Empowering Businesses Through Advanced Identity Verification

Dan Yerushalmi

In today's digital age, when online transactions are the norm and identity fraud is ever-evolving, the need for a reliable customer identification and verification process is more crucial than ever. Businesses are constantly seeking ways to strengthen their defenses against sophisticated malicious activities. Success stories like the collaboration between FXCM and AU10TIX show how innovation can bring about significant changes.

For many businesses, the traditional manual identity verification and Know Your Customer (KYC) processes are quite challenging. They're resource-intensive, time-consuming, and often lead to low conversion rates.

By integrating AU10TIX’s technology, FXCM has enhanced its security and streamlined its onboarding experience. FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services that operates globally and processes numerous customer account applications daily. With AU10TIX's help, FXCM has accelerated its onboarding process, reducing ID document verification times from hours or days to just 10 seconds. This partnership has boosted FXCM’s ID document approval rates from 62% to 80% and reduced abandonment rates significantly, expanding the opportunity for revenue growth.

These results showcase the importance of technological innovation in navigating fraud in the digital age. As organizations confront escalating cyber threats and regulatory requirements, the adoption of automated identity verification technologies becomes imperative. By fortifying customer identification processes, businesses can mitigate risks, enhance regulatory compliance, and foster greater trust and confidence among customers.

“At FXCM, ensuring a seamless and secure onboarding experience for our customers is a top priority,” said Teodora Mladenova, eKYC Product manager at FXCM. “Partnering with AU10TIX has been instrumental in surpassing our objectives for customer conversion, security enhancement, and reducing fraudulent accounts. By automating our validation processes, we’ve not only enhanced security but also improved the onboarding experience for our customers.”

This collaboration showcases the power of innovation in today's digital era. As businesses navigate the complexities of the digital landscape, forming strategic partnerships and using advanced technologies are key to ensuring safety, long-term growth, and resilience. By prioritizing security, efficiency, and customer satisfaction, organizations can navigate the digital battlefield with confidence and emerge stronger in the face of evolving threats and challenges.

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