Fraud specialists "Synectics Solutions" has recently warned insurers of a heightened identity fraud risk in 2016. According to the company, the increasing availability of fraudulently harvested data increases translates to increasing identity fraud.
Nicosia, Cyprus (PRWEB) March 03, 2016
Fraud specialists "Synectics Solutions" has recently warned insurers of a heightened identity fraud risk in 2016. According to the company, the increasing availability of fraudulently harvested data increases translates to increasing instances of identity fraud with potential dire consequences in terms of loss and regulatory (non)compliance. According to the company, financial sector analysis of the national Syndicated Intelligence for Risk Avoidance (Sira) revealed applications for current accounts and credit cards were already heavily targeted by identity fraudsters in 2015, reporting a 57% increase in identity fraud (Source: http://www.postonline.co.uk/post/news/2448336/insurers-warned-over-increased-risk-of-identity-fraud)
The insurance industry is thus joining the swelling ranks of financial services, especially online and mobile, that recognize the imminent need for the use of technology to help mitigate the risk while maintaining competitiveness and operating efficiency. To those companies AU10TIX is offering the only 2nd generation technology on the market today, offering deep, multi-factor forgery and risk detection while speeding up customer processing and reducing risk of abandonment thanks to frictionless application and fast response.
“It was a question of time for the insurance industry to join in”, says Ron Atzmon, Managing Director of AU10TIX: “Like any regulated financial service they must respond to the increasing threat, and like any competitive industry they must strive to increase operating efficiency and customer conversion success rates. AU10TIX can help them achieve both objectives, probably better than any alternative they might want to look at“.
“What we are drawing attention to is not just existence of the need but also the availability of a game-changing technology that's already empowering some of the world's major players”, says Ofer Friedman, VP Marketing of AU10TIX: “Automating customer ID authentication is not new. What's new in 2nd generation technology is the depth, speed, reliability, level of automation and ability to handle sub-optimal ID qualities. We strongly recommend anyone who hasn't done so to book a visit in one of our coming intro tours.“
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