PRESS RELEASE
LAS VEGAS, Oct. 30, 2024 /PRNewswire/ — MONEY 20/20 — AU10TIX, a worldwide know-how chief in id verification and administration, immediately launched its Q3 2024 World Id Fraud Report at Cash 20/20 USA in Las Vegas. Drawing insights from thousands and thousands of transactions processed across the globe from July to September 2024, the report uncovers vital tendencies in large-scale organized id fraud. This quarter, automated bot assaults focusing on social media platforms surged within the lead-up to subsequent week’s US presidential election, with the sector accounting for 28% of all assaults in Q3, up from simply 3% in Q1. The report additionally reveals a faster-than-anticipated leap within the sophistication of AI-powered impersonation bots and deepfake know-how, together with artificial selfies which have proven the flexibility to bypass some main verification programs.
Speedy developments in AI know-how have enabled the industrialization of id fraud, with dangerous actors launching automated mega-attacks of 1000’s of false identities focusing on funds, crypto and social media firms everywhere in the world. In Q3, AU10TIX noticed an particularly excessive variety of bot assaults mixed with deepfake content material in makes an attempt to open faux social media accounts at scale. A few of the assaults appeared to include superior randomized GenAI components, marking a brand new stage of automated detection evasion. This speedy progress started in March 2024 and peaked in September, with retailers like Related Press reporting on bots spreading disinformation and manipulating public notion within the weeks main as much as the US election.
One other main Q3 growth concerned the debut of artificial selfies. Selfies have traditionally been one of many least-used strategies of fraud, as a result of issue of outsmarting facial matching tech. Nonetheless, fraudsters are actually exploiting extraordinarily subtle know-how to create 100% deepfaked “selfies” that match the artificial IDs they use to trick automated KYC processes.
“Fraudsters are evolving sooner than ever, leveraging AI to scale and execute their assaults, particularly within the social media and funds sectors,” mentioned Dan Yerushalmi, CEO of AU10TIX. “Whereas firms are utilizing AI to bolster safety, criminals are weaponizing the identical know-how to create artificial selfies and faux paperwork, making detection virtually not possible. The one approach to detect any such fraud is by analyzing habits on the site visitors stage, as AU10TIX does with our Serial Fraud Monitor. We’re dedicated to repeatedly advancing our detection strategies to guard clients towards this speedy evolution of fraud ways, utilizing a mix of superior AI, biometric verification, and deepfake detection.”
Along with the rise in artificial selfies, AU10TIX reported a 20% rise in using “picture template” assaults by dangerous actors. This pattern means that AI is getting used to quickly create variations of artificial identities—together with photographs, doc numbers, and different private info—utilizing the identical ID template. The regional hotspots driving this variation are APAC and North America; the surges haven’t been noticed in different areas.
On a extra optimistic notice, fraud charges within the funds sector dropped from 52% in Q2 to 39% in Q3, which AU10TIX attributes to elevated self-regulation and regulation enforcement interventions. Though the funds trade continued to be essentially the most focused phase, discouraged fraudsters shifted their consideration to much less regulated sectors just like the crypto market, which accounted for 31% of Q3 assaults.
AU10TIX’s Q3 2024 World Id Fraud Report gives three actionable insights to assist organizations defend towards id fraud:
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Undertake Conduct-Based mostly Detection: Conventional doc verification alone is not sufficient. To catch immediately’s subtle fraudsters, organizations should analyze person habits and site visitors patterns.
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Use AI to Fight AI: As fraudsters deploy AI to scale assaults, it’s crucial to leverage AI-driven options to maintain tempo with these threats.
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Be Prepared for Artificial Selfies: The rise in artificial selfies implies that counting on conventional KYC strategies might now not be efficient. Organizations should improve their detection programs to identify these new types of fraud.
About AU10TIX
AU10TIX performs a pivotal position in establishing belief between people/firms and digital programs. Based in 2002, it’s the world chief in id verification and administration, defending the world’s largest manufacturers towards superior fraud. The corporate’s future-proof product portfolio helps companies present frictionless buyer onboarding and verification in 4-8 seconds whereas staying forward of rising threats and evolving regulatory necessities. AU10TIX gives the world’s solely 100% automated world id administration system, in addition to the trade’s solely resolution that may detect organized mass assaults by analyzing site visitors patterns and cross-checking information in a consortium of greater than 60 main firms. With its deep roots in airport safety, AU10TIX has authenticated billions of identities and prevented over $18 billion in id fraud. AU10TIX is a subsidiary of ICTS Worldwide N.V. (OTCQB: ICTSF). Join with AU10TIX on LinkedIn and on X at @AU10TIXLimited. For extra info, go to AU10TIX.com.
