This post was originally published on Finextra (Security)
Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity and fraud prevention, announces the expansion of their partnership with Alogent.
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Alogent will integrate Mitek’s Check Fraud Defender (CFD) into its web-based enterprise deposits automation solution, Unify.
According to the annual Federal Reserve Financial Services Survey, in the United States, forms of check fraud including forgery and counterfeiting account for 31% of all bank fraud. In fact, in 2023 check fraud losses surpassed $20 billion, and are expected to be even higher in 2024. With the evolution of technology, fraudsters have been able to leverage increasingly sophisticated methods like AI to create counterfeit checks, alter legitimate checks, and forge signatures. This rapid escalation in check fraud underscores the urgent need for more robust, real-time verification technologies, and Mitek’s Check Fraud Defender represents a significant advancement in check fraud detection.
Using a unique combination of patented imaging science, machine learning, and artificial intelligence to analyze checks from all channels in real-time, one customer reported a reduction in losses of $16M after using CFD for a few months.
“As transaction fraud tactics become more
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