AU10TIX, an automated identity verification technology company has expanded its financial services presence to create a more secure and inclusive digital economy.
Money is what makes the world go round. We know how important our economy is and the financial activity it entails. However, the financial institution sees 50 percent more overall forgery rates than any other sector. As inflation grows, so does financial activity, which leaves more opportunities for fraud to occur within the sector. Fraudulent activity leads to a reasonable decrease in customers’ trust, as it is their information and identities that are being taken advantage of. According to AU10TIX, 77% of Americans place the responsibility of safeguarding the information they share on the business or organization asking for it. Moreover, four out of five Americans believe there is a lack of transparency in how businesses utilize their personal information. With this demand for transparency, more and more companies are turning to AU10TIX to maintain or regain their customers’ trust.
Eradicating fraud for a more secure financial sector
The Israeli company AU10TIX is giving financial service providers and institutions the trust their customers demand. AU10TIX provides a fully automated identity verification technology powered by cutting-edge machine learning and artificial intelligence. It connects applicable customers to onboard and re-verify accounts in a matter of seconds, thus preventing fraud-related losses. Their products have been so successful that they have seen a 45 percent increase in identity fraud detection which has led to them helping businesses to prevent over $2 billion in related losses this year. As Carey O’Connor Kolaja, AU10TIX’s CEO stated, “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.”
Their critical and modular solutions bring together the global business community to fight swarm attacks and synthetic identity fraud which is the fastest-growing category of fraud. They leverage signals from one organization to detect similar patterns across all other organizations on the network, for risk management and mitigation. Their product seamlessly integrates with AU10TIX’s customers to provide an exceptional user experience to optimize conversion rates, by supporting multiple layers of identity checks, like identity documents, biometric liveness, and proof of address. With their services, AU10TIX has increased synthetic fraud detection by over 200 percent this year alone for the businesses that chose to trust them.
AU10TIX was founded in 2002 by Ron Atzmon (Active Deputy Chairman) and Gil Atzmon. Headquartered in Hod HaSharon Israel, they have raised over $80 million to date, with geographical markets in North, Central and South America, Europe, Asia, Africa, Cyprus, Japan, Mexico, United Arab Emirates, and the United Kingdom. In the last year, they have secured 18 new global partnerships including one with Microsoft.
This article is brought to you by AU10TIX