Criminal Marketplaces Provide Gateway to Rising Account Fraud and Identity Theft
Mitek and DarkTower partnership presents a powerful new approach to identifying compromised data and combating fraud
(Graphic: Business Wire)
The partnership will give all customers of Mitek’s Check Fraud Defender real time access to compromised account data.
“The rise of nefarious activities has led to a proliferation of sensitive information being shared on criminal marketplaces and has increased the amount of identity theft and fraud taking place,” said Robin Pugh, president and CEO of DarkTower. “Our work includes identifying places where stolen information is being shared or sold and flagging this data to the proper parties to address.”
In an early test, Mitek and DarkTower provided a large financial institution with extracted data and supporting images. A small sample of 200 images from a single criminal marketplace processed through Check Fraud Defender revealed more than
How It Works
Mitek uses DarkTower’s proprietary sourcing technology and its own state of the art image analysis technology to extract data from stolen documents such as checks, account screens, and identification documents sold on online channels and in marketplaces. Mitek delivers automated alerts for potentially compromised accounts to financial institutions and they can conduct victim searches in the MiVIP dashboard.
“Financial institutions now have access to the tools to defend against the newest and most sophisticated attack methods used by those attempting fraud, including AI-generated documents and criminal marketplaces,” said Michael Diamond, senior vice president and general manager, Mitek. “Integrating insights from DarkTower with our Check Fraud Defender service will enable financial institutions to move beyond passive defense to an active approach that reduces fraud losses and better protects their customers.”
According to The Consumer Sentinel Network, in 2022, there was nearly
To learn more about the partnership between Mitek and DarkTower, please visit https://www.miteksystems.com/check-fraud-defender.
About Mitek Systems, Inc.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005016/en/
Angela M. Romei
Senior Director, Corporate Communications
pr@miteksystems.com
BAM on behalf of Mitek
mitek@bamtheagency.com
Source: Mitek