AU10TIX, a leading global provider of fully automated identity verification technology powered by cutting-edge machine learning and artificial intelligence (AI), announced that the company has prevented $3.3 Billion 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.
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“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.
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