AU10TIX, a provider of artificial intelligence (AI) and machine learning (ML)-backed automated identity verification technology, has prevented $3.3billion in fraud-related losses to businesses this year.
Since the start of 2022, INSTINCT, the company’s fraud intelligence platform, has increased synthetic fraud detection in the financial services sector by over 60 per cent.
As inflation grows, so does financial activity, leading to more opportunities for fraud within the financial sector.
Financial service providers and institutions are using the company’s solution to establish the identity and risk of new users, authenticate and continuously verify existing users and detect suspicious transactions.
The solution seeks to address synthetic fraud at scale with an emphasis on privacy protection.
Accelerated by an increasingly digital and mobile financial landscape, synthetic identity fraud is an emerging fraud technique impossible for the human eye to detect.
“It’s more important than ever for businesses to invest in…identity verification technologies at a time when financial services ecosystems are fast evolving,” says Guy Mordoch, the company’s COO.
“With cybercrime and increased digital fakery on the rise, financial services companies must do more to protect their customers’ identity and personal data.
“It’s a business imperative, and we are committed to helping businesses and organisations provide their customers safe and convenient access to money and digital assets.”
The company has signed with 40 new global customers since the start of the year, and also joined forces with Microsoft to help improve verifiability and secure information for workforces.