- Fraud and threat platform DataVisor introduced a partnership with identification verification firm Mitek this week.
- DataVisor will combine Mitek’s Test Fraud Defender resolution into its platform to supply FIs real-time verify fraud determination orchestration.
- DataVisor made its Finovate debut final yr at FinovateFall in New York. Mitek has been a Finovate alum since successful Better of Present at its Finovate debut at FinovateSpring in 2011.
AI-powered fraud and threat platform DataVisor has teamed up with identification verification innovator Mitek. Courtesy of the partnership, DataVisor will combine Mitek’s Test Fraud Defender with its personal superior machine studying and real-time information evaluation to offer monetary establishments complete verify fraud safety in a single platform. The partnership will allow monetary establishments to execute real-time orchestration of verify fraud selections, decrease fraud losses, and increase operational efficiencies.
“Our imaginative and prescient has all the time been to create an end-to-end, complete platform that successfully combats all forms of monetary fraud,” DataVisor CEO and Co-Founder Yinglian Xie mentioned. “By becoming a member of forces with Mitek, we’re elevating our verify fraud safety capabilities. It additionally streamlines the expertise for our clients, eliminating the necessity to have interaction with a number of options in silo and due to this fact can tackle completely different fraud challenges extra successfully with a centralized, holistic view.”
Mitek’s Test Fraud Defender places AI and laptop imaginative and prescient expertise to work to visually consider distinct verify attributes in real-time. The answer leverages a consortium mannequin, which permits DataVisor clients to proactively flag future verify deposits linked to stolen or fraudulent checks throughout collaborating establishments. Moreover, the mixture of Mitek’s verify picture evaluation and DataVisor’s evaluation of verify and buyer lifecycle information will allow customers to detect all kinds of verify fraud techniques together with verify kiting, distant deposit seize fraud, verify washing, counterfeit checks, and identification theft.
“Collectively, we leverage our collective superior applied sciences to safeguard monetary transactions,” Mitek VP of Digital Banking Technique Kerry Cantley mentioned. “By combining DataVisor’s complete platform with Mitek’s strong Test Fraud Defender consortium, we’ve created a top-tier resolution, setting new requirements in proactive fraud prevention.”
A Finovate alum since its Better of Present successful debut at FinovateSpring in 2011, Mitek has grown into a frontrunner in digital entry options. The corporate’s expertise helps enhance approval charges whereas holding fraudsters at bay, and permits firms to satisfy compliance calls for from AML and KYC to GDPR and PSD2. Along with its resolution for verify fraud, Mitek additionally provides a low code identification verification resolution, an biometric authentication resolution MiPass, and Cell Deposit, the corporate’s cell distant deposit seize providing. At present, 99% of U.S. banks and seven,900 of the world’s largest organizations use Mitek’s expertise for cell verify deposits.
Headquartered in San Diego, California, Mitek was based in 1986. The corporate trades on the NASDAQ trade below the ticker “MITK,” and has a market capitalization of $673 million. Max Carnecchia is Chief Govt Officer.
Amongst Finovate’s latest alums, DataVisor made its Finovate debut final yr at FinovateFall 2023. On the convention, the corporate demoed its Fraud & Danger Platform that enhances fraud detection and minimizes fraud losses by way of a mix of machine intelligence, guidelines and determination engines, case administration, and the power to seamlessly combine any information supply, together with third-party information.
DataVisor’s partnership with Mitek comes lower than a month after the Mountain View, California-based agency launched its end-to-end anti-money laundering (AML) resolution. The brand new providing integrates with the corporate’s fraud platform natively to supply further assist towards rising cybersecurity threats.
Based in 2013, DataVisor has raised greater than $94 million in funding, based on Crunchbase. The corporate contains TruStage Ventures and NewView Capital amongst its traders.
Photograph by cottonbro studio
