Monday, June 24, 2024

AU10TIX’s Award-Winning Serial Fraud Monitor Prevented Over a Billion USD in Business Fraud in Q1

AU10TIX, a global technology leader in identity verification and identity management, today announced that its award-winning Serial Fraud Monitor solution protected companies against $1.3B in business fraud in Q1. Previously known as INSTINCT, the industry-leading solution uses advanced neural network technology to provide businesses with real-time protection against sophisticated ID fraud, including [LV1] swarm attacks and synthetic fraud.

“Serial fraud attacks cost businesses millions of dollars every year, so it’s crucial that they are protected in this digital era,” said Dan Yerushalmi, CEO of AU10TIX.  “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 organizations provide secure and hassle-free access to digital transactions.”

AU10TIX Serial Fraud Monitor is the only neural network fraud prevention platform of its kind. This powerful solution offers dual-layer protection by monitoring existing fraud patterns and behaviors, as well as evolving patterns at customer traffic level. Serial Fraud Monitor enables organizations to not only identify and stop fraudulent customers, but also recognize customers that accumulate positive scores over time and give them better service as trusted users.

The platform minimizes the risk of financial and reputational damage and helps businesses stay compliant with the latest regulations through such features as:

  • Fraud Detection: Advanced neural network technology recognizes even the most sophisticated synthetic identities
  • Traffic-level Fraud Analysis: Real-time reaction and insights that predict fraudulent activity based on incoming and historical traffic patterns delivering a second layer of defense
  • Post-breach Cleanup: On-the-spot damage control to minimize losses and facilitate rapid recovery 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
  • Advanced Machine Learning and AI Mechanisms: Highly accurate fraud detection algorithms, leveraging the latest technologies to deliver superior performance

The scalable solution is used 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.

Today’s announcement comes on the heels of AU10TIX’s March announcement of Reusable ID, a collaboration with Microsoft to provide verifiable credentials (VC) architecture for identity management. The company’s technology was also recently selected as the “Best Identity-as-a-Service Platform” in the 7th annual FinTech Breakthrough Awards Program.

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