A major factor in this achievement has been AU10TIX's Fraud Monitor, which was formerly known as INSTINCT. This solution—which is based on data from millions of transactions handled in 249 countries—along with the business's IDV (Identity Verification) Suite have the ability to shield organizations from even the most complex identity theft schemes.

AU10TIX's multi-layered fraud protection technologies are clearly having an influence on a number of different industries. In actuality, each industry has realized considerable savings. AU10TIX's technologies have stopped over $13 billion worth of fraudulent transactions in the payments industry alone. Additional industries affected are banking (more than $1 billion), the sharing economy ($776 million), and cryptocurrencies and trading ($2.7 billion).


Moreover, AU10TIX has already stopped over $1.3 billion in fraud in just the first quarter of 2024. These numbers demonstrate AU10TIX's dedication to stopping fraud in all sectors of the economy and shielding companies from monetary loss.

Expanding upon accomplishments

AU10TIX stopped twice as much fraud in 2023 as it did in 2021. During this time, organized crime groups began to use artificial intelligence (AI) to orchestrate professional fraud, which marked a significant transition from traditional fraud. Only one-third of the losses avoided in 2021 were due to synthetic AI-generated fraud, with classic fraud efforts being the bulk of attacks detected by the IDV suite.


But by 2023, the Serial Fraud Monitor has identified artificial intelligence (AI)-generated fraud as the primary cause of a noteworthy 70% of the fraud loss averted. This change highlights how con artists' strategies are becoming more complex as they go. It also emphasizes how adept AU10TIX is at identifying and thwarting fraud that is caused by both artificial intelligence and conventional means.

Additionally, AU10TIX noticed notable changes in fraud trends among document categories and geographical areas, suggesting that fraudsters are becoming more sophisticated in their methods. Among them are:


With a 36% stake, the bitcoin industry was the most targeted in 2021. In the years 2022 and 2023, this dropped to 7% and 1%, respectively.
The percentage of cryptocurrency fraud in the APAC area rose from roughly 15% in 2021 to over 25% in 2023.
Fake driver's licenses were one of the document categories that fraudsters exploited the most in 2021, accounting for around 60% of attacks, although that number dropped to about 30% in 2023.
In 2023, fake passports were used in 27% of attacks, compared to just 12% in 2021.



Stronger protections for client identity and personal information are necessary due to the growing risks of cybercrime and digital fraud, according to Dan Yerushalmi, CEO of AU10TIX. "We reiterate our ongoing commitment to supporting organizations in strengthening their defenses with this news. Our goal is to guarantee easy and safe access to online transactions.

assistance with Digital ID and Serial Fraud Monitor
 

The integrated ID, age, and address verification, in addition to voice and video consent, face comparisons, and liveliness testing, are all used by AU10TIX's IDV suite to confirm both physical and digital ID documents of all kinds. Coordination of mass ID fraud assaults is detected by the company's Serial Fraud Monitor. It cross-checks ID data against a network of more than 60 significant organizations and use sophisticated neural networks to monitor changing fraud patterns, repetitions, and conflicts in client flow.

Organizations using Serial Fraud Monitor are able to stop fraudulent clients in their tracks. Additionally, they are able to recognize clients who have regularly received high marks over time and provide them with upgraded support as valued users.
 

The news follows the release of Digital ID by AU10TIX. Businesses may quickly and precisely validate all kinds of digital IDs using this service. maximizing security and avoiding fraud at all times.