Yes, 2nd generation ID authentication and fast-track onboarding technology is available and used by major players already.
Nicosia, Cyprus (PRWEB) December 07, 2015
Recent LexisNexis interview among nearly 200 UK compliance professionals say: “Britain's biggest banks are now spending as much as £660 million a year on anti-money laundering compliance, yet are still concerned about their ability to effectively combat risks in a fast-changing financial crime landscape”. The survey reports “concerns about a shortage of AML compliance professionals in the UK”. The LexisNexis report specifically highlights serious concerns that current practices may not suffice to manage the growing threat: “44% of banking and financial services professionals say evolving criminal methodologies will be the biggest single emerging financial crime risk to their business in the next year. Meanwhile, 13% think it will be a lack of personnel in their risk function”.
Banks and financial services providers are facing both fraud surge and (consequent) increasing regulatory pressure. AU10TIX market intelligence says that using smart technologies to help prevent fraud while facilitation streamlined customer service is inevitable. According to AU10TIX data, manual ID authentication practices are still prevalent, costing service providers with both severe customer abandonment and excessive back-office costs. In line with these market trends and concerns AU10TIX has announced recently a unique synthetic ID image forgery capability which is integrated in its BOS service. AU10TIX BOS is the market’s only 2nd generation online ID image authentication and onboarding platform.
“Banks and financial institutions are at the watershed point”, says Ron Atzmon, Managing Director of AU10TIX: “The fact that fraud, and especially ‘Fraudster Not Present’ fraud is booming is not new. What’s new is the availability of a new generation of solutions that can replace and augment the still common practice of manual handling. What did not happen in the past and does happen now is that service providers are now actively putting these solutions to action. AU10TIX is lucky to have the only 2nd generation ID authentication and onboarding technology ion the market today“.
“Yes, 2nd generation ID authentication and fast-track onboarding technology is available and used by major players already”, says Ofer Friedman, VP Marketing of AU10TIX: “However, there is battle haze that decision-makers have to cope with when looking for the right solution. 1st generation solution providers are making what often appears to be misleading claims about functionalities and performance. That is why we encourage decision makers to carry out comparative testing of AU10TIX BOS against any other solution they consider.“
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.
Ofer Friedman, VP Marketing
Tel.: +357 (22) 007698
ICTS International NV
Tel.: +31-20-716 3421