Another digital identity provider is reporting major growth in 2021. AU10TIX is best known for its face-based onboarding technology, and has now revealed that its year-over-year traffic (measured as the number of identities verified) is up 144 percent in the first six months of 2021 over the first six months of 2020.
According to AU10TIX, those identity assurances have helped prevent approximately $700 million in fraud losses in 2021, since businesses can move forward knowing that their customers are indeed who they claim to be. The company noted that the demand for secure onboarding services has increased as people have moved to a remote environment during the pandemic.
“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-percent increase in identity fraud detection, helping businesses to prevent over half a billion dollars in related loses this year,” said AU10TIX CEO Carey O’Connor Kolaja. “We are committed to doing our part in furthering a more secure and inclusive world and linking physical and digital identities.”
In other news, AU10TIX went on to highlight some of its other milestones for the year. Most notably, the company continued to report surging interest from the cryptocurrency sector, with daily volume spiking as much as 700 percent on some exchanges. The company has also entered into new partnerships with Fondeadora and CIBC FirstCarribean, and collaborated with Microsoft to introduce verifiable workplace credentials for the Azure AD platform.
Finally, AU10TIX took steps to round out its product portfolio with the launch of the new SECURE.ME solution. SECURE.ME uses face and document recognition to match a selfie to a photo ID, but businesses can deactivate some security features to deliver a smoother onboarding experience in less risky situations. AU10TIX recently received a 2021 Best Practices Award from Frost & Sullivan for being a Global Product Leader in Identity Management.
(Originally posted on FindBiometrics)