In the fast moving - short patience online universe, manual ID image processing translates not only to easier fraud but also to loss of business due to slow response time and higher chances for data entry and qualification errors.
Nicosia, Cyprus (PRWEB) October 07, 2013
According to the latest report released by CIFAS – UK’s non-profit anti-fraud organization, while overall levels of reported fraud decreased slightly, identity fraud continues to rise. Earlier CIFAS publication stated that identity fraud has become the most prevalent type of fraud, involved in 52% of all fraud case (http://www.bizreport.com/2013/08/82-of-identity-fraud-cases-in-uk-occur-online.html). The latest CIFAS publication draws attention to the fact that no less than 82% of all fraud cases occur online.
Till recently, fighting identity fraud online in regulated markets such as banking, financial services, gaming or car rental relied on manual examination of customer submitted images of ID documents. Slow, costly and often inaccurate manual handling of large volumes of ID images is well recognized as sore point and major bottle-neck for online service providers. In the fast moving - short patience online universe, manual ID image processing translates not only to easier fraud but also to loss of business due to slow response time and higher chances for data entry and qualification errors.
Converting ID document images that customers may have produced using smart-phone cameras, office scanners and the like, and at any conceivable level of quality, is a whole different challenge.
First to meet the online ID screening and extraction challenge, fully automatically and at significant rates of success has been AU10TIX. The AU10TIX BOS (Back Office Service) solution has gained significant mileage and rapid improvement since its launch last year. Unlike conventional solutions, AU10TIX BOS solution is fully automated and does not require manual customer intervention. Furthermore, AU10TIX BOS has proven to have more effective and often comprehensive checks than conventional solutions.
Service providers favor the AU10TIX BOS solution also thanks being self-contained and fully operational within client system environment. BOS can operate as an internal rather than external service and not require access to external resources (unless so desired by client). This forward looking design helps service providers maximize information safety. Users of AU10TIX BOS also benefit from the ability to integrate the application seamlessly into their workflow and adjust it to support relevant internal policies.
“We pride ourselves on having created the most forward-looking technology and for having such supportive clients who work together with us to shape the most effective solution out there”, says Ron Atzmon, Managing Director of AU10TIX: “Our technology helps our clients not only better protect against online and front-end identity fraud, it also makes a lot of business sense. Using it helps speed-up response time, reduce manual work and increase the quality of data entering risk-management and CRM system. This is much more than fraud protection. It is also about competitiveness and operating efficiency.”
“Secure Customer Onboarding is the future of customer screening and acquisition,” says Ofer Friedman, AU10TIX’s VP Marketing: “Online is different volumes and different customer behavior. That knows anyone who provides online service. Fraud protection and speedy, effective customer processing are now one thing. Fraud is shifting online because customers and services are shifting online. Early adopter service providers are already there. It is still the phase where those who have BOS gain an immediate edge over competition.”
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 30 years international 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 Company’s 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 Company’s 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 Company’s expectations or future events.
Ofer Friedman, VP Marketing
Tel.: +972-50-4 71 71 50
ICTS International NV
Alon Raich + 00-972-974-47770