TEL AVIV, ISRAEL and NEW YORK, NY (June 27, 2022) – AU10TIX, a leading global provider of fully automated identity verification technology powered by cutting-edge machine learning and artificial intelligence (AI), today announced that the company has prevented $2 billion in fraud related losses to businesses since the start of 2022. Fueled by the elevated rate of forgery in the financial sector—50 percent higher on average than the overall forgery rate—AU10TIX has expanded its reach to cover approximately half (48%) of the total addressable market in digital payments.
Carey O'Connor Kolaja
“At a time of increasing fraudulent activity and shrinking consumer trust, AU10TIX has seen a 45 percent increase in identity fraud detection, helping businesses to prevent over $2 billion in related losses this year."
As inflation grows, so does financial activity, leading to more opportunities for fraud within the financial sector. Financial service providers and institutions are turning to AU10TIX to confidently connect with their customers to onboard and re-verify accounts in a matter of seconds in the post-pandemic reality in which the safety, security, and efficiency of physical and digital experiences must be tied to ever-more aspects of people’s identities.
“We are on the cusp of a new era that will be defined by who controls data. Lines are now converging towards a clear endpoint where individuals will soon demand to exercise full control over their personal data,” O’Connor Kolaja added.
According to recent research from AU10TIX, an overwhelming majority (77%) of Americans place the responsibility of safeguarding the information they share on the business or organization asking for it and more than four in five Americans (81%) believe there is a lack of transparency in how businesses utilize their personal information.
Key highlights to note include:
- Key Partnerships Sealed: In the last 12 months, AU10TIX has signed with 18 new global partners, which have already led to very significant achievements. In early 2021, AU10TIX joined forces with Microsoft on Microsoft Azure Active Directory (Azure AD) verifiable credentials to help improve verifiability and secure information for workforces. We have also engaged recently with a strategic partner in North America with whom we have developed a holistic identity verification and risk management solution for governments and corporations.
- Industry Recognition: AU10TIX recently earned AI Breakthrough Award’s Best Use of AI for Authentication award, highlighting how AU10TIX’s proprietary technology, unlike traditional, semi-manual solutions, verifies identities in a matter of seconds benefitting businesses and customers globally. Harnessing deep machine learning algorithms and computer vision, AU10TIX performs identity document verification and authentication in approximately four to eight seconds. Investment in groundbreaking technology also enables AU10TIX to support instantaneous spikes in transactions with no impact on the speed, accuracy, or performance of identity verification services. Manual identity verification solutions, on the other hand, create processing bottlenecks in customer onboarding, can’t expediently adapt to market dynamics and often lack support for localized identity documents, languages, and changing regulations.
- Existing Products: By bringing together the global business community to fight swarm attacks and synthetic identity fraud, the fastest growing category of fraud, AU10TIX’s award-winning INSTINCT platform continues to see success by leveraging signals from one organization to detect similar patterns across all other organizations on the network, most recently including risk management and mitigation. The platform has increased synthetic fraud detection by over 200 percent this year as businesses continue to rely on AU10TIX to safeguard their customers. In addition to INSTINCT, AU10TIX’s white-label identity verification solution, SECURE.ME, continues to seamlessly integrate with AU10TIX’s customers to provide exceptional user experience in order to optimize conversion rates, supporting multiple layers of identity checks, like identity document, biometric liveness, and proof of address. On top of that, eIDV continues to provide complete customer/business identity verification using global commercial and government data sources.
In addition to the above, AU10TIX continues to be active in industry events. Earlier this month Jonathan Wilson, Chief Risk and Compliance Officer, provided his expert insight at Money 20/20 Europe in Amsterdam on a panel that explored how financial institutions can retain digital-first consumers across their lifetime. At the upcoming Identity Week in London, AU10TIX CEO Carey O’Connor Kolaja will address how verifiable credentials are changing the way consumers share their data with organizations—for the better.
AU10TIX, an identity intelligence leader 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 is a subsidiary of ICTS International N.V. (OTCQB: ICTSF).