AU10TIX warns that fraud prevention and customer acquisition effectiveness may be adversely affected by the new EMV regulations in the US and 4th Anti Money Laundering (AML) directive in Europe.
Nicosia, Cyprus (PRWEB) August 28, 2015
AU10TIX warns that the well-meant tighter fraud prevention measures and regulations may not be sufficiently backed by effective customer ID authentication measures at the point of new customer acquisition. AU10TIX warns of a “Back door” situation. Fraudsters that are massively shifting to online and mobile channels (See: http://www.ftpartners.com/docs/FTPartnersResearch-TransactionSecurity.pdf) may become even more dangerous as ineffective manual ID authentication or partial technology solutions allows them to apply for new cards or services using fraudulent ID images, with fair chances or going undetected. Furthermore, as pressure on back-office operation, not only does ID fraud detection effectiveness reduce but also reaction time does. This “friction”, warns AU10TIX, may result in customer abandonment (translating to lower conversion rates) and may drive inflation of costly back-office operation.
AU10TIX points out that with second generation ID authentication technology in place online service providers can streamline customer acquisition and clearing while maintaining systematic, deep ID authentication and lessening the pressure on back-office operations.
“Any serious CEO, CRO and COO know that this is a tipping point in the market”, says Ron Atzmon, Managing Director of AU10TIX: “They see the changes in fraud behavior. They see the changing demands from customer onboarding. But many are still not aware of the existence of second-generation ID authentication and fast-track onboarding technology. It is here. It is already working for the market majors. And this is the time to get up to speed with it. This is the AU10TIX BOS platform, and we invite everyone to test it against any other solution that’s out there.”
“I’d like to draw attention to the fact that the famous vision of customer onboarding and customer ID authentication being one integrated process is no longer a vision. It’s here and it’s working”, says Ofer Friedman, VP Marketing of AU10TIX: “Simply check out the BOS platform. Fact of the matter is that BOS is the ONLY, I repeat: “Only” solution available today that can speed-up customer onboarding and put your fraud protection at a whole different level. But you don’t have to take my word for it. Simply try it with real traffic…“
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 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 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
Ofer Friedman, VP Marketing
Email: ofer.friedman(at)au10tix.com
Tel.: +357 (22) 007698
ICTS International NV
Alon Raich
Email: mail(at)ictsinternational.com
Tel.: +31-20-716 3421