True Industry Overview

Deprecated 3/7/23

The Middesk True Industry product is an enterprise-grade, scalable solution for discovering what every business makes and sells. With a single request or API call, True Industry retrieves the web presence of a business entity, extracts and analyzes its content, and leverages a proprietary machine learning model to determine the industry of a given business. The True Industry product also offers a user-friendly industry selection front-end tool for a streamlined onboarding experience.

True Industry provides a powerful industry classification solution for companies that require verification of business industry during onboarding, when underwriting a financial product, while conducting a compliance screening, or any number of other use cases.

The True Industry product takes as input the website of a business and generates a set of labels and prediction values that a customer can use to identify the main industries in which an entity operates. Some industries will be flagged as high risk, indicating the business may operate in a high risk or regulated industry.

True Industry reports can be created in one of two ways:

  1. Manually via the dashboard for one-off classifications
  2. Programmatically and automatically via the API

Running a True Industry report

True Industry enables customers to retrieve a set of label classifications and predictions about the industry of a business just by providing the website of the business.

Websiterequired The website for a given business. Must be passed in order to classify industry.

Middesk can return any of the following responses

SuccessThis business likely does not operate in a high risk industryNo Hits
FailureThis business may operate in the “X” industryHits

Results of a True Industry report

The True Industry product is a scalable, straightforward resource through which to classify the nature of an entity's business. Beginning with high risk and regulated industries and expanding to other non-regulated industries, the True Industry product allows customers to quickly and automatically flag entities that require additional review or consideration before engaging with the business more formally.

Today the output of a True Industry report is a set of prediction values for each industry in which the business may operate. Below are some examples of the industries that Middesk classifies today.

CategoryExamplesHigh Risk
Drug ParaphernaliaDrug Manufacturing
Items for Drug Use
Adult ContentPornography
Dating Sites
Pay-per-View Chat
Online Gambling
Fantasy Sports
Financial AggregationFactoring
Payment Processors
Money and LegalBail Bonds
Collections Agencies
Adoption Services
Virtual CurrencyInitial Coin Offerings
Digital Wallets
Video Game Credits
Investment and CreditSecurities Brokers
Lending Instruments
Credit Repair
Regulated ProductsWeapons / Firearms
Tobacco and E-Cig
Prescription Drugs
Gift CardsGift CardsTrue
Counterfeit GoodsCompanies with Fake Brand Name Goods
Unauthorized Resellers
Multi-level MarketingMulti-level Marketing
Pyramid Schemes
Get Rich QuickCompanies Promoting High Yield Investment Opportunities or ServicesTrue
Social Media ActivitySale of Twitter Followers
Sale of Online Traffic
Sale of YouTube Views
Pseudo PharmaceuticalsNutraceuticals
Products making health claims not approved by the FDA
Drug of ConcernLegal substance that provides the same effect as an illegal drug (e.g., salvia, kratom)True
UtilitiesElectric PowerFalse
ConstructionConstruction of Buildings
Construction of Engineering Projects
ManufacturingMechanical, Physical, or Chemical Transformation of Materials, Substances, or Components into New ProductsFalse
RetailRetailing MerchandiseFalse
Car DealersUsed and New Car DealersFalse
Clothing StoresStores Selling ClothingFalse
Electronics and AppliancesStores Selling Electronics
Stores Selling Appliances
Jewelry StoresStores Selling JewelryFalse
Used MerchandiseConsignment Stores
Vintage Stores
Real Estate, Rental, and LeasingEquipment Rentals
Property Management Companies
Professional ServicesAccounting
Health and Social ServicesHospitals
In-Home Care
Other ServicesCar Repair
Religious Activities
Personal Care Services

If you have questions or requests about the next industries Middesk should support in its next product launch, don't hesitate to reach out to [email protected]!