Press release
Mitek’s Check Fraud DefenderTM Clinches Top Honor with Datos Insights’ Impact Awards for Pioneering Innovation in Transaction Fraud Monitoring and Decisioning
SAN DIEGO--(BUSINESS WIRE)-- Mitek Systems Inc. (NASDAQ: MITK) has been named the winner of the prestigious Best Transaction Fraud Monitoring and Decisioning
About this update from Mitek Systems, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nMitek Systems Inc. (NASDAQ: MITK) has been named the winner of the prestigious Best Transaction Fraud Monitoring and Decisioning Innovation category in the 2024 Datos Insights’ Fraud & AML Impact Awards. This recognition solidifies Mitek’s position as an industry leader in fraud detection in financial services, particularly for its groundbreaking product, Check Fraud DefenderTM (CFD).\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240820453648/en/(Graphic: Business Wire)\nThis award highlights the strides Mitek continues to make in advancing transaction fraud detection and prevention. CFD sets new industry standards by employing advanced computer vision and AI technology to meticulously analyze over 24 unique check attributes. This results in unparalleled accuracy that far outstrips traditional methods.\n\n\nThe power behind CFD’s success lies in its cloud-hosted consortium, which enables fraud analysts to compare check attributes against a vast repository of check profiles from participating banks. In addition to these superior detection capabilities, CFD’s integration with MiVIP’s fraud management console has dramatically reduced bank agent review times from up to 10 minutes to an astounding 90 seconds. This fortifies defenses and streamlines the decision-making process, leading to faster, more accurate fraud detection.\n\n\n“Check fraud continues to be a significant challenge for FIs, with many traditional detection methods struggling to keep pace with evolving fraud tactics,” notes David Barnhardt, a Fraud & AML Strategic Advisor at Datos Insights. “Mitek Systems’ Check Fraud Defender addresses this industry problem by combining advanced AI and computer-vision technologies with a comprehensive cross-institutional data consortium.”\n\n\n“We are thrilled to receive this honor from Datos Insights,” said Michael Diamond, General Manager and SVP, Digital Banking Solutions. “This award is a testament to our relentless drive to innovate and protect our customers from the ever-evolving landscape of financial fraud. CFD represents the future of check fraud prevention, delivering the speed, accuracy, and adaptability that today’s financial institutions demand.”\n\n\nThis award underscores Miteks’ unwavering dedication to advancing fraud pre...