Identity verification and identity management technology provider AU10TIX protected companies against $1.3billion in business fraud in Q1 2023, with its ‘Serial Fraud Monitor’ solution.
Previously known as INSTINCT, the AU10TIX fraud monitoring solution uses neural network technology to offer businesses real-time protection against sophisticated identity fraud, including swarm attacks and synthetic fraud.
The neural network fraud prevention platform offers dual-layer protection by monitoring existing fraud patterns and behaviours, as well as evolving practices at the customer traffic level. Serial Fraud Monitor also enables organisations to identify and stop fraudulent customers, as well as recognise customers that accumulate positive scores over time and give them better service as trusted users.
The platform aims to reduce the risk of financial and reputational damage by supporting businesses in staying compliant with the latest regulations. It offers:
- Fraud detection – The neural network technology recognises synthetic identities
- Traffic-level fraud analysis – Real-time reaction and insights; predicting fraudulent activity based on incoming and historical traffic patterns
- Post-breach cleanup – On-the-spot damage control to minimise losses and recover from an attack
- Reputation scoring and consortium validation – Enhanced reliability and trustworthiness with reputation scoring and data cross-checking in a consortium of trusted users
- ML and AI mechanisms – Accurate fraud detection algorithms
Supporting organisations against fraud
Dan Yerushalmi, CEO of AU10TIX, commented: “Serial fraud attacks cost businesses millions of dollars every year, so it’s crucial that they are protected in this digital era. This alarming increase in cybercrime and digital fraud demands stronger protection of customer identity and personal information, especially in the financial and banking sectors. With today’s announcement, we are reaffirming our commitment to helping organisations provide secure and hassle-free access to digital transactions.”
AU10TIX’s solution applies across a wide spectrum of industries, including banking, financial services and insurance (BFSI); healthcare; government, community and social services; gaming; automotive and mobility; e-commerce; shared economy; education; and legal.
In March, AU10TIX also revealed ‘Reusable ID’, in collaboration with Microsoft to provide verifiable credentials (VC) architecture for identity management. The seventh annual FinTech Breakthrough Awards Program also selected the company’s technology as the ‘Best Identity-as-a-Service Platform’.