Icts International Nv - ICTSF STOCK NEWS

AU10TIX, a global identity verification leader, reported preventing an estimated $7.5 billion in fraud during 2024, bringing the total to approximately $24 billion since 2021. Notably, 75% of prevented fraud was related to synthetic AI-generated threats.

The company expanded its product portfolio with several key innovations including: a Know Your Business (KYB) solution, Digital ID Verification Hub, Risk Assessment Model, Anti-Money Laundering (AML) solution, and Workflow Flexibility powered by Orchestration Engine. AU10TIX also established a new office in Bengaluru, India, strengthening its global presence.

The company's solutions provided fraud protection across various sectors including payments, cryptocurrency and trading, shared economy, and social media.

AU10TIX, a global identity verification leader, has announced its expansion into Bengaluru, India, appointing Bhushan Sawant as Regional Director. The company's AI-powered technology can process over 3,000 ID types across 150+ countries, positioning it to support India's 1.4 billion citizens and growing digital economy. The expansion aims to help Indian businesses scale globally with seamless cross-border operations. Sawant, previously with IDfy, CARD91, and Experian, will lead the integration of AU10TIX's technologies within India's identity ecosystem, focusing on empowering businesses in their global growth, particularly in APAC markets.

AU10TIX's Q2 2024 Global Identity Fraud Report reveals a surge in automated bot attacks targeting social media platforms, rising from 3% in Q1 to 16% in Q2. The APAC region faced a significant bot mega-attack in the payments sector, with over 5,000 fraudulent onboarding attempts. Key findings include:

- Impersonation bots now account for 32% of Internet traffic
- APAC region experienced a 1,530% increase in deepfake incidents
- APAC's fraud rate rose by 24% between 2022 and 2023, reaching 3.27%
- 17% decline in attacks on the payments sector, possibly due to INTERPOL operations

AU10TIX recommends social media self-regulation, advanced fraud detection technologies, and multi-layered authentication measures to combat these threats.

AU10TIX, a global leader in identity verification, has launched an advanced anti-money laundering (AML) solution to address financial crime risks. The solution features:

• Proprietary decision-making mechanism and rigorous quality checks
• High-quality data sources for enhanced accuracy
• Single API for all KYC, KYB, and AML checks
• Customizable workflows for seamless integration
• User-friendly dashboard for quick decision-making

The AML solution leverages exclusive real-time data from over 100 sanctions lists, 1,600 government websites, and 30,000 news sources. It offers global coverage across 240 countries and territories, catering to various industries including banking, financial services, insurance, crypto, and gaming.

AU10TIX released its Q1 2024 Global Identity Fraud Report, highlighting a 250% increase in identity fraud in the online gaming industry compared to Q4 2023. The payments sector remains the primary target, accounting for 62% of all fraud attacks, up from 39% in Q1 2023. Key trends include attacks via “bonus abuse” in online gaming and the use of US passport ID cards due to their susceptibility to deepfake manipulation. AU10TIX provides actionable insights for combating fraud, including the effectiveness of selfie capture and the need for improved KYC protocols in both gaming and payment sectors.

AU10TIX, a global leader in identity verification, launched a free Risk Assessment Model on May 22, 2024. This tool allows businesses to assess their risk exposure to operational, security, and identity fraud. Drawing on billions of global transactions and extensive expertise, the model offers personalized insights and actionable recommendations to enhance security and operational resilience. Businesses can generate a customized Risk Assessment Report by answering ten questions about their sector, security measures, and ID verification processes. This initiative aims to aid companies managing substantial financial transactions, ensuring compliance and protecting against fraud vulnerabilities.

AU10TIX's ID Verification Suite and Serial Fraud Monitor have prevented over $18B in business fraud since 2021, with significant savings in various sectors. In Q1 2024 alone, $1.3B in fraud was prevented. The company saw a shift towards more sophisticated AI-generated fraud in 2023, with 70% of fraud loss prevented being synthetic AI-generated. AU10TIX's advanced capabilities in detecting and mitigating fraud highlight its commitment to combatting fraud across industries.

AU10TIX and Stratos Group (FXCM) partnership enhances user security and onboarding experience, increasing ID document approval rates by 29% and impacting revenue growth.

AU10TIX expands its Digital ID solution to enhance identity verification for businesses globally, ensuring accuracy, security, and compliance. The solution offers automated verification, global coverage, and regulatory compliance, empowering businesses to streamline operations and reduce fraud risks.