One system prevents fraud, meets regulatory requirements, saves work and material (closing the gap to the much coveted “Paperless office”), streamlines customer service, and boosts operating efficiency.
(PRWEB) March 15, 2012
If IDs are ever more secure than how come fraud hits new records?
26 January 2012. CIFAS – UK’s fraud prevention service releases the “2011 Fraud Trends” report with the title: “Fraud levels surge upwards”.
The facts are indeed alarming:
- A disturbing 9% increase in fraud cases Vs. last year
- Identity fraud is by far the most common type of fraud (48% of fraud cases, up +10% from last year!)
- Facility takeover (account, policy or other facility legitimately obtained but later used fraudulently) is the most common and most surging fraud mechanics (up +18% vs. last year and almost +300% in just five years!!
In times of economic hardship it makes sense that more people will attempt financial fraud. But how come it’s so easy to get away with identity fraud when identity facilities are ever more protected by dozens of possible security features: From special materials, to encoded data, special inks, watermarks, microprints, holograms, data chips, and the list is actually longer…
Let us leave for a minute the fact that “secure” data chips have been repeatedly proven vulnerable to copy and reproduce – after all, they are intended to be read and they follow known data formulations and decoding methods.
The weak link in front-end identity fraud is not technology. It’s the lack thereof…
As technologically sophisticated as identity facilities may be, when “manually checked” by the customer service representative, even swiped for magnetic data, or “electronically read” – most if not all of the elaborate security features do not come into play… And that, amazingly, is the common practice in the vast majority of places.
Yes, while identity document are ever more sophisticatedly protected, the front-end examination and processing of these documents is still by large manual – i.e. unreliable, slow, costly, error prone.
When fraudsters succeed in slipping through the front-end gate than they become “legitimate customers”: Identity laundered. That is unless they get uncareful, and until the victims finds out and complains (If they do).
Technology that Detects Fraud At The Point of Identity Laundering
(and at the same time Streamlining Customer Handling and Saving Costs…)
Automated identity document authentication is here for some time now. But till recently the reliability of most solutions fell short at handling non-standard, off-standard and worn out documents – ones that deviate from the “expected” official template.
That has changed with the introduction by AU10TIX of Parameterized Authentication and machine-learning-enhanced analysis. These, coupled with state-of-the-art document reading algorithm, pave the way not only to a new generation of far more reliable solutions.
Simple placing of an ID, driving licence, passport etc. on the standard 3-illumination scanner window and in a matter of few seconds a comprehensive end-to-end document authentication and processing takes place: At the end of such process, document and data are thoroughly authenticated, ready-to-use records are generated, and a detailed audit trail is created.
Not only does such a solution put a serious challenge to front-end identity fraud attempts, it actually speeds up the entire customer service process, eliminates data entry errors and to do away with paper and work costs.
This new generation, dual-benefit solution, also bridges the gap between security and economics. One system prevents fraud, meets regulatory requirements, saves work and material (closing the gap to the much coveted “Paperless office”), streamlines customer service, and boosts operating efficiency.
When economy meets security, a major hurdle has been removed from introducing Secure Customer Enrollment not only to banking but also financial services, telecommunications, car sale and hire, social and public services, etc.
Ever increasing identity fraud is not a law of nature.
The means to fight it are here.
AU10TIX Limited is a fully owned subsidiary of ICTS International B.V (symbol ICTSF). AU10TIX is a key player in the Secure Content Management (SCM) market. AU10TIX offers the world’s best authentication and digitization products for identifying documents, including: Passports, identity cards, driving licenses and other complementary ID documents. The company's applications are designed for sensitive environments such as airports and highly secured facilities as well as business focused applications, identity fraud prevention applications and applications used for the automatic retrieval and management of primary & supplementary identity documents (Paperless Enrollment). The company's technologies and products are currently used in Europe, Asia and America in different industries, including: aviation and security, banks, financial and other enterprises. AU10TIX is promoting its services, globally, through its partners including 3M, Experian, Elbit-systems and other global leaders in various industries. For more information, visit http://www.au10tix.com.
For more details: http://www.au10tix.com