AU10TIX’s ‘Serial Fraud Monitor’ has successfully prevented $1.3 billion in corporate fraud in the first quarter of 2023, showcasing the effectiveness of their identity verification and management technology.
With its ‘Serial Fraud Monitor’ product, identity verification and identity management technology firm AU10TIX helped businesses avoid $1.3 billion in corporate fraud in the first quarter of 2023.
The AU10TIX fraud monitoring tool, formerly known as INSTINCT, uses neural network technology to provide businesses with real-time defense against sophisticated identity fraud, such as swarm attacks and synthetic fraud.
The neural network fraud prevention technology provides dual-layer security by keeping an eye on both current fraud patterns and behaviors and developing customer traffic practices. Through the usage of Serial Fraud Monitor, businesses may also spot and block fraudulent clients as well as recognize and treat as trusted customers those who consistently receive high ratings.
By helping companies comply with the most recent rules, the platform hopes to lower the risk of financial and brand harm. It provides:
- Fraud detection: Synthetic identities are recognized by neural networks.
- Analysis of fraud at the traffic level: Real-time response and insights; forecasting fraud based on incoming and past traffic patterns
- Cleaning up after a breach: Immediate damage control to lessen losses and recover from an attack
- Reputation scoring and consortium validation: Increasing reliability and trustworthiness through data cross-checking across a consortium of dependable users and reputation scoring
- Accurate fraud detection algorithms using ML and AI
Assisting organizations in preventing fraud with “Serial Fraud Monitor”
“Serial fraud attacks cost businesses millions of dollars every year, so it’s crucial that they are protected in this digital age,” said Dan Yerushalmi, CEO of AU10TIX. Stronger security of client identification and personal information is required in light of the worrying rise in cybercrime and digital fraud, particularly in the financial and banking industries. With today’s news, we reaffirm our dedication to assisting businesses in granting their customers secure access to digital transactions.
The solution from AU10TIX can be used in a variety of sectors, 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 and Microsoft jointly unveiled “Reusable ID,” a verifiable credentials (VC) framework for identity management. The business was also recognized for its technology by the seventh annual FinTech Breakthrough Awards Program as the “Best Identity-as-a-Service Platform.”