Many financial services providers are already using 1st generation ID authentication solutions, but may not be aware how thinly they are protected.
Nicosia, Cyprus (PRWEB) March 17, 2016
Recently published US market data confirm that new account opening fraud is mushrooming into a serious strategic issue. Already 20% of fraud losses in the US market alone are pointing at new account opening as a major vulnerability. According to analysts fraudsters are discouraged from card fraud due to more effective EMV security standards. But at the same time they point at weak passwords, smartphone vulnerabilities and data breaches that make new account fraud ever more easy. (See: http://www.postandcourier.com/article/20160222/PC05/160229951/1177/new-account-id-theft-is-up-113-percent-and-it-x2019-s-because-of-x201c-better-x201d-security). AU10TIX points out that new account fraud is facilitated to a great extent by the ease of ID fraud, but not for a long time. 2nd generation ID authentication technology is already capable of deep forgery forensics at a level that can challenge most fraudsters. The very same technology can also streamline customer onboarding and thus increase customer conversion success rates.
“Sounding the alarm bells is correct but fact is that existing technology can change the picture,” says Ron Atzmon, Managing Director of AU10TIX: “What most fraudsters do not know, and so do some of the service providers, is that ID fraud detection has gone a long way. 2nd generation ID authentication and onboarding technology is already working for global major players, enabling them to detect even the types of fraud and manipulation that are beyond visual detection.“
“Many financial services providers are already using 1st generation ID authentication solutions, but may not be aware how thinly they are protected,” says Ofer Friedman, VP Marketing of AU10TIX: “2nd generation technology is not 1st generation technology. Basing your defense on what can be read or seen is not good enough. 2nd generation technology that's already becoming standard, takes forgery and manipulation detection a whole new level without compromising of seconds-fast, keyboard free onboarding!“
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