SAN DIEGO--(BUSINESS WIRE)--Mitek (NASDAQ: MITK) today announced that check liveness is available for all customers of its flagship Check Fraud Defender through real-time mobile API. Check liveness is the ability to determine if a check is authentic and not a picture of a picture of a check. Check Fraud Defender detects forgeries and fraudulent activity otherwise missed by traditional fraud detection methods, and now Mitek’s proprietary check liveness technology adds an additional layer of defense.
The rate of check fraud nearly doubled in 2022, according to the Financial Crimes Enforcement Network, part of the U.S. Treasury Department, continuing a dramatic rise in recent years, spurred by economic factors and advances in technology misused by online fraudsters. In 2021, financial institutions filed over 350,000 Suspicious Activity Reports (SARs) to FinCEN to report potential check fraud; in 2022 this number reached over 680,000. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of the anti-money laundering/countering the financing of terrorism (AML/CFT) National Priorities.
Ingo Money Chief Executive Officer Drew Edwards said, “As check fraud continues to increase in the U.S., financial institutions need to make sure the correct safeguards are in place to protect their organizations and individuals. With added signals of counterfeit documents, banks of all sizes can stay ahead of criminals to fortify institutional protocols and drastically reduce fraud-related losses.”
“The sophistication of fraud and synthetic checks has never been more real,” said Michael Diamond, Mitek senior vice president and general manager. “With added signals, banks of all sizes can better identify and defend against fraudulent activities and drastically reduce fraud losses.”
To learn more about Check Fraud Defender and check liveness, visit: https://www.miteksystems.com/check-fraud-defender.
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 7,500 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, Twitter and YouTube, and read Mitek’s latest blog posts here.