People do almost everything online these days, from paying bills to opening new bank accounts. This amazing convenience comes with a catch, though, and that is, identity fraud.
Fraudsters are always lurking in the digital shadows, looking for ways to steal personal information and impersonate users. The systems mostly used for identity verification are outdated. They can’t keep up with modern-day threats.
However, AU10TIX, a global leader in identity verification, is stepping up to change that narrative with its Next-Gen Identity Verification Platform. Designed to tackle today’s most advanced fraud tactics, this new platform promises faster verification, stronger fraud detection, and a smoother onboarding experience.
Here, we’ll break down everything you need to know about AU10TIX’s next-gen identity verification platform. But before that, let’s take a look at why there is a need for one in the first place.
Why is There a Need for a Next-Gen Identity Verification Platform?
The world of online fraud is fundamentally different now. Criminals are no longer just stealing existing identities outright, but actively creating new ones. This new threat is called synthetic identity fraud.
These fraudsters build a completely fake identity by mixing and matching real data pieces. This type of fraud causes huge financial losses in the U.S. In 2023, synthetic fraud losses crossed the $35 billion mark. The stakes are incredibly high for banks and businesses.
The problem has a volatile accelerant: generative Artificial Intelligence (AI). Deepfake fraud, for instance, uses AI to perfectly mimic faces or voices. This advanced technology is designed to easily bypass older facial recognition and biometric checks. Overall, synthetic identity document fraud has spiked by over 300% in North America.
Fraud has evolved from solo acts to an organized, cross-industry business. AU10TIX recently discovered “Repeaters,” a frightening new method using minor variations of a single fake digital asset. These subtle differences allow bad actors to test defenses quietly, as each fraudulent ID appears totally genuine in isolation.
One documented example involved 2,000 variations of one synthetic identity. This huge attack targeted multiple banking and crypto platforms simultaneously.
A Closer Look at the AU10TIX’s Identity Verification Next-Gen Platform
The new AU10TIX platform is the answer to these growing, organized threats. It focuses on automation, powerful collaboration, and future-proof identity tools.
Here’s a look at features that make the AU10TIX’s identity verification a next-gen platform:
1. Biometric Shield Against Deepfakes
The AU10TIX platform focuses on security built around world-class, verifiable algorithms. It includes advanced biometric verification, using features like selfie matching and facial recognition.
To ensure government-grade accuracy, the core biometric solution is based on a top NIST-rated algorithm. NIST, the National Institute of Standards and Technology, provides crucial, independent validation of the technology’s effectiveness.
To defend against the latest threats, the system uses stringent liveness detection and specialized deepfake detection software. This advanced defense model analyzes visual oddities and behavioral patterns. It is capable of spotting those “hard-to-catch Generative Adversarial Network, or GAN-generated fakes” that traditional systems miss.
The ability to detect deepfakes immediately prevents fraud rings from monetizing stolen or synthetic identities right at the point of customer sign-up.
2. Reusable Digital ID
AU10TIX collaborated with Microsoft on a revolutionary solution, and that is, Reusable Digital ID.
The Reusable Digital ID leverages a verifiable credentials architecture. This simplifies identity management for both businesses and customers. This alignment with global standards suggests a commitment to a future where users maintain more control over their own identity data.
This new ID streamlines and accelerates ongoing verification. Customers do not need to constantly resubmit all their personal documents. This makes strong security less bothersome for good users. The Reusable Digital ID also significantly enhances the security of sensitive data. It is a multi-language solution designed for worldwide use.
3. Consortium Validation
You cannot defeat organized crime by working alone. This principle is the heart of the new platform’s defense. The most effective weapon is the consortium signal technology.
AU10TIX works closely with over 60 leading companies globally. This collaboration builds an industry-wide network of shared intelligence. This powerful shared system is the key to stopping Repeaters.
Consortium validation is the only proven way to spot these organized attacks. It cross-checks data across the entire massive network.
If a criminal uses a slightly tweaked ID at one company, it is flagged immediately. If another company receives a variation of that ID, it is also flagged right away. This happens even if the fraudulent assets look unique to the receiving company.
4. Unmatched Precision and Speed
The core of the AU10TIX platform is sophisticated AI and machine learning. This technology enables lightning-fast, automated decisions. Verification results are delivered in mere seconds, not hours or days, as is common with older systems.
This speed directly benefits business efficiency. FXCM, a financial company, for instance, saw a 29% increase in conversion rates by speeding up the verification process. This efficiency is coupled with high reliability.
The platform achieves a remarkable 98% accuracy rate. This high level of automation reduces the need for expensive manual reviews.
To stop fraud, the system performs over 150 visual, digital, and data-based checks instantly. This stops sophisticated forgery attempts right when they happen.
Where Will This Platform Have the Biggest Impact?
The biggest impact will be in finance. The Banking, Financial Services, and Insurance (BFSI) sector is the single largest consumer of identity verification technology in the U.S. This sector is projected to take 37.9% of the U.S. identity verification market in 2025.
AU10TIX’s platform has already prevented massive, staggering losses in this sector. Its solutions stopped over $13 billion in fraudulent payment transactions.
Traditional banking is another target for fraudsters. The platform, however, has prevented over $1 billion in fraud just in the banking sector. This includes preventing the creation of numerous synthetic identities.
Cryptocurrency and trading platforms are also extremely high-risk environments. AU10TIX prevented $2.7 billion in fraud within that space. The sheer volume of fraud is evident in their report. It stopped over $1.3 billion in fraud during the first quarter of 2024 alone.
Empowering Businesses to Beat the Next Wave of Fraud
AU10TIX’s next-gen identity verification platform arrives at a time when digital interactions dominate our world.
As identity fraud becomes more advanced, solutions need to be smarter, faster, and more secure. This upgraded platform shows AU10TIX’s commitment to innovation and user protection.
The company is defining the next decade of identity verification with a platform featuring improved fraud detection, consortium validation, and Reusable Digital ID.
Ultimately, the goal is simple but powerful: making online interactions safer and more trustworthy for everyone. In an era where trust is everything, that is a big deal.
