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According to Federal Trade Commission, Synthetic identity theft is the fastest-growing type of ID fraud, already accounting for 85% of all identity fraud cases in the U.S. Latest online ID document authentication technology, such as the AU10TIX BOS systems unique 3-layer authentication, can curb ID fraud significantly while fast-tracking customer onboarding.
Nicosia, Cyprus (PRWEB) June 24, 2014
Synthetic identity theft occurs when fraudster create new identities by combining real and fake identifying information or creating a brand new identity from fake or inaccurate information to establish new accounts (Experian at http://losangeles.cbslocal.com/2014/06/19/synthetic-id-theft-emerging-as-fastest-growing-type-of-consumer-fraud/). Data referencing and credit rating agencies can help detect some of these fraud attempts, but these can and should be complemented with ID document authentication technology. Even the most comprehensive data referencing resources cover only specific markets and even they contain up to 20% missing, inaccurate or outdated data. As for the 20%-25% of customers who have low- or no- digital footprint, even data referencing is not an option.
Automated ID document image authentication, in particular the AU10TIX BOS online solution, is a game changer. Latest AU10TIX machine-learning technology and risk analytics algorithms enable 100% automated authentication and data extraction from online-submitted ID image. The entire process takes only 2-5 seconds, and requires no information input from customers! Furthermore, AU10TIX BOS is the only solution on the market to offer 100% automation, 3-way (Deep) authentication, and instantly workable detailed results at such processing speed.
Online service providers are rightfully concerned about the alarming rise in ID fraud, but at the same time also about delaying response to waiting customers, says Ron Atzmon, Managing Director of AU10TIX: With our standard setting AU10TIX BOS solution there is no trade-off any more. ID fraud becomes far more difficult to do and far more easy to detect. And at the same time customers can experience an easy, seamless screening and onboarding process, even if the image they submitted has not been 100% optimal. That is a big deal for all online regulated markets.
Regulated markets such as financial services, banking, money transfer, online trading, etc. are clearly heading towards multi-layer customer identity authentication, says Ofer Friedman, VP Marketing of AU10TIX: Till now, the regulatory mandated authentication of customer submitted ID document images has been primarily manual. Now service providers can benefit from strong online ID authentication which is far speedier, accurate and cost effective than any alternative. Everyone in these businesses knows that speed means higher conversion chances, higher traffic capacity and lower churn. At the same time strong automation facilities cost-effective operation and cost saving. It doesnt go any win-win than that.
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company's products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient.
For more information, visit http://www.au10tix.com
About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process.
For more information, visit http://www.icts-int.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Companys business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Companys actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Companys expectations or future events.
Ofer Friedman, VP Marketing
Tel.: +357 (22) 007 698
ICTS International NV
Tel.: +31 (203) 471 077
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