AU10TIX PROTECTS BUSINESSES AGAINST $3.3B IN FRAUD IN 2022

Rhea-AI Summary

AU10TIX has successfully prevented $3.3B in fraud losses for businesses in 2022, driven by the rising need for identity verification in the financial sector. The company's AI-powered platform, INSTINCT, has improved synthetic fraud detection by over 60%. With 40 new global customers onboarded this year and a partnership with Microsoft to enhance secure information verifiability, AU10TIX is positioned to meet the growing demands of financial services. The firm will showcase its innovations at Money20/20 USA from October 23 to 26 in Las Vegas.

Positive

• Prevented $3.3B in fraud losses for businesses in 2022.
• Increased synthetic fraud detection by over 60% with the AI platform INSTINCT.
• Onboarded 40 new global customers in 2022.
• Partnership with Microsoft to improve verifiability and secure information.

Negative

• None.

Fueled by an ongoing need for enterprises in financial services to know and trust their online users, AU10TIX expands fraud protection with automated technology

TEL AVIV, Israel, Oct. 21, 2022 /PRNewswire/ -- 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 https://au10tix-photos.web.app/.

About AU10TIX

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.   

Media Contact
Dana Wohlfarth
Red Havas
dana.wohlfarth@redhavas.com
914-874-7016

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SOURCE AU10TIX

FAQ

What fraud losses did AU10TIX prevent in 2022?

AU10TIX prevented $3.3B in fraud-related losses for businesses in 2022.

How much synthetic fraud detection has AU10TIX achieved this year?

AU10TIX increased synthetic fraud detection by over 60% in 2022.

How many new customers has AU10TIX signed in 2022?

AU10TIX has signed 40 new global customers since the start of 2022.

What event will AU10TIX participate in this October?

AU10TIX will attend Money20/20 USA in Las Vegas from October 23 to 26.