AU10TIX recognized by Business Intelligence Group for outstanding technology product
AU10TIX is excited to announce that we have been named a winner in the 2021 BIG Innovation Awards for INSTINCT. We are proud to be recognized for our effort to unite the business community’s fight against today’s fastest-growing type of fraud: synthetic fraud.
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. This year, the awards received submissions from across the globe with each category being judged by a select group of business leaders and executives with industry expertise in technology and innovation.
We are thrilled to kick off 2021 with an award for our team and are excited to continue scaling up fraud intelligence with an emphasis on privacy protection to help businesses make their networks stronger.
What is INSTINCT?
Two years ago, we started thinking about how to unite the global business community against synthetic fraud. When the pandemic drove digital interactions to historic highs overnight, we knew we needed to accelerate our plans to launch the INSTINCT platform. In June, all our customers gained access to INSTINCT at no charge. And in just a few months, INSTINCT by AU10TIX revolutionized the fight against synthetic identity fraud.
The first-of-its-kind platform uses adaptive analytics and data to detect identity risk based on historical behaviors, emerging patterns and facts. The concept for INSTINCT sprang from the realization that just as fraudsters leverage networks to amplify their attacks, it is time we did the same to strengthen our defenses.
Fraudsters knock on companies’ “doors” all day; occasionally, they unlock the door and hide. In these cases, if a fraudster previously slipped by one organization’s fraud rules and then is seen again, INSTINCT will flag the event and alert the organizations on the participating network via a secured dashboard, stopping further fraud with that identity.
In addition to being a proactive service catching fraudsters at the proverbial front door, INSTINCT serves as a collaborative alert system. INSTINCT has made it possible to leverage signals from one organization to detect similar patterns across all other organizations on the network.
What is the impact of INSTINCT?
Once subscribed as an AU10TIX customer, an organization can immediately benefit from the platform’s service. Since launch, INSTINCT is significantly increasing synthetic fraud detection rates for AU10TIX customers, in some cases increasing synthetic fraud detection by more than 100% and increasing overall forged document detection (e.g. synthetic, text replacement, photo replacement) on an average of 8%+ depending on factors like business industry and geographic footprint.
As for our expectations moving forward, INSTINCT will be busy. Up to 95% of synthetic fraud currently goes undetected by regular fraud models (according to the Federal Reserve), as these actors behave, act and look like regular customers that neither the human eye nor highly complex computer vision methods can see. By bringing together the global business community to fight synthetic identity fraud, we anticipate that companies using INSTINCT will experience the benefits of capturing 100% more synthetic fraud attempts.
AU10TIX, an identity management company headquartered in Israel, is on a mission to obliterate fraud and further a more secure and inclusive world. The company provides critical, modular solutions to verify and link physical and digital identities so businesses and their customers can confidently connect. Over the past decade, AU10TIX has become the preferred partner of major global brands for customer onboarding and customer verification automation—and continues to work on the edge of what’s next for identity’s role in society. AU10TIX’s proprietary technology provides results in less than 8 seconds, enabling businesses to onboard customers faster while preventing fraud, meeting compliance mandates and, importantly, promoting trust and safety. AU10TIX’s most recent investment is $80M from TPG and Oak HC/FT to fuel growth and innovation. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). For more information, visit AU10TIX.com.