Abrigo Taps Mitek to Protect Bank Clients Against Check Fraud

Digital id verification firm Mitek introduced a brand new associate at this time. The California-based firm has teamed up with compliance, credit score danger, and lending options firm Abrigo to assist the agency’s financial institution shoppers entry expertise to assist defend themselves in opposition to monetary crime.

Particularly, Abrigo is looking for to mitigate examine fraud, which isn’t solely prevalent amongst banks, however can be expensive. Whereas the expertise behind paper checks appears antiquated, fraud methods for the fee methodology will not be. In response to FinCEN, examine fraud suspicious exercise report (SAR) filings elevated 94% over the course of 2021. Final 12 months, the variety of SAR filings exceeded 680,000. “The sophistication of fraud and artificial checks has by no means been extra regarding,” defined Mitek SVP and GM Michael Diamond. 

Abrigo will provide its financial institution clients entry to Mitek’s Examine Fraud Defender to assist them cease fraudulent actions round checks. Mitek’s Examine Fraud Defender makes use of imaging science, machine studying, and synthetic intelligence to investigate the pictures of the checks and confirm authenticity to scale back fraud losses.

“By combining Mitek’s cutting-edge expertise with Abrigo’s industry-leading platform, we are able to present our 2,400 clients with a strong resolution to assist defend their establishments and clients from monetary crimes,” stated Abrigo CEO Jay Blandford.

Mitek was based in 1986 and presents expertise for cellular examine deposit, new account opening, id verification, and extra. The corporate’s options are utilized by greater than 7,900 organizations and its cellular examine deposit and account opening instruments attain greater than 80 million customers. Mitek is publicly listed on the NASDAQ beneath the ticker MITK and has a present market capitalization of $517 million.

Earlier this fall, Mitek partnered with Equifax to advance the corporate’s biometric authentication and liveness detection capabilities.

Picture by cottonbro studio

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