Leading automated identity verification technology furthers a more secure and inclusive digital economy
TEL AVIV, ISRAEL and NEW YORK, NY (September 19, 2021) – 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 $700
million in fraud related losses to businesses since the start of 2021. Fueled by the immediate need
for businesses to detect fraud by verifying that their customers and users are who they claim to
be in a matter of seconds, AU10TIX has also increased the number of identities verified by
approximately 144-percent in the first six months of 2021 from the same period in 2020.
Businesses are turning to AU10TIX to confidently connect with their customers and 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
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This year has also been marked by a number of business growth milestones for the company fueled by rapid digital transformation in response to the pandemic with new customer gains in the sharing economy and financial services; new products to service expanding use cases and countries per customer; and a continued commitment to provide cutting-edge capabilities to increase forged document detection.
New Initiatives:AU10TIX began partnering with Microsoft for the rollout of Microsoft Azure Active Directory (Azure AD) verifiable credentials to help improve verifiability and secure information for workforces. AU10TIX extended its partnership with ride-sharing company Uber to eliminate dangerous threats to both drivers and riders with new layers of identity verification in the U.S.; the companies launched a safety program requiring cash-paying users in regions of Latin America to scan an official identification such as their voting credentials, national ID, passport or driver’s license for verification.
New AccountsAU10TIX signed micromobility leader Bird to introduce a digital ID check feature with face biometrics support in a bid to curb underage riding and fraud. The company also entered into an agreement with Fondeadora, Mexico’s fastest-growing challenger bank, to boost the speed and security of its customer onboarding and ongoing due diligence processes. In financial services, AU10TIX is now working with CIBC FirstCaribbean, to provide fast digital verification to its 10 million customers.
Record-Breaking Cryptocurrency Demand
As the identity verification partner to the ten largest crypto exchanges in the world, AU10TIX saw multiple single day spikes of up to 700-percent increase in traffic across cryptocurrency exchanges since the start of the year with a majority of activity coming from new account creations on those days. Additionally, AU10TIX prevented a 35-percent increase in synthetic identity fraud attempts on cryptocurrency exchanges during the same time.
New ProductsBy bringing together the global business community to fight synthetic identity fraud, the fastest-growing category of fraud, AU10TIX’s award-winning INSTINCT platform, which leverages signals from one organization to detect similar patterns across all other organizations on the network, is in some cases increasing synthetic fraud detection by more than 100-percent and increasing overall forged document detection by an average of eight percent. AU10TIX also launched SECURE.ME, a white-label identity verification solution designed for seamless integration with AU10TIX’s customers to provide multiple layers of identity checks, like identity document, biometric liveness, and proof of address.
AU10TIX recently earned Frost and Sullivan’s 2021 Best Practices Award for Global Product Leadership in Identity Management. This recognition was received on the heels of being named the “broadest” and “most automated” identity management platform by global investment firm William Blair.
AU10TIX’s proprietary technology, unlike traditional, semi-manual solutions, verifies identities in a matter of seconds. 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.
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 that businesses and their customers can confidently connect. Over the last decade, AU10TIX has become the preferred partner by 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).