Mitek is trying to help banks crack down on checking fraud with the release of its aptly named Check Fraud Defender. The Software-as-a-Service offering is hosted in the cloud, and uses artificial intelligence and computer vision to analyze checks and make sure they are legitimate.
According to Mitek, the Check Fraud Defender will generate far fewer false positives than other anti-check fraud solutions. That, in turn, will minimize costs for financial institutions, since they will no longer need to bring on extra staff to separate forgeries from the genuine checks.
Financial institutions can use the Check Fraud Defender to scan checks received through any banking channel. That includes checks presented to a teller in-branch or at an ATM, and checks that are submitted through an app on a mobile device. The solution can identify many different forms of check fraud, from a forged signature to an outright counterfeit.
The total value of those bad checks is estimated to be around $15.1 billion, though that number reflects attempted check fraud rather than total losses. Mitek has already deployed the Check Fraud Defender for a leading financial institution in the United States, and claims that it has reduced manual review times by as much as 90 percent.
“With Check Fraud Defender, participating financial institutions will have a powerful new signal that will enable them to reduce fraud losses and false positives,” said Mitek SVP and GM Michael Diamond. “In a world where AI and machine learning yield huge benefits, we have a better way forward.”
Mitek’s identity verification technology was used to enable remote notarizations during the pandemic. The company would also add NFC capabilities to its platform in late 2020. More recently, the company moved forward with its acquisition of ID R&D, citing the latter’s liveness detection technology as key factor in the decision.
June 29, 2021 – by Eric Weiss