Identity verification company AU10TIX reports preventing approximately $7.5 billion in fraud last year, contributing to a cumulative total of $24 billion in prevented fraud since 2021. The company’s fraud detection systems, which operate across multiple sectors including payments, cryptocurrency, and social media platforms, identified that artificial intelligence-generated attacks comprised approximately 75 percent of prevented fraud incidents in 2024. This surge in AI-generated fraud aligns with INTERPOL’s recent warnings about the rising sophistication of financial fraud techniques.
Dan Yerushalmi, CEO of AU10TIX, stated that these results demonstrate the company’s dedication to advancing identity verification technology. He emphasized the organization’s growth trajectory and its focus on developing new solutions while expanding its global workforce to address emerging fraud challenges. The company recently demonstrated this commitment through its expansion into India with a new operational hub in Bengaluru.
The company’s evolution traces back to 1982 with the establishment of its parent organization, ICTS International, which initially specialized in airport security and border control services. This foundation in physical identity verification informed AU10TIX’s later development of digital solutions, particularly valuable as the industry has seen growing demand for digital identity solutions driven by fraud threats.
In 2002, the company initiated its transition toward digital verification services, applying its expertise in physical identity verification to the digital realm. AU10TIX was formally established in 2010 as an ICTS International subsidiary, with a specific focus on identity intelligence technology development. The company has since expanded its product portfolio to include four distinct product lines, encompassing Identity Verification Suite, Serial Fraud Monitor, the AU10TIX Platform, and Reusable Digital ID.
The company’s technological infrastructure has evolved to incorporate artificial intelligence, machine learning, computer vision, blockchain, and software-as-a-service capabilities. Notable corporate developments include a 2019 transaction where TPG and Oak HC/FT acquired a 30 percent stake for $80 million, followed by an additional $20 million investment from Oak HC/FT, and significant revenue growth in 2021, reaching approximately $70 million. In 2024, the company expanded its services with a new anti-money laundering solution designed to verify both individual and business identities.
The rise in AI-generated fraud attempts reflects broader industry trends, as verification systems increasingly encounter sophisticated technological threats. AU10TIX’s prevention metrics indicate the growing scale and complexity of digital fraud attempts across various sectors, particularly in the cryptocurrency industry where identity verification standards have faced scrutiny.
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January 13, 2025 – by the ID Tech Editorial Team
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