Welcome to our Q2 2024 product update! We've made significant enhancements to our Web Presence Review, allowing you to access over 300 data points on a business’ profile in under 30 seconds with just a website URL as the search parameter. We've also introduced major advancements in ongoing business monitoring to enable real time alerts when a business moves into a higher risk business model. 

Here’s  what's new this quarter.

Review Sentiment Analysis

We’ve leveraged fine-tuned large language models (LLMs) to analyze a sample of the merchant’s reviews. This enhanced sentiment analysis identifies potential issues related to delivery, product quality, and even signs of closure. Additionally, we've expanded the data sources we pull customer reviews from, including the Better Business Bureau. This proactive approach allows TrueBiz customers to deeply understand the reputational risk of a merchant in under 30 seconds with a Web Presence Review. This reduces the need for analysts to time digging around and manually assessing reviews.

Advertising and Keyword Analysis

Understanding how a business markets itself is crucial to establishing what it actually does. The Web Presence Review now analyzes ads and keywords used by the business. This helps to establish their true nature, actively flagging any suspicious keywords that do not match the nature of the business.

Street View Analysis

We’ve continued to expand the ways we’re verifying the operating address associated with the business. We’ve leveraged multi-modal models to automate the review of a business’ street view. It can determine if there is a physical business at the location and if the signage matches the business name. This provides risk teams with essential insights to assess business legitimacy without an onsite visit. The tool is particularly beneficial for underwriting card-present merchants and for periodic site checks. This complements our existing address validation tools that helps to detect the validity of the address and any risk flags (such as registered agent addresses and PO boxes) associated with them. Early customers of this feature have save 4 minutes per review with this feature alone.

Negative Option Detection

Negative option billing, where a customer's silence or inaction is interpreted as consent to be charged for services, is a significant concern for card networks. Using advanced algorithms, our system scans terms and conditions and website marketing materials to identify such practices. This feature ensures compliance with card network regulations, helping you avoid potential fines. Integrated into our Web Presence Review, it provides real-time alerts, allowing for immediate action and maintaining up-to-date compliance effortlessly.

Connected Entities Detection

We’ve introduced new models and data sources to enhance how TrueBiz identifies connected entities, such as websites, individuals, or businesses closely linked to a merchant. This improvement helps detect potential transaction laundering risks during underwriting by analyzing relationships and connections. By preventing such risks from going unnoticed, our system helps you avoid fines and ensures thorough due diligence. 

Adverse Media Analysis

Our new adverse media insights automates the process of searching across media outlets to find negative information about a business. We leverage LLMs to analyze snippets of articles linked to the business to detect accusations of fraud, product issues, and other major concerns. This saves risk teams from the time-consuming task of manual searches for negative news on Google, helping them make faster and more informed decisions.

Industry and Content Risk Analysis

Every quarter, we continue to improve the accuracy and coverage of our industry classification and content risk assessment. This quarter, we've focused on enhancing the Merchant Category Code (MCC) classification specifically for higher-risk businesses. New image detection models have enabled us to include more product image data in our industry assessments, providing a more comprehensive view of potential risks within the 30 second Web Presence Review.

Domain Finder

Our new Domain Finder feature enables customers to find connected websites and social media pages by searching the name and address of the business. This tool helps in identifying the digital footprint of a business, ensuring a thorough understanding of its online presence and associated risks. Much more on this to come in this coming quarter.

Ongoing Monitoring

TrueBiz launched our Always-On Merchant Monitoring feature that provides real-time risk insights across a merchant’s website, moving beyond traditional monthly reviews. Daily checks flag potential risks instantly, ensuring timely risk management and continuous compliance adherence.

We Love Your Feedback

Your feedback plays a crucial role in our product evolution. We encourage you to share your thoughts and any specific challenges you may have for future updates. We’re continuously improving our product to meet your risk and underwriting management needs more effectively.

If you have any questions about the latest release or future features, please feel free to reach out. If you're curious to learn more or see a demo, please send me or your account manager an email -- book some time here.

Until next time!

Danny

About TrueBiz

TrueBiz is a Y Combinator-backed startup that reduces manual review during merchant underwriting and monitoring by automating the analysis of the merchant's web presence.

In under 30 seconds, TrueBiz ingests data from the merchant's website and broader web presence to return a summary of their business model, a risk rating, and 250+ data points on the company from across the web (reviews, traffic, locations, connected entities).