AU10TIX’s Latest Offering, Instinct, Shows 2-Fold Increase in Synthetic Fraud Detection
Since launching in June 2020, 15% of AU10TIX’s customer base has opted into INSTINCT, the company’s new fraud-fighting consortium, as a way to combat today’s fastest-growing type of fraud: synthetic fraud.
“We started thinking about the idea of unifying the global business community around the continuous, collaborative fight required to eliminate synthetic fraud two years ago,” explained Ron Atzmon, Managing Director, AU10TIX. “By the end of March, we knew we had to accelerate plans to launch and the results we’re seeing support that move. INSTINCT has enabled us to catch 100% more synthetic fraud attempts.”
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The monetary relief this will provide businesses and their customers is immense when you consider the numbers:
- 85%-95% of synthetic fraud goes undetected by regular fraud models as these actors behave, act and look like regular customers.
- A 2018 study by the advisory firm Aite Group projects that synthetic fraud losses will climb to $1.25 billion by the end of 2020. Other estimates put credit losses could soar as high as $6 billion to $8 billion, to say nothing of the untold millions of dollars lost in personal time and aggravation for those who fall victim to this new breed of cybercriminals. (Source: Thomson Reuters)
- Daily digital crime has risen 75% since stay-at-home restrictions were put in place this year, according to the Federal Bureau of Investigation Internet Crime Complaint Centre. (Source: The Economist)
- Instances of cybercrime appear to have jumped by as much as 300% since the beginning of the coronavirus pandemic.
Carey O’Connor Kolaja, AU10TIX President and COO, addressed the strategy behind INSTINCT at ISMG’s Virtual Cybersecurity Summit for Fraud and Payments Security last week. “In our rapidly forming remote world with increased frequency of digital interactions, fraud fighting strategies needed a boost. We thought—fraudsters leverage networks to amplify attacks, isn’t it time we do the same to strengthen our defenses?”
INSTINCT is available at no charge for all AU10TIX customers in 2020.
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