RateSetter Taps AU10TIX for Its Automated Fraud Prevention Needs

AU10TIX was chosen by RateSetter, the UK's top P2P lender to provide the firm with fraud detection and KYC verification

AU10TIX has announced that its fraud protection and Know Your Customer (KYC) authentication solutions have been implemented by UK P2P lender, RateSetter. A provider of compliance solutions for the financial industry, AU10TIX’s Back Office Solution (BOS) product helps firms automate the compliance workflow for identifying and verifying their customers. For financial firms facing consumer clients, fulfilling KYC requirements are an essential part of verifying customers before fully on boarding them.

Firms such as AU10TIX have gained momentum within the financial industry as they provide solutions to digitalize user IDs and document and automatically scan them for verification. In addition, with the growth of mobile users, it has led to the demand for identification tools allowing customers to scan and upload ID documents directly from their smartphones or tablets.

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Being selected by RateSetter, AU10TIX’s Back Office Solution (BOS) will be used by the UK’s top P2P lender in Q1 2015. During that period, RateSetter recorded £120.9 million in new loans, just over 25% of the total in UK P2P lending for the quarter. Overall, since launching in October 2012, £639 million in loans have been processed on the RateSetter platform.

Commenting about the BOS implementation, John Battersby, Head of Communications of RateSetter, stated, “We looked at various solutions available on the market. But when putting them to test with real life traffic, choosing AU10TIX BOS was easy. The proof was in the pudding… BOS didn’t take too long to flag an actual fraudulent ID image out of the haystack.”

Ron Atzmon, Managing Director of AU10TIX added, “We enjoy working with the RateSetter team, contributing our share to their success. RateSetter wants their customers to be better protected and to feel better served. That’s the whole idea about AU10TIX BOS – it does both.”

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