AU10TIX’s Serial Fraud Monitor Surpasses $18B Fraud Protection Threshold

AU10TIX, a global provider of identity verification and management, today announced that it has protected companies against more than $18 billion in business fraud since the 2021 launch of its Serial Fraud Monitor (formerly INSTINCT). The tool draws insights from millions of transactions processed across 249 countries.

The company said the impact of its multi-layered fraud prevention solutions is across multiple sectors. In payments, AU10TIX’s solutions have prevented more than $13 billion in fraudulent transactions. Other impacted sectors include cryptocurrency and trading ($2.7B), banking ($1B+), and shared economy ($776M). In Q1 of 2024, AU10TIX said it has already prevented more than $1.3B in fraud.

In 2023, AU10TIX prevented twice the fraud it had in 2021. This period also witnessed a notable shift from traditional fraud to professional fraud orchestrated by organized crime groups utilizing AI. In 2021, the majority of attacks detected were traditional fraud attempts identified by the IDV suite, with synthetic AI-generated fraud accounting for only a third of the loss prevented.

However, by 2023, 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, one AU10TIX said its advanced capabilities in detecting and mitigating both traditional and AI-generated fraud match.

AU10TIX observed significant shifts in fraud patterns across regions and document types, indicating evolving tactics among fraudsters. These include:

  • 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 organizations in fortifying their defences and ensuring secure and seamless access to digital transactions.”

AU10TIX’s IDV suite validates physical and digital ID documents of all types using built-in ID, age, and address verification, along with voice and video consent, face comparisons, and liveliness testing. The company’s Serial Fraud Monitor can detect coordinated mass ID fraud attacks. It uses advanced neural networks to monitor evolving fraud patterns, repetitions and conflicts in customer traffic while cross-checking ID data against a consortium of more than 60 major companies. With Serial Fraud Monitor, organizations can detect and halt fraudulent customers but also identify customers who consistently accrue positive scores over time.


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