The Technology That Helps UK Payday Lenders Protect Against The Surging Identity Fraud

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New CIFAS report reveals that the rise in prominence of payday lenders turned loan accounts into a prime target for fraudsters, driving a whopping 43% increase in primarily identity fraud during the first 3 months of 2013. However, more lenders now take action to protect themselves against ID fraud using the AU10TIX BOS Secure Customer Onboarding system, also benefitting from higher effective traffic handling capacity, improved customer conversion chances and higher operating efficiency.

Sending IDs at home to submit online via AU10TIX BOS

With AU10TIX BOS in place, lenders can speed up customer processing while benefitting from better ID fraud protection. At the same time, speedier, error-freer document processing translates to higher conversion success chances, higher traffic capacity.

Latest UK CIFAS report reveals that while overall fraud levels in the UK seem to have decreased in the first quarter of 2013, credit and store cards have experienced a vast increase in the level of frauds recorded. Loan accounts in particular have become increasingly popular with fraudsters, increasing by 43% within just 3 months since the beginning of the year (http://www.stockmarketwire.com/article/4599630/CIFAS-figures-reveal-favourite-fraud-targets.html).

Payday lenders operate primarily online, enjoying high accessibility but also suffering from relative vulnerability to identity fraud. Till recently, online lenders had only partial help from technology in fighting identity fraud. Fraudsters could forge or fake ID documents quite easily. These would be submitted online as snapshots or scans for what used to be primarily manual examination and processing – notorious for being slow, error-prone and costly.

AU10TIX, the pioneer of Multi-Channel Secure Customer Onboarding, has introduced the BOS (Back-Office Service) online customer ID authentication and record generation already in 2012. AU10TIX BOS is the latest technology for automated authentication and conversion of ID image files to workable digital records. This advanced image processing and forgery detection technology is designed to handle the authentication, validation and detection of forgery attempts in ID image files produced using common devices such as smartphone cameras, office scanners, webcams or digital cameras and submitted online.

With AU10TIX BOS in place, lenders can speed up customer processing while benefitting from better ID fraud protection. At the same time, speedier, more error-free document processing translates to higher conversion success chances, higher traffic handling capacity, better data quality in CRM and risk applications, and improved operating cost efficiency won through reducing reliance on manual processing.

“More and more lenders familiarise themselves with the AU10TIX BOS system," says Ron Atzmon, Managing Director of AU10TIX: “We are meeting the increasing demand for what is not just a fraud protection technology but also a competitive leverage in a very competitive market. Automating ID authentication and record generation will inevitably become standard. Those who do it first will win early advantage, and we are there to equip them with the best technology“.

About AU10TIX

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 specialises in implementing hardware & software based applications used for scanning, identifying and acquiring identity documents, authenticating them and their owners, in real-time. The company's products drastically reduce identity and document based fraud in organisations, reducing the costs associated with processing clients, improving compliance competence and effectiveness with related regulations, while making the sales and support operations more efficient. For more information, visit http://www.au10tix.com

About ICTS International N.V.

ICTS specialises 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 customised 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.

Contact:

AU10TIX Limited
Ofer Friedman, Director of Marketing
Email: ofer.friedman(at)au10tix(dot)com
Tel.: +972-50-4 71 71 50

ICTS International NV
Alon Raich + 00-972-974-47770
mail(at)ictsinternational(dot)com

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Ofer Friedman
AU10TIX Limited
+972-50-4 71 71 50
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