AU10TIX ID Verification Suite and Serial Fraud Monitor Prevented Over $18B in Business Fraud Since 2021

Rhea-AI Summary

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.

Positive

• AU10TIX's solutions have prevented over $18B in business fraud since 2021.
• In Q1 2024 alone, AU10TIX prevented over $1.3B in fraud.
• The company experienced 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.

Negative

• None.

TEL AVIV, Israel, April 23, 2024 /PRNewswire/ -- AU10TIX, a global technology leader in identity verification and management, today announced that it has protected companies around the globe against over $18B in business fraud since the 2021 launch of its award-winning Serial Fraud Monitor (formerly INSTINCT). This solution, along with the company's IDV (Identity Verification) Suite, has proven to protect organizations against even the most sophisticated identity fraud schemes.

The impact of AU10TIX's multi-layered fraud prevention solutions is evident across multiple sectors, with significant savings realized in each industry. In the payments sector alone, AU10TIX's solutions have prevented over $13B in fraudulent transactions. Other impacted sectors include cryptocurrency and trading ($2.7B), banking (over $1B), and shared economy ($776M). Furthermore, in Q1 of 2024 alone, AU10TIX has already prevented over $1.3B in fraud. These figures underscore AU10TIX's commitment to combating fraud across industries and protecting businesses from financial loss.

In 2023, AU10TIX prevented twice the fraud that it had in 2021. This period also witnessed a notable shift from traditional fraud to professional fraud orchestrated by organized crime groups utilizing AI. In 2021, the majority of attacks detected were traditional fraud attempts identified by the IDV suite, with synthetic AI-generated fraud accounting for only a third of the loss prevented. However, by 2023, a significant 70% of the fraud loss prevented was synthetic AI-generated fraud detected by the Serial Fraud Monitor. This shift underscores the evolving tactics of fraudsters towards more sophisticated methods but also highlights AU10TIX's advanced capabilities in detecting and mitigating both traditional and AI-generated fraud.

Furthermore, AU10TIX observed significant shifts in fraud patterns across regions and document types, indicating evolving tactics among fraudsters. These include:

• In 2021, cryptocurrency was the most targeted sector with a 36% share. This decreased to 7% and 11% in 2022 and 2023, respectively.
• The APAC region's share of crypto fraud increased from approximately 15% in 2021 to about 25% in 2023.
• Among the document types most exploited by fraudsters, fake driving licenses accounted for ~60% of attacks in 2021, but only ~30% in 2023.
• Fake passports were used in only 12% of attacks in 2021, but a full 27% in 2023.

"The escalating threats of cybercrime and digital fraud necessitate stronger safeguards for customer identity and personal information," said Dan Yerushalmi, CEO of AU10TIX. "With today's announcement, we reaffirm our unwavering commitment to assisting organizations in fortifying their defenses and ensuring secure and seamless access to digital transactions."

AU10TIX's IDV suite validates physical and digital ID documents of all types using built-in ID, age, and address verification, along with voice and video consent, face comparisons, and liveliness testing. The company's Serial Fraud Monitor is the industry's first and only solution that can detect coordinated mass ID fraud attacks. It uses advanced neural networks to monitor evolving fraud patterns, repetitions and conflicts in customer traffic while cross-checking ID data against a consortium of more than 60 major companies. With Serial Fraud Monitor, organizations can not only detect and halt fraudulent customers but also identify customers who consistently accrue positive scores over time, offering them enhanced service as trusted users.

Today's announcement comes on the heels of AU10TIX's launch of Digital ID, which enables businesses to rapidly and accurately verify digital IDs of all types while maximizing security and preventing fraud.

About AU10TIX 

AU10TIX plays a pivotal role in establishing trust between individuals/companies and digital systems. Founded in 2002, it is the global leader in identity verification and management, protecting the world's largest brands against advanced fraud. The company's future-proof product portfolio helps businesses provide frictionless customer onboarding and verification in 4-8 seconds while staying ahead of emerging threats and evolving regulatory requirements. AU10TIX offers the world's only 100% automated global identity management system, as well as the industry's only solution that can detect organized mass attacks by analyzing traffic patterns and cross-checking data in a consortium of more than 60 major companies. With its deep roots in airport security, AU10TIX has authenticated billions of identities and prevented over $18 billion in identity fraud. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). Connect with AU10TIX on LinkedIn and on X at @AU10TIXLimited. For more information, visit AU10TIX.com. 

Media Contact:
Mark Prindle
Fusion PR
au10tix@fusionpr.com

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SOURCE AU10TIX LIMITED

FAQ

How much business fraud has AU10TIX prevented since 2021?

AU10TIX has prevented over $18B in business fraud since 2021.

What was the amount of fraud prevented by AU10TIX in Q1 2024?

AU10TIX prevented over $1.3B in fraud in Q1 2024.

What percentage of fraud loss prevented by AU10TIX in 2023 was synthetic AI-generated?

70% of the fraud loss prevented by AU10TIX in 2023 was synthetic AI-generated.

Which sectors saw significant savings due to AU10TIX's solutions?

The payments sector alone saw over $13B in fraudulent transactions prevented by AU10TIX's solutions.

What shift did AU10TIX observe in fraud patterns in 2023 compared to 2021?

AU10TIX observed a shift towards more sophisticated AI-generated fraud in 2023, with 70% of fraud loss prevented being synthetic AI-generated.

Which region had an increased share of crypto fraud according to AU10TIX's observations?

The APAC region's share of crypto fraud increased from approximately 15% in 2021 to -