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 $700 million in fraud related losses to businesses since the start of 2021. Fueled by the immediate need for businesses to detect fraud by verifying that their customers and users are who they claim to be in a matter of seconds, AU10TIX has also increased the number of identities verified by approximately 144-percent in the first six months of 2021 from the same period in 2020.
Businesses are turning to AU10TIX to confidently connect with their customers and onboard and re-verify accounts in a matter of seconds in the post-pandemic reality in which the safety, security and efficiency of physical and digital experiences must be tied to ever-more aspects of people’s identities.
“At a time when large-scale data breaches are occurring more frequently and emerging identity fraud techniques are on the rise, AU10TIX saw an 11-percent increase in identity fraud detection, helping businesses to prevent over half a billion dollars in related loses this year,” commented Carey O’Connor Kolaja, CEO, AU10TIX. “We are committed to doing our part in furthering a more secure and inclusive world and proud to have the trust of many of today’s blue-chip, high-growth brands that rely on linking physical and digital identities.”
This year has also been marked by a number of business growth milestones for the company including new customer gains in the financial services and micromobility; expanded partnerships in enterprise services and the shared economy; the launch of new products and services; and a continued commitment to provide cutting-edge capabilities to increase forged document detection.
- New Initiatives: AU10TIX began partnering with Microsoft for the rollout of Microsoft Azure Active Directory (Azure AD) verifiable credentials to help improve verifiability and secure information for workforces. AU10TIX extended its partnership with ride-sharing company Uber to eliminate dangerous threats to both drivers and riders with new layers of identity verification in the U.S.; the companies launched a safety program requiring cash-paying users in regions of Latin America to scan an official identification such as their voting credentials, national ID, passport or driver’s license for verification.
- New Accounts: AU10TIX signed micromobility leader Bird to introduce a digital ID check feature with face biometrics support in a bid to curb underage riding and fraud. The company also entered into an agreement with Fondeadora, Mexico’s fastest growing challenger bank, to boost the speed and security of its customer onboarding and ongoing due diligence processes. In financial services, AU10TIX is now working with CIBC FirstCaribbean, to provide fast digital verification to its 10 million customers.
- Record-Breaking Cryptocurrency Demand: As the identity verification partner to the ten largest crypto exchanges in the world, like eToro, AU10TIX saw multiple single day spikes of up to 700-percent increase in traffic across cryptocurrency exchanges since the start of the year with a majority of activity coming from new account creations on those days. Additionally, AU10TIX prevented a 35-percent increase in synthetic identity fraud attempts on cryptocurrency exchanges during the same time.
- New Products: By bringing together the global business community to fight synthetic identity fraud, the fastest growing category of fraud, AU10TIX’s award-winning INSTINCT platform, which leverages signals from one organization to detect similar patterns across all other organizations on the network, is in some cases increasing synthetic fraud detection by more than 100-percent and increasing overall forged document detection by an average of eight percent. AU10TIX also launched SECURE.ME, a white-label identity verification solution designed for seamlessly integration with AU10TIX’s customers to provide multiple layers of identity checks, like identity document, biometric liveness, and proof of address.
AU10TIX recently earned Frost and Sullivan’s 2021 Best Practices Award for Global Product Leadership in Identity Management. This recognition was received on the heels of being named the “broadest” and “most automated” identity management platform by global investment firm William Blair.