AU10TIX is a global technology leader in identity verification and ID management automation. To learn more about the company, Pulse 2.0 interviewed company founder and chairman Ron Atzmon.
Atzmon is a serial entrepreneur with a 25-year track record of leading startups and developing businesses in technology and finance. Between 2012 and 2020, he was CEO of AU10TIX, pioneering the use of multi-channel ID authentication and record generation solutions that have positioned the company as the technology leader and provider of choice for the world’s major players in e-commerce and payments. Atzmon also serves on the board of AU10TIX parent company ICTS International N.V. (OTCQB: ICTSF).
“I am a seed investor in technology disruptors FOXinGreen, Sardine, and Mesh Payments, and serve as a mentor at Barclays Techstars Tel Aviv Accelerator and London’s Level39, one of the world’s most connected technology communities,” said Atzmon. “I hold a BA in Business Administration from the College of Management in Israel, and an MBA in Business Administration from the Imperial College of London, United Kingdom.”
Challenges
I asked Atzmon about the challenges he faces in building the company and his day-to-day job. “My main challenge is that there is simply not enough time in the day. I wish I had more time to mentor and support our employees,” Atzmon replied.
Core Products
What are AU10TIX’s core products? AU10TIX’s portfolio includes:
Identity Verification Suite: This comprehensive solutions suite meets all business identity verification needs under one roof. It offers ID, age, and address verification, along with voice and video consent, face compare, and liveness testing. It also enables anti-money laundering (AML) compliance, including PEP (politically exposed persons) and sanction screening.
Serial Fraud Monitor: This industry-leading solution uses advanced neural network technology to provide businesses with real-time protection against sophisticated ID fraud, including swarm attacks and synthetic fraud. Serial Fraud Monitor provides fraud detection, traffic-level fraud analysis, reputation scoring and consortium validation, and post-breach cleanup. In Q1, Serial Fraud Monitor protected companies against $1.3B in business fraud.
Reusable Digital ID: A collaboration with Microsoft to provide verifiable credentials (VC) architecture for identity management. Reusable Digital ID simplifies identity verification for organizations and their customers. This multi-language solution includes automated data extraction and verification, as well as advanced liveness detection technology. The solution streamlines and accelerates ongoing ID verification, reduces onboarding costs, automates workflows, and enhances the security of sensitive data.
AU10TIX Platform: A top-tier platform with API, web and mobile SDKs for seamless no-code integration, an app for remote onboarding or on-the-spot verification, a workflow orchestrator, and the ability to define rules and effectively handle exceptions.
Evolution Of AU10TIX’s Technology
How has AU10TIX’s technology evolved since launching? The company started in 1982. And long before the company moved to the cloud as “AU10TIX,” they championed innovations in passenger screening technology for airports and border control all over the world.
“Our focus on automation grew out of this process. Then we moved into the digital space in 2002, founding AU10TIX on top of the same technology,” Atzmon noted.
Significant Milestones
What have been some of AU10TIX’s most significant milestones? Atzmon cited the following:
– Scaling the business from startup to growth and expanding to new markets worldwide
– Growing the talent
– Maintaining focus and executing a plan to lead the identity intelligence industry market
Customer Success Stories
When I asked Atzmon about some customer success stories, he specified 3 companies:
— Payoneer – AU10TIX enabled this financial services leader to scale up customer onboarding in a fraud-free, cost-effective way.
— 888 Holding – AU10TIX helped this online gaming company to convert and onboard new players with an automated KYC platform, drastically increasing its documentation verification rate.
— RCI Bank – AU10TIX helped RCI introduce an end-to-end customer identification process, saving hours of manual checks and authentication practices. 80% of the bank’s identity verification processes have been automated, cutting operational costs, and boosting efficiency.
Funding/Growth
AU10TIX is a subsidiary of ICTS International N.V. In its initial stage, the company received an $80 million investment from TPG and Oak HC/FT to fuel growth and innovation but has otherwise never had to raise funds because it has always been profitable. As a private company, AU10TIX does not disclose its revenue, but it sells tens of millions of dollars a year.
Total Addressable Market
What is the total addressable market (TAM) size AU10TIX is pursuing? Atzmon told me that the global IDV market reached a value of $9.5 billion in 2022 and is expected to grow to $18.6 billion by 2027.
Differentiation From the Competition
What differentiates AU10TIX from the competition? “AU10TIX provides the only 100% automated global identity management solution on the market. We are technologically far ahead of our competitors because our roots lie in 1980s airport security and border control grade solutions. Most other vendors originated as OCR or credit-card reading solutions. AU10TIX has verified over one billion IDs worldwide with the highest built-in automation in the industry,” Atzmon explained. “Our tech stack is future-proof because we use the latest AI and ML advancements to stay at the forefront of computer vision, blockchain, and SaaS technology. We are also the only vendor that can effectively handle upticks in fraud and onboarding volume, providing the most comprehensive risk output with the right balance of speed and accuracy. Our tech is unparalleled in its ability to detect even the most sophisticated forgeries fraud.”
AU10TIX’s end-to-end platform can handle and support any document type and language and enables fast and efficient onboarding without sacrificing scalability or forensic accuracy. This verification process is completed within a few seconds, making the solution one of the most efficient in the industry.
AU10TIX has developed the first-ever collaboration platform for scaling fraud intelligence, which is a consortium of allies fighting fraud on behalf of their customers and users. Every AU10TIX client operating Serial Fraud Monitor is part of the consortium. Serial Fraud Monitor also uses advanced neural network technology to offer best-in-class protection against the most complex types of identity fraud.
AU10TIX also recently released Reusable Digital ID, the company’s own innovative Verified Credentials (VC) engine powered by Microsoft Entra, introducing a complete paradigm shift in the way identity verification works.
Future Company Goals
What are some of AU10TIX’s future company goals? “AU10TIX continues to develop and enrich our portfolio to support market challenges,” concluded Atzmon.
