Identity verification and management solution provider, AU10TIX, reports it has protected companies against over $18bn in business fraud since the 2021 launch of its Serial Fraud Monitor (formerly INSTINCT) solution. According to AU10TIX, this offering along with its IDV Identity Verification Suite, has protected organisations against even the most sophisticated identity fraud schemes.
The impact of AU10TIX’s multi-layered fraud prevention solutions is evident across multiple sectors, with significant savings realised in each industry. In the payments sector alone, AU10TIX’s solutions have prevented over $13bn in fraudulent transactions.
Go deeper with GlobalData
Other impacted sectors include cryptocurrency and trading ($2.7bn), banking (over $1bn), and shared economy ($776m). Furthermore, in Q1 of 2024 alone, AU10TIX has already prevented over $1.3bn in fraud. These figures underscore AU10TIX’s commitment to combating fraud across industries and protecting businesses from financial loss.
In 2023, AU10TIX prevented twice the fraud that it had in 2021. This period also witnessed a notable shift from traditional fraud to professional fraud orchestrated by organised crime groups utilising AI.
In 2021, the majority of attacks detected were traditional fraud attempts identified by the IDV suite. Synthetic AI-generated fraud accounted for only a third of the loss prevented. However, by 2023, a significant 70% of the fraud loss prevented was synthetic AI-generated fraud detected by the Serial Fraud Monitor.
This shift underscores the evolving tactics of fraudsters towards more sophisticated methods. It also highlights AU10TIX’s advanced capabilities in detecting and mitigating both traditional and AI-generated fraud.
AU10TIX observes significant shifts in fraud patterns
- In 2021, cryptocurrency was the most targeted sector with a 36% share. This decreased to 7% and 11% in 2022 and 2023, respectively.
- The APAC region’s share of crypto fraud increased from approximately 15% in 2021 to about 25% in 2023.
- Among the document types most exploited by fraudsters, fake driving licenses accounted for ~60% of attacks in 2021, but only ~30% in 2023.
- Fake passports were used in only 12% of attacks in 2021, but a full 27% in 2023.
“The escalating threats of cybercrime and digital fraud necessitate stronger safeguards for customer identity and personal information,” said Dan Yerushalmi, CEO of AU10TIX. “With today’s announcement, we reaffirm our unwavering commitment to assisting organisations in fortifying their defences and ensuring secure and seamless access to digital transactions.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
