There is a troubling gap between risk awareness and real-world action among UK businesses, research from Umazi reveals, with many firms still relying on gut instinct and goodwill over hard verification when choosing suppliers, partners, and clients.

According to Umazi’s findings, nearly 30% of UK businesses admit they don’t request any documentation when engaging with a business that has a recognised industry name. Even more worryingly, 29% of organisations say they knowingly accept the risk of working with entirely unverified businesses.

Despite growing concern over corporate identity theft, data breaches and fraud, over 20% of businesses say they perform no due diligence at all, citing a lack of tools or knowledge to do so.

“Not every business mistake can be undone. When companies engage with unverified partners, the fallout isn’t just a bad deal or a temporary setback; it can lead to financial collapse, legal exposure, and in the worst cases, needless liquidation,” said Cindy van Niekerk, CEO and founder of Umazi.

“We’ve seen it time and again: a fraudulent supplier, a fake corporate identity, a data breach that spirals out of control, and suddenly a business that was stable is gone. And yet, this is entirely preventable.

“The tools exist. Digital verification is not a future concept – it’s here now. We don’t need more cautionary tales. We need a cultural shift where trust is earned through verification, not assumed through reputation. This isn’t something to fix later, it’s something to fix now.”

Recommended reading

• Report: Cyber Breaches Are Tanking Share Prices
• Inside the Aftermath: What Really Happens When You Get Hacked
• 10% of Staff Are Behind Three-Quarters of Cyber Risk

The report also uncovers the persistence of outdated practices. 63% of businesses still feel comfortable emailing sensitive information to third parties, and 73% say they trust the recipient to store that data securely.

“The appetite for change is clear: 88% of respondents said that having access to a digital business identity that confirms a partner or supplier’s legitimacy would significantly improve the due diligence process,” Van Niekerk added.

“The same number also agrees that a universally recognised “trust stamp” – indicating a business has been digitally verified, would be invaluable. The issue is not only verifying others. Many businesses also reported frustration at the difficulty of proving their legitimacy to clients and partners, often having to repeat lengthy, manual processes that stall growth and damage trust.

“In a high-risk, high-speed business world, trust without verification is a liability. We now have the technology to eliminate that risk and build a healthier, more resilient economy in the process.”