AU10TIX Warns: Genuine Personal Data Sells on Darknet at 25¢, Driving The Need for 2nd Generation ID Documents Authentication
A 19 August 2016 article at InformationWeek reports that “USA Personal Info kit" is available on Darknet at as low as 25¢ "a piece”, and a "college-level identity-theft course" is offered at a mere $9.99. AU10TIX warns that common KYC practices of vetting stolen genuine data against "Identity verification" and credit rating services may be largely pointless, highlighting the increasing importance of 2nd generation ID document authentication and onboarding automation.
An eye-opening article titled " Darknet: Where Your Stolen Identity Goes to Live", aired 19 August 2016, InformationWeek has put numbers behind one of the key drivers of identity fraud epidemic. According to the publication a “USA Personal Info kit" consisting of names, addresses, phone numbers, Social Security numbers, bank account information, etc. is available on Darknet at as low as 25¢ "a piece”. For would-be fraudsters, the article cites the “Ultimate Fraud Package – 6500 items – 2016 + FREE GIFT!” containing eBooks, tutorials, guides about Bitcoin, PayPal, Bank Transfers, Hacker Tutorials, Carding, Fraud, Cashout Tutorials, Anarchist Handbook.” – all offered at a mere $9.99. http://www.darkreading.com/endpoint/darknet-where-your-stolen-identity-goes-to-live/a/d-id/1326679.
AU10TIX experts point at the ease of obtaining stolen genuine personal data is a key driver of the ever escalating identity fraud epidemic, since KYC regulations by large still insist that the primary way to detect identity fraud in Customer Identification Programs (CIPs) is personal data vetting via Identity verification and credit rating services. Since the data is indeed genuine (yet stolen) these checks come out green. The concept that favors checking of information and on account of where the information was obtained from is the weak link, say the experts. Regulations do mandate obtaining a government issued face ID as the authoritative source of personal data, but do not yet mandate the authentication of the ID document or document image. AU10TIX experts strongly recommend augmenting data checks with 2nd generation ID authentication and record generation technology. Such technology not only helps detect pixel-level forgery and counterfeiting attempts but also accelerates customer onboarding and removes much of its friction, hence contributing to conversion success chances.
“One cannot help deducing that 'The Emperor is naked'”, says Ron Atzmon, Managing Director of AU10TIX: “Regulators are obviously concerned with the rise of fraud and identity fraud being its main driver. But regulations seem to remain oblivious to reality. It may well be that some regulators are not aware of the fact that 2nd generation ID authentication technology is here. And that it can help detect fraud attempts using genuine stolen identity data by detecting ID image manipulations and fabrications. Luckily, more and more financial services providers acknowledge the gap and realize that the right technology can catch two birds at one stroke: Help detect fraud attempts and at the same time accelerate and streamline customer acquisition.”
“It is worthwhile knowing that ID cards, driver's licences, Passports and other government issued face ID facilities are more powerful preventers of fraud than some may think”, says Ofer Friedman, VP Marketing of AU10TIX: “This is true to customer-present as well as customer-not-present situations. The difference maker here is technology. 2nd generation technology such as the BOS platform do much more than read a document and check its data. Unlike 1st generation solutions it looks at an ID image forensically and can detect irregularities and risk factors that are part of a file's fabric. But what's nicer is that 2nd generation technology is far more efficient and fast in handling sub-optimal ID images that are so typical to online and mobile channels. That means speedier processing, less quality induced errors and a simple click & go experience for customers. It is security and compliance meeting customer conversion and operating efficiency.”
About AU10TIX
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.
For more information, visit: http://www.au10tix.com/
About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process.
For more information, visit: http://www.icts-int.com/
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company’s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company’s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s expectations or future events.
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