Digital id verification firm Mitek introduced a brand new accomplice in the present day. The California-based firm has teamed up with compliance, credit score danger, and lending options firm Abrigo to assist the agency’s financial institution shoppers entry expertise to assist defend themselves in opposition to monetary crime.
Particularly, Abrigo is in search of to mitigate examine fraud, which isn’t solely prevalent amongst banks, however can also be pricey. Whereas the expertise behind paper checks appears antiquated, fraud methods for the cost technique should not. In keeping with FinCEN, examine fraud suspicious exercise report (SAR) filings elevated 94% over the course of 2021. Final yr, the variety of SAR filings exceeded 680,000. “The sophistication of fraud and artificial checks has by no means been extra regarding,” defined Mitek SVP and GM Michael Diamond.
Abrigo will provide its financial institution prospects entry to Mitek’s Test Fraud Defender to assist them cease fraudulent actions round checks. Mitek’s Test Fraud Defender makes use of imaging science, machine studying, and synthetic intelligence to research the pictures of the checks and confirm authenticity to scale back fraud losses.
“By combining Mitek’s cutting-edge expertise with Abrigo’s industry-leading platform, we will present our 2,400 prospects with a strong resolution to assist defend their establishments and prospects from monetary crimes,” mentioned Abrigo CEO Jay Blandford.
Mitek was based in 1986 and presents expertise for cellular examine deposit, new account opening, id verification, and extra. The corporate’s options are utilized by greater than 7,900 organizations and its cellular examine deposit and account opening instruments attain greater than 80 million customers. Mitek is publicly listed on the NASDAQ below the ticker MITK and has a present market capitalization of $517 million.
Earlier this fall, Mitek partnered with Equifax to advance the corporate’s biometric authentication and liveness detection capabilities.
Photograph by cottonbro studio
