TEL AVIV, ISRAEL (October 21, 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 $3.3B in fraud-related losses to businesses in 2022. 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 establish the identity and risk of new users, authenticate and continuously verify existing users and detect suspicious transactions to meet increasingly complex regulatory requirements.
Since the start of 2022, AU10TIX’s AI-powered fraud intelligence platform INSTINCT, recently named Enterprise Service of the Year by the Best in Biz International Awards, has increased synthetic fraud detection, in the financial services sector by over 60 percent. Accelerated by an increasingly digital and mobile financial landscape, synthetic identity fraud an emerging fraud technique impossible for the human eye to detect. INSTINCT, the only automated fraud intelligence platform of its kind, addresses synthetic fraud at scale with an emphasis on privacy protection.
“From banking to online investment and lending to new forms of payments, it’s more important than ever for businesses to invest in proven and successful identity verification technologies at a time when financial services ecosystems are fast evolving,” said Guy Mordoch, Chief Operating Officer at AU10TIX. “With cybercrime and increased digital fakery on the rise, financial services companies must do more to protect their customers’ identity and personal data. It’s a business imperative, and we are committed to helping businesses and organizations provide their customers safe and convenient access to money and digital assets.”
Since the start of 2022, AU10TIX signed with 40 new global customers. AU10TIX has also joined forces with Microsoft on Microsoft Azure Active Directory (Azure AD) verifiable credentials to help improve verifiability and secure information for workforces.
This year, AU10TIX will return to Money20/20 USA in Las Vegas from October 23 to 26 as the proud sponsor of the official Money20/20 Headshot Lounge (Booth #1925). For additional information, please visit AU10TIX photo web app.
AU10TIX, a global 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). For more information, visit AU10TIX.com.
About Best in Biz Awards
Since 2011, Best in Biz Awards has made its mark as the only independent business awards program judged each year by a who’s who of prominent reporters and editors from top-tier publications from North America and around the world. Best in Biz Awards honors are conferred in two separate programs: North America and International, and in more than 100 categories, including company, team, executive, product, and CSR, media, PR and other categories. For more information about the International program, see: bestinbizawards.com.