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May 16, 2022

Israeli digital bank ONE ZERO taps AU10TIX for customer verification

Israel-based One Zero Digital Bank  selected identity management firm AU10TIX to power its customer verification system and know your customer (KYC) platform.

The digital lender has received the Bank of Israel’s approval to use AU10TIX’s technology, which allows it to verify customers’ identities during onboarding. 

AU10TIX also allows re-verification for processes such as updating bank account details, changing passwords or banking activity that requires identity verification. 

The technology vendor performs a biometric comparison of the submitted ID to a selfie for identity verification.

Additionally, AU10TIX said it can identify synthetic fraud or emerging advanced identity fraud.

Clients such as Google, PayPal, Uber, Fiverr, eToro and Bird use AU10TIX’s identity intelligence platform.

ONE ZERO Digital Bank CTO Amichai Levy said: “The relationship between bank and customer is based on trust and security. ONE ZERO is under the same regulation as any bank in Israel, and we invest enormous resources in cyber security and privacy. Thanks to AU10TIX, ONE ZERO Digital Bank can ensure our customers a secure means of identity verification with zero human intervention.”

The digital bank secured a full banking licence from the Bank of Israel in January this year and became the first new bank to be set up in the country in 43 years. 

ONE ZERO Digital Bank is said to have completed a pilot programme and is set to onboard its first 75,000 new customers. 

AU10TIX founder and acting chairman Ron Atzmon said: “The combination of 100% automated, forensic detection and global coverage enables our customers to continue scalable growth, improve their KYC capabilities with industry-leading fraud detection capabilities while saving on costs.”

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