{"id":748686,"date":"2023-04-18T10:17:55","date_gmt":"2023-04-18T14:17:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\/"},"modified":"2023-04-18T10:17:55","modified_gmt":"2023-04-18T14:17:55","slug":"mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\/","title":{"rendered":"Mitek Adds New Defense for Banks to Combat Rising Check Fraud"},"content":{"rendered":"

<\/p>\n

\nMitek Adds New Defense for Banks to Combat Rising Check Fraud<\/p>\n

Sophisticated check \u201cliveness\u201d ensures authenticity via mobile API<\/b><\/p>\n

\n\u201cWhat\u2019s fake and what\u2019s real?\u201d That\u2019s a question we are all asking ourselves at the moment, and with good reason. Check fraud is on a dramatic rise. AI has exploded. And fraudsters will always look to take advantage. Fortunately, innovators in machine learning are already using \u201cliveness\u201d technology to ensure authenticity. In this case, that\u2019s the authenticity of a check. Financial institutions that take advantage of these latest advancements will stamp down check fraud and reduce their losses.<\/p>\n

SAN DIEGO–(BUSINESS WIRE<\/a>)–Mitek<\/a> (NASDAQ: MITK) today announced that check liveness is available for all customers of its flagship Check Fraud Defender through real-time mobile API. Check liveness is the ability to determine if a check is authentic and not a picture of a picture of a check. Check Fraud Defender detects forgeries and fraudulent activity otherwise missed by traditional fraud detection methods, and now Mitek\u2019s proprietary check liveness technology adds an additional layer of defense.<\/p>\n

\nThe rate of check fraud nearly doubled in 2022, according to the Financial Crimes Enforcement Network<\/a>, part of the U.S. Treasury Department, continuing a dramatic rise in recent years, spurred by economic factors and advances in technology misused by online fraudsters. In 2021, financial institutions filed over 350,000 Suspicious Activity Reports (SARs) to FinCEN to report potential check fraud; in 2022 this number reached over 680,000. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of the anti-money laundering\/countering the financing of terrorism (AML\/CFT) National Priorities.<\/p>\n

\nIngo Money Chief Executive Officer Drew Edwards said, \u201cAs check fraud continues to increase in the U.S., financial institutions need to make sure the correct safeguards are in place to protect their organizations and individuals. With added signals of counterfeit documents, banks of all sizes can stay ahead of criminals to fortify institutional protocols and drastically reduce fraud-related losses.\u201d<\/p>\n

\n\u201cThe sophistication of fraud and synthetic checks has never been more real,\u201d said Michael Diamond, Mitek senior vice president and general manager. \u201cWith added signals, banks of all sizes can better identify and defend against fraudulent activities and drastically reduce fraud losses.\u201d<\/p>\n

\nTo learn more about Check Fraud Defender and check liveness, visit: https:\/\/www.miteksystems.com\/check-fraud-defender<\/a>.<\/p>\n

About Mitek<\/b><\/p>\n

\nMitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek\u2019s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. Trusted by 99% of U.S. banks for mobile check deposits and 7,500 of the world\u2019s largest organizations, Mitek helps companies reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com<\/a>. Follow Mitek on LinkedIn<\/a>, Twitter<\/a> and YouTube<\/a>, and read Mitek\u2019s latest blog posts here<\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230418005883\/en\/<\/a><\/span><\/p>\n

Media contact
\n<\/b>
Angela M. Romei
\n
Senior Director, Corporate Communications
\n
pr@miteksystems.com<\/a><\/p>\n

KEYWORDS:<\/b> California North America United States Ireland United Kingdom Europe<\/p>\n

INDUSTRY KEYWORDS:<\/b> Technology Payments Finance Security Fintech Banking Professional Services Software Artificial Intelligence<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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Mitek Adds New Defense for Banks to Combat Rising Check Fraud Sophisticated check \u201cliveness\u201d ensures authenticity via mobile API \u201cWhat\u2019s fake and what\u2019s real?\u201d That\u2019s a question we are all asking ourselves at the moment, and with good reason. Check fraud is on a dramatic rise. AI has exploded. And fraudsters will always look to take advantage. Fortunately, innovators in machine learning are already using \u201cliveness\u201d technology to ensure authenticity. In this case, that\u2019s the authenticity of a check. Financial institutions that take advantage of these latest advancements will stamp down check fraud and reduce their losses. SAN DIEGO–(BUSINESS WIRE)–Mitek (NASDAQ: MITK) today announced that check liveness is available for all customers of its flagship Check Fraud Defender through real-time … <\/p>\n

Continue reading “Mitek Adds New Defense for Banks to Combat Rising Check Fraud”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-748686","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMitek Adds New Defense for Banks to Combat Rising Check Fraud - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mitek Adds New Defense for Banks to Combat Rising Check Fraud - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Mitek Adds New Defense for Banks to Combat Rising Check Fraud Sophisticated check \u201cliveness\u201d ensures authenticity via mobile API \u201cWhat\u2019s fake and what\u2019s real?\u201d That\u2019s a question we are all asking ourselves at the moment, and with good reason. Check fraud is on a dramatic rise. AI has exploded. And fraudsters will always look to take advantage. Fortunately, innovators in machine learning are already using \u201cliveness\u201d technology to ensure authenticity. In this case, that\u2019s the authenticity of a check. Financial institutions that take advantage of these latest advancements will stamp down check fraud and reduce their losses. SAN DIEGO–(BUSINESS WIRE)–Mitek (NASDAQ: MITK) today announced that check liveness is available for all customers of its flagship Check Fraud Defender through real-time … Continue reading "Mitek Adds New Defense for Banks to Combat Rising Check Fraud"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-18T14:17:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230418005883r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Mitek Adds New Defense for Banks to Combat Rising Check Fraud\",\"datePublished\":\"2023-04-18T14:17:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\\\/\"},\"wordCount\":552,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230418005883r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mitek-adds-new-defense-for-banks-to-combat-rising-check-fraud\\\/\",\"name\":\"Mitek Adds New Defense for Banks to Combat Rising Check Fraud - 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