True Industry Overview

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.

Website

required

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

Middesk can return any of the following responses

status

label

sub_label

Success

This business likely does not operate in a high risk industry

No Hits

Failure

This business may operate in the “X” industry

Hits

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.

Category

Examples

High Risk

Cannabis

Manufacturers
Distributors
Dispensaries

True

Drug Paraphernalia

Drug Manufacturing
Items for Drug Use

True

Adult Content

Pornography
Dating Sites
Pay-per-View Chat

True

Gambling

Casinos
Online Gambling
Fantasy Sports

True

Financial Aggregation

Factoring
Payment Processors
Crowdfunding

True

Money and Legal

Bail Bonds
Collections Agencies
Adoption Services

True

Virtual Currency

Initial Coin Offerings
Digital Wallets
Video Game Credits

True

Investment and Credit

Securities Brokers
Lending Instruments
Credit Repair

True

Regulated Products

Weapons / Firearms
Tobacco and E-Cig
Prescription Drugs

True

Gift Cards

Gift Cards

True

Counterfeit Goods

Companies with Fake Brand Name Goods
Unauthorized Resellers

True

Multi-level Marketing

Mulit-level Marketing
Pyramid Schemes

True

Get Rich Quick

Companies Promoting High Yield Investment Opportunities or Services

True

Social Media Activity

Sale of Twitter Followers
Sale of Online Traffic
Sale of YouTube Views

True

Pseudo Pharmaceuticals

Nutraceuticals
Products making health claims not approved by the FDA

True

Drug of Concern

Legal substance that provides the same effect as an illegal drug (e.g., salvia, kratom)

True

Utilities

Electric Power

False

Construction

Construction of Buildings
Construction of Engineering Projects

False

Manufacturing

Mechanical, Physical, or Chemical Transformation of Materials, Substances, or Components into New Products

False

Retail

Retailing Merchandise

False

Car Dealers

Used and New Car Dealers

False

Clothing Stores

Stores Selling Clothing

False

Electronics and Appliances

Stores Selling Electronics
Stores Selling Appliances

False

Jewelry Stores

Stores Selling Jewelry

False

Used Merchandise

Consignment Stores
Vintage Stores

False

Real Estate, Rental, and Leasing

Equipment Rentals
Apartments
Property Management Companies

False

Professional Services

Accounting
Advertising
Consulting

False

Health and Social Services

Hospitals
Clinics
In-Home Care

False

Other Services

Car Repair
Religious Activities
Personal Care Services

False

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]!


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