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Business Verification is a process to identify real businesses and ensure legitimacy by accessing up-to-date, independent data sources including government registries, credit data, and public records. The purpose of Business Verification is to prevent identity theft and fraud, ensuring the safety of both businesses and customers. The verification process may include phone or SMS confirmation, postcard verification, and KYB Compliance. Companies like Google and Facebook offer business verification to grant access to features and ensure the authenticity of the businesses. Overall, Business Verification is crucial for maintaining trust and credibility in the business world.