In this 30 minute video interview, Mark Walker at The Fintech Times chats to David Birch, an internationally recognised thought leader in digital identity and a member of the AU10TIX advisory board, and Carey O’Connor Kolaja, President and Chief Operating Officer of AU10TIX about the launch of INSTINCT.
The acceleration of businesses operating online during the Covid-19 pandemic has seen a rapid increase in the need for secure payments.
But emerging fraud techniques that generate high-quality forgeries are penetrating the first line of defence, warns identity verification company AU10TIX, with multiple attack cases using sophisticated fake or counterfeit ID images reported in a variety of markets.
According to AU10TIX, sharing global identity signals and insights in a unified fight against synthetic identity fraud can make online payments more secure.
Its new INSTINCT platform will detect criminal attempts to create multiple accounts using fraudulent ID credentials that have already penetrated one organisation’s system without detection. It pairs select signals with adaptive analytics to detect and share identity risk based on historical behaviours, emerging patterns, and facts across the network of participating organisations. Businesses can analyse collective insights while participating as an isolated organisation – or node – or as an anonymous node within a trusted ecosystem.
In this video, Mark Walker at The Fintech Times chats to David Birch, an internationally recognised thought leader in digital identity and a member of the AU10TIX advisory board, and Carey O’Connor Kolaja, President and Chief Operating Officer of AU10TIX about the launch of INSTINCT.
During the interview, O’Connor Kolaja says: “Fraud is a continuous, collaborative fight and fraudsters create rings around the world and through different means in order to penetrate systems. As businesses opt into INSTINCT and send us signals, the network becomes more intelligent and our ability to fight fraud across platforms and across markets become more intelligent.”
While Birch emphasises the importance of keeping data secure and protecting privacy during the ‘war’ against networks of fraudsters.
“People imagine that we’re fighting hackers that are kids in their bedrooms who are trying to get in and steal credit card numbers but that is a very nostalgic view of fraud. The historian Niall Ferguson has said the coming war is networks versus networks and there are sophisticated networks attacking. So, we need networks to defend as it is the only way to get the strength that we need to do it. But we mustn’t make things worse. If we’re going to get together, we must share personal information and personal data and actually make the system work in trying to defend against it.”
Watch the Full Interview below