Fintech can now fight cyber fraud with AU10TIX’s ID Verification System
As the fintech field grows exponentially, the industry is now focusing on more innovative measures to combat ever-increasing fraudulent activity
While innovation in the Fintech sector has grown exponentially, fraud remains a significant threat to companies worldwide. As fintech increases within the financial ecosystem, companies must turn to innovation in order to protect their consumers and financial institutions as they engage with new platforms. In addition, as stewards of personal financial data, fintech companies have a duty to secure their platforms, not only for their company’s reputation, but also for their customers. Furthermore, as doctoring documents is relatively easy these days, fintech companies must tackle the issue of forging authentication head-on.
This development of rampant fraud and emerging security measures has led fintech companies to invest more in securing their sites and transactions. However, some fintech companies do not want to deal with consumer verification themselves, either because of cost or time. Such fintech companies turn to other platforms that promise to secure their customers quickly and efficiently. AU10TIX is one such verification and security company. As an online ID authentication and processing solution, AU10TIX is attempting to face fintech security head-on by tackling one of the more important aspects of the fintech sector, customer onboarding.
Essentially, customer onboarding is the process of introducing new customers to a company in an organized and effective manner. It generally begins at the time of order placement but it can last longer, depending on the complexity of the product or service. Why though, is fraud and customer onboarding so intertwined? For one, the offering of online services comes with the challenge of ensuring one’s customers are precisely who they say they are. As stated earlier, due to the advancement in technology, doctoring documents is no longer difficult. Also, many times online identification requires customers to take the images of the documents themselves, such as with their cell phones or through copy machines, and fraudsters use this as an opportunity to pass along fake documents as the real deal.
While security is crucial in all aspects of the fintech sector, customer onboarding is a pivotal point for fintech companies, because it is how new customers are introduced to the company’s platform. It is also important to remember that customer onboarding isn’t something that happens exclusively online, it also exists in a physical capacity. This is why AU10TIX is trying to bring both hardware and software solutions for the scanning, identifying, authentication, and validation of identifying documents.
Furthermore, while having a secure platform is a necessity, one of the most important balances for fintech companies is how to make the onboarding process seamless and fast for customers, otherwise they won’t become new customers. For this reason, AU10TIX has created the BOS platform, which meets the needs of online retailers in the FinTech industry, specifically retailers in the payment industry. These are markets where regulations mandate the authentication and obtaining of customer data from digital photos or scans of an ID document.
Overall, the rapid adoption of new technologies and business models creates a need for more innovative risk management solutions. According to Ron Atzmon, Managing Director at AU10TIX, their solutions “offer the whole nine yards, the best turnaround speed, security, and overall experience for our clients.” This is why it is important to be able to authenticate an ID in just 10 seconds, because innovative risk management solutions require the saving of time and resources for Fintech companies.
In addition, as a part of an innovative and ever-changing scene, AU10TIX is proving its ability to adapt and grow. It was recently named as number one in the category based on a combination of parameters including range of Channels, magnitude of clients using the technology (Relying Parties), Authentication Use Case, and Authentication Technology/Method. In addition, it has extended its relationship with Xtrade, a leader in the online CDF trade.
However, while AU10TIX is taking part in securing fintech companies and their users, fraud is an evolving artform. AU10TIX, along with most authentification companies face an extremely difficult challenge. Only time will tell how the fight against fraudsters will play out.