The company announced that 15% of its customers have chosen the fraud-fighting platform to prevent synthetic fraud. AU10TIX’s principle behind INSTINCT is to prevent payment fraud and emphasised the importance of having ‘a holistic, continuous, and networked approach’.
In addition, the company argues that 85 to 95% of synthetic fraud is not detected by legacy models. A 2018 report by Aite Group had estimated that losses generated by synthetic fraud will reach USD 1.2 billion by the end of 2020, while other predictions argue loss could even count anywhere between 6 billion to USD 8 billion. The Economist notes COVID-19 restrictions have led to a daily digital crime increase by 75%, while the FBI reports cybercrime has increased by 300% during COVID-19.
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