Identity fraud, especially online, is a major challenge for companies. During the holiday season, companies will be faced with the complex challenge of identifying forged IDs while onboarding new legitimate customers with the goal of selling products and services to consumers. It’s not an easy task.
COVID-19 accelerated changes is society – organizations are now expected to onboard customers 100% online and at a fast pace. The entire process had better be quick and accurate – otherwise you will lose real money-spending customers. At the same time, a much more sophisticated type of identity fraud has quickly become a major challenge. In the past, an individual with a computer and graphics software would fake a single ID. It would take a few hours and an average forgery would be the result.
Today, the individual ID fraudster has been replaced by criminal organizations with production lines creating hundreds to thousands of fake IDs by perpetrating synthetic fraud. One photo is used over and over again – with a different name each time. The quality of the forged documents that these criminal organizations produce is going up as they acquire “templates” of real IDs.
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The INSTINCT Engine for Multi-Defense Layers is the Needed Solution to Beat Synthetic Fraud
AU10TIX has created a powerful solution called INSTINCT, which is designed to detect synthetic fraud quickly and accurately. Unlike existing technologies, it does not “look” at each image on its own, but instead analyzes “behavior” which adds another layer of analysis and protection for companies that does not exist today. Among its capabilities, INSTINCT is capable of detecting when the same image is depicted on multiple IDs. All in real time! Just imagine how you can scale up your onboarding efforts globally using this technology, or for preventing fraud for global organizations.
This is How We Helped Our Customers Save More Than $700M in the First Half of 2021
This capability makes it the new gold standard of online identity fraud detection – from simple fraud all the way to sophisticated synthetic fraud, as it reveals an entire world that manages to travel under the radar of standard authentication technologies. Most importantly, INSTINCT reveals to financial companies and others under regulation that their current risks and exposure are vastly out of proportion to their existing defenses. Reflecting that to our customers has helped save more than $700M in H1 2021 alone.
Criminals are always on the hunt for easy targets. They learn to avoid well protected potential victims – such as homes with burglar alarms and advanced door locks. INSTINCT acts as an identity fraud burglar alarm – notifying businesses that their system is under attack. Furthermore, INSTINCT provides useful insights into identity fraud attempt spikes, so managers can hone in on attempts to infiltrate their system with fraudulent information. For example, if there is a spike in fake ID attempts, employees responsible for customer onboarding and/or fraud may want to receive a real-time notification. Then they can investigate the methods used – same name, photo or background – and make necessary adjustments to their KYC processes.
See INSTINCT in Action
Book a 15 minutes demo below and our experts will contact you to uncover insights that will help you boost your bottom line.