AU10TIX ID verification suite/fraud monitor prevents $18B in fraud since 2021

TEL AVIV, Israel  – AU10TIX revealed that it has protected companies around the globe against over $18B in business fraud since the 2021 launch of its Serial Fraud Monitor (formerly INSTINCT) along with the company’s IDV (Identity Verification) Suite.

AU10TIX said the impact of its multi-layered fraud prevention solutions is evident across multiple sectors, with significant savings realized in each industry. In the payments sector alone, AU10TIX's solutions have prevented over $13B in fraudulent transactions they wrote.

 Other impacted sectors include cryptocurrency and trading ($2.7B), banking (over $1B), and shared economy ($776M). Furthermore, in Q1 of 2024 alone, AU10TIX has already prevented over $1.3B in fraud.

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 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, a significant 70% of the fraud loss prevented was synthetic AI-generated fraud detected by the Serial Fraud Monitor.

“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 defenses and ensuring secure and seamless access to digital transactions."