AU10TIX Prevents an Estimated $7.5 Billion of Identity Fraud in 2024

Rhea-AI Summary

AU10TIX, a global identity verification leader, reported preventing an estimated $7.5 billion in fraud during 2024, bringing the total to approximately $24 billion since 2021. Notably, 75% of prevented fraud was related to synthetic AI-generated threats.

The company expanded its product portfolio with several key innovations including: a Know Your Business (KYB) solution, Digital ID Verification Hub, Risk Assessment Model, Anti-Money Laundering (AML) solution, and Workflow Flexibility powered by Orchestration Engine. AU10TIX also established a new office in Bengaluru, India, strengthening its global presence.

The company's solutions provided fraud protection across various sectors including payments, cryptocurrency and trading, shared economy, and social media.

Positive

• Prevented $7.5 billion in fraud during 2024
• Expanded product portfolio with 5 new solutions
• Geographical expansion with new office in India
• Strong presence across multiple critical sectors

Negative

• 75% of fraud threats were AI-generated, indicating increased sophistication of cyber risks

ID Verification Leader Marks Successful Year of Global Expansion, Key Innovations and New India Presence

TEL AVIV, Israel, Jan. 14, 2025 /PRNewswire/ -- AU10TIX, a global leader in identity verification and management, today announced that its solutions protected businesses worldwide against an estimated $7.5 billion in fraud in 2024, totaling approximately $24 billion since 2021. This is one of several significant achievements for the company in a year defined by international growth and portfolio expansion.

Synthetic AI-generated fraud accounted for 75% of the total fraud losses that AU10TIX prevented in 2024, highlighting the growing sophistication of cyber threats. AU10TIX provided comprehensive fraud protection for customers spanning all critical sectors, including payments, cryptocurrency and trading, shared economy, and social media.

In 2024, AU10TIX expanded its product portfolio with several key innovations:

• Know Your Business (KYB) solution: This comprehensive solution integrates seamlessly with existing KYC processes to enhance business verification.
• Digital ID Verification Hub: This one-stop platform for secure and scalable identity verification features enhanced support for digital ID types.
• Risk Assessment Model: AU10TIX introduced this free, data-driven tool to help organizations identify vulnerabilities and improve their fraud prevention strategies.
• Anti-Money Laundering (AML) solution: This advanced AML solution is tailored to meet compliance standards while reducing risk.
• Workflow Flexibility Powered by Orchestration Engine:Enables seamless tailoring to clients' unique business needs, ensuring frictionless identity verification processes with fallback to document-based IDV when necessary.

The company also strengthened its global presence through the establishment of its Bengaluru office in India.

"These achievements reflect our ongoing commitment to innovation and excellence in identity verification," said Dan Yerushalmi, CEO of AU10TIX. "Our continued growth and expansion, particularly in developing innovative solutions and building our global team, positions us strongly to address evolving fraud challenges across industries."

AU10TIX continues to refine its comprehensive suite of solutions, including advanced identity verification tools, fraud prevention systems, and innovative risk assessment models. The company's expansion in India further demonstrates its commitment to providing global coverage and support for its growing customer base.

About AU10TIX
AU10TIX plays a pivotal role in establishing trust between individuals/companies and digital systems. Founded in 2002, it is the global leader in identity verification and management, protecting the world's largest brands against advanced fraud. The company's future-proof product portfolio helps businesses provide frictionless customer onboarding and verification in 4-8 seconds while staying ahead of emerging threats and evolving regulatory requirements. AU10TIX offers the world's only 100% automated global identity management system, as well as the industry's only solution that can detect organized mass attacks by analyzing traffic patterns and cross-checking data in a consortium of more than 60 major companies. With its deep roots in airport security, AU10TIX has authenticated billions of identities and prevented over $18 billion in identity fraud. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). Connect with AU10TIX on LinkedIn and on X at @AU10TIXLimited. For more information, visit AU10TIX.com.

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SOURCE AU10TIX

FAQ

How much fraud did AU10TIX prevent in 2024?

AU10TIX prevented an estimated $7.5 billion in fraud during 2024.

What percentage of fraud prevented by AU10TIX in 2024 was AI-generated?

Synthetic AI-generated fraud accounted for 75% of the total fraud losses prevented by AU10TIX in 2024.

What new products did AU10TIX launch in 2024?

AU10TIX launched five new products: Know Your Business (KYB) solution, Digital ID Verification Hub, Risk Assessment Model, Anti-Money Laundering (AML) solution, and Workflow Flexibility Powered by Orchestration Engine.

Where did AU10TIX expand its global presence in 2024?

AU10TIX expanded its global presence by establishing a new office in Bengaluru, India.

What is the total amount of fraud AU10TIX has prevented since 2021?

AU10TIX has prevented approximately $24 billion in fraud since 2021.