Press release
Mitek Adds New Defense for Banks to Combat Rising Check Fraud
Sophisticated check “liveness” ensures authenticity via mobile API “What’s fake and what’s real?” That’s a question we are all asking ourselves at the
About this update from Mitek Systems, Inc.
[{"type":"text","content":"\nSophisticated check “liveness” ensures authenticity via mobile API\n\n\n“What’s fake and what’s real?” That’s 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 “liveness” technology to ensure authenticity. In this case, that’s the authenticity of a check. Financial institutions that take advantage of these latest advancements will stamp down check fraud and reduce their losses.\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nMitek (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’s proprietary check liveness technology adds an additional layer of defense.\n\n\nThe rate of check fraud nearly doubled in 2022, according to the Financial Crimes Enforcement Network, 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.\n\n\nIngo Money Chief Executive Officer Drew Edwards said, “As 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.”\n\n\n“The sophistication of fraud and synthetic checks has never been more real,” said Michael Diamond, Mitek senior vice president and general manager. “With added signals, banks of all sizes can better identify and defend agai...