AU10TIX is boasting about the efficacy of its technology for fraud prevention. The company is now claiming that its solutions have helped save businesses more than $2 billion in 2022 alone, insofar as it has prevented that much money from being lost through fraudulent activity.
In that regard, AU10TIX noted that good fraud prevention is more important than ever in a post-pandemic environment. Online traffic has increased now that more people are working from home, and that (coupled with inflation) has created more opportunities for fraudsters. That’s especially true in the financial sector, where forgery rates are 50 percent higher than the overall average.
For its part, AU10TIX has signed 18 new partners in the past 12 months. That bigger client base (as well as the increased volume of online traffic) has led to a dramatic increase in fraud prevention activity on AU10TIX’s network. The company has reported a 45 percent increase in identity fraud detection, and a 200 percent increase in synthetic fraud detection. AU10TIX attributed the latter figure to the utility of its INSTICT platform in particular.
“We are committed to doing our part in furthering a more secure and inclusive world and to continue fostering trust between financial services, the consumers that use them, and the technology that powers their secure interactions,” said AU10TIX CEO Carey O’Connor Kolaja.
“We are on the cusp of a new era that will be defined by who controls data. Lines are now converging towards a clear endpoint where individuals will soon demand to exercise full control over their personal data.”
AU10TIX can now provide coverage for 48 percent of the total digital payment market. The company’s biometric SECURE.ME identity verification solution can be used for remote onboarding and ongoing authentication. ONE ZERO Digital Bank in Israel also adopted AU10TIX’s technology for its clients earlier this year.
June 27, 2022 – by Eric Weiss