services, and anonymous IP databases.
Similar to Crunchbase, ZoomInfo is a B2B intelligence and contact data enrichment tool spawned from a directory. The key USP here is that ZoomInfo (formerly DiscoveryOrg, which it acquired in 2019) works for sales, marketing, and even recruiting.
The company is currently used by some of the biggest corporate names such as Google, Amazon, and, yes, Zoom video, which has nothing to do with ZoomInfo otherwise.
How it fares for smaller businesses is less clear, but you can use ZoomInfo to verify company and profile data, all accessible in a few clicks or via Salesforce integration.
If you want to see if ZoomInfo makes sense for you, there is a trial to get you started.
Sometimes you want to learn about people and businesses but with BuiltWith, it’s all about learning more about the technology. As the name suggests, this database and online service allow you to see what more than 673 million websites were built with.
That includes CMS, CDN, software, and competitor comparison. You also get contact names, emails, and titles (within GDPR restrictions), usage alerts, and predictive leads.
BuiltWith is also a go-to solution for market research and technology statistics. All the data is available via a plug-in extension, API calls, and a whole host of third-party integrations. It’s not cheap, though, starting at $295 per month for the Basic plan.
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These tools work by automatically merging data from multiple sources, using a first-party database as a starting point.
The tool gathers raw data and connects it to external databases before then relaying the findings to the original database owner.
A good example is a reverse email lookup tool. A data enrichment tool will search for other online places where that email address appears. It can be on social media websites platforms or online websites.
Type in an email address into a search bar below to see ours in action!
The goal is to make the initial raw data more useful. With an email address, for instance, you can get more information about the owner, to help you make better business decisions.
According to Experian, 26% of organizations plan to invest in data enrichment projects to target customers, prioritize leads, and improve their marketing efficiency and ROI.
When it comes to fraud prevention, data enrichment is very important since it helps complete the picture you may glean of your online users. More to the point, it lets you spot red flags that could point to criminal activities, such as:
The goal is to allow you to learn as much as possible about who is on your site, without slowing down their experience. Because data enrichment happens behind the scenes, you can use the information to calculate how risky a user’s actions are in real-time. You can then use that risk score to accept or block a user action such as a login, signup, or payment.
Data enrichment is a powerful tool with dozens of use cases – which is to say, the right solution depends largely on what you want to do with it.
Hopefully, this guide offers a good primer on the topic, whether you need to learn more about your marketing leads, hire better candidates, or ensure you only allow the right users on your website to reduce fraud rates today.
In theory, no. A good data enrichment solution should only aggregate information for public databases, or have the rights to the data. The GDPR, for instance, is very clear about allowing data enrichment, especially in the context of fraud prevention.
Data enrichment is an added expense for companies, but one with a proven track record of delivering results. This is true in the context of accelerating marketing prospecting, or speeding up manual reviews for improved security.
Data enrichment tools are applications designed to merge data from an existing database with third-party data. This allows companies to gain deeper insights into their records, for a variety of use cases such as targeted marketing, lead scoring, data compliance, or fraud prevention.
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Tamás Kádár is the Chief Executive Officer and co-founder of SEON. His mission to create a fraud-free world began after he founded the CEE’s first crypto exchange in 2017 and found it under constant attack. The solution he built now reduces fraud for 5,000+ companies worldwide, including global leaders such as KLM, Avis, and Patreon. In his spare time, he’s devouring data visualizations and injuring himself while doing basic DIY around his London pad.
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