AU10TIX warns EMV Standards & AML regulations will encourage online ID fraud and impairs customer acquisition effectiveness. 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.
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.
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