Mitek 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).
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This 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.
The 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.
“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.”
“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.”
This award underscores Miteks’ unwavering dedication to advancing fraud prevention technology and reaffirms the company’s role as a trusted partner for financial institutions worldwide.
About Mitek
Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s 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 7,900 of the world’s largest organizations, Mitek helps companies reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com.
Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.
About Datos Insights:
Datos Insights delivers the most comprehensive and industry-specific data and advice to the companies trusted to protect and grow the world’s assets, and to the technology and service providers who support them. Staffed by experienced industry executives, researchers, and consultants, we support the world’s most progressive banks, insurers, investment firms, and technology companies through a mix of insights and advisory subscriptions, data services, custom projects and consulting, conferences, and executive councils. Visit datos-insights.com to learn more.
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