AU10TIX, a leading global provider of fully automated identity verification technology powered by cutting-edge machine learning and artificial intelligence (AI), announced this week that the company has prevented $700 million in fraud related losses to businesses since the start of 2021.
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The company reported it has also increased the number of identities verified by approximately 144% in the first six months of 2021 compared to the same period in 2020.
Harnessing deep machine learning algorithms and computer vision, AU10TIX's technology performs identity document verification and authentication in approximately four to eight seconds.
"At a time when large-scale data breaches are occurring more frequently and emerging identity fraud techniques are on the rise, AU10TIX saw an 11% increase in identity fraud detection, helping businesses to prevent over half a billion dollars in related loses this year," commented CEO Carey O'Connor Kolaja.
AU10TIX recently earned Frost and Sullivan's 2021 Best Practices Award for Global Product Leadership in Identity Management. This recognition was received on the heels of being named the "broadest" and "most automated" identity management platform by global investment firm William Blair.
