AU10TIX warns on stolen personal data

AU10TIX warns that the use of genuine stolen data compromises the effectiveness of data verification practices, making 2nd generation ID document forgery and counterfeiting forensics a crucial step.The firm cites a study released by ThreatMetrix finds that 83 million fraudulent payments account openings were attempted between 2015 and 2017, with mobile now overtaking desktop-based transactions. Online account takeover attacks have increased by 170%, with an attack now taking place every 10 seconds. The study found that cyber criminals have switched from stolen credit cards to account opening and takeovers using cheap and easy to obtain identity data stolen en-mass via data breaches and the dark web. AU10TIX says “2nd generation ID Authentication and Onboarding automation” is already powering global major players across the entire range of financial services. 2nd generation technology replaces 1st generation solutions that rely primarily on OCR-ed data and are image quality sensitive. 2nd generation technology, such as BOS, enables a fully automated process that includes forensic-level forgery, counterfeiting and collateral risk detection, up to +300% higher conversion rates of borderline quality images, and offers actionable rapid-response exception reporting – all at 8 seconds or less typical processing speed.”The latest technology is offering a compelling combination”, says Ron Atzmon, Managing Director of AU10TIX: “Full automation and higher conversion rates have direct impact on customer acquisition and operating efficiency at the same time they do on fraud prevention and regulatory compliance. As forerunners of 2nd generation technology which already powers some of the leading players worldwide we are witnessing the business value of 2nd generation automation. We call upon all those seeking to implement or replace customer onboarding and ID authentication technology to educate themselves about the quantum leap that 2nd generation offers “.”We call upon regulators to account for what new technology enables”, says Ofer Friedman, VP Marketing of AU10TIX: “Much of today's regulations were conceived when technology was focusing on document reading while the detection of forgeries and counterfeiting had no alternative by human expertise. Nowadays we're not surprised to see machines authentication IDs and biometrics in airports, but in online and mobile financial services 2nd generation technology is yet to become the standard and be addressed by regulators. Today technology can detect fraud, counterfeiting and risk at levels of accuracy and systematics that is far superior to humans. It is already changing the game for a growing number of businesses. But now it's time for regulators to pick the glove”.

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