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Digital id verification firm Mitek introduced a brand new companion as we speak. The California-based firm has teamed up with compliance, credit score danger, and lending options firm Abrigo to assist the agency’s financial institution purchasers entry expertise to assist shield themselves in opposition to monetary crime.
Particularly, Abrigo is searching for to mitigate verify fraud, which isn’t solely prevalent amongst banks, however can be expensive. Whereas the expertise behind paper checks appears antiquated, fraud methods for the cost methodology will not be. In response to FinCEN, verify 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 supply its financial institution clients entry to Mitek’s Examine Fraud Defender to assist them cease fraudulent actions round checks. Mitek’s Examine Fraud Defender makes use of imaging science, machine studying, and synthetic intelligence to investigate the pictures of the checks and confirm authenticity to cut back fraud losses.
“By combining Mitek’s cutting-edge expertise with Abrigo’s industry-leading platform, we will present our 2,400 clients with a strong answer to assist shield their establishments and clients from monetary crimes,” stated Abrigo CEO Jay Blandford.
Mitek was based in 1986 and provides expertise for cellular verify deposit, new account opening, id verification, and extra. The corporate’s options are utilized by greater than 7,900 organizations and its cellular verify 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.
Picture by cottonbro studio
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