DataVisor Partners with Mitek to Strengthen Fraud Detection Ecosystem with Enhanced Check Fraud Protection

Rhea-AI Summary

DataVisor partners with Mitek to enhance check fraud protection offerings for financial institutions by integrating Mitek's Check Fraud Defender with DataVisor's advanced AI and machine learning capabilities. The collaboration aims to provide real-time check fraud detection, minimize fraud losses, and increase operational efficiencies for FIs.

Insights

Financial Analyst

The partnership between DataVisor and Mitek introduces a significant enhancement to fraud protection services for financial institutions. This collaboration is expected to streamline operations by integrating two sophisticated technologies: Mitek's Check Fraud Defender and DataVisor's machine learning capabilities. The joint solution aims to address the growing issue of check fraud, which remains a pressing concern for banks as they continue to incur losses due to fraudulent activities.

From a financial perspective, the integration of these platforms could lead to reduced operational costs for financial institutions. By consolidating fraud detection systems, banks can potentially save on expenses associated with managing multiple fraud protection services. Moreover, the enhanced detection accuracy promised by the combined technologies may lead to a decrease in the amount of money lost to fraud, thereby improving the bottom line for these institutions. It's important to monitor how this partnership affects Mitek's revenue stream and market position, as successful deployment could attract more clients and solidify its standing in the fraud detection market.

Cybersecurity Expert

The integration of DataVisor's AI and machine learning with Mitek’s Check Fraud Defender represents a leap forward in the fight against check fraud. Cybersecurity in the financial sector is paramount and the use of AI and consortium-based solutions is at the forefront of innovation in this field. The real-time analysis and cross-institutional data sharing enabled by this partnership could significantly enhance the detection of sophisticated fraud schemes, such as check kiting and identity theft.

For stakeholders, the implications are twofold: enhanced security translates into trust, which is a cornerstone of customer retention and acquisition in financial services. However, it also raises questions about data privacy and the handling of sensitive financial information. Ensuring compliance with regulations like GDPR and CCPA will be important for the acceptance and success of such a comprehensive fraud detection system. The cybersecurity industry will be watching closely to see how this partnership develops and what it means for the future of fraud prevention technology.

Banking Industry Expert

The collaboration between DataVisor and Mitek is poised to set a new industry standard for check fraud prevention. Financial institutions are under constant pressure to enhance their customer experience while also ensuring the highest levels of security. This partnership addresses both needs by providing a unified platform that simplifies the customer experience and improves security measures.

For banks, the ability to offer state-of-the-art fraud protection is a competitive advantage. The integration of these technologies could also lead to faster processing times for check deposits, an important factor in customer satisfaction. On the other hand, banks must be prepared to invest in training and system upgrades to fully realize the benefits of this new technology. Long-term, the adoption of such advanced fraud prevention measures could become the norm, with customers beginning to expect this level of security as a standard offering from their financial institutions.

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- DataVisor, the world’s leading AI-powered fraud and risk platform, announced today that it has partnered with Mitek (NASDAQ: MITK) to enhance the platform’s comprehensive check fraud protection offerings. By integrating Mitek’s Check Fraud Defender, a consortium based check fraud detection solution with DataVisor’s advanced machine learning and real-time data analysis, financial institutions (FIs) can now benefit from industry-leading check fraud protection within a single platform. This powerful pairing provides a comprehensive perspective for FIs to execute real-time orchestration of check fraud decisions, minimizing fraud losses and increasing operational efficiencies. It is a significant step for FIs to eliminate silos and to bring a unified experience to customers, at the same time saving resources that would otherwise be spent on integrating separate check fraud solutions into their systems.

Mitek’s industry-leading Check Fraud Defender leverages artificial intelligence (AI) and computer vision technology to accurately detect check fraud in real-time by visually evaluating distinct check attributes. As check fraud continues to rise and fraudsters keep evolving their tactics, identifying check fraud becomes more challenging when examining check images individually in isolation. Through the power of Mitek’s unique consortium model, Check Fraud Defender, DataVisor’s customers will now be able to proactively flag future check deposits tied to stolen or fraudulent checks across participating institutions. And by combining Mitek’s check image analysis with DataVisor’s multi-layered, AI and machine-learning powered approach to analyzing both check data and customer lifecycle data, this all-encompassing solution will enable comprehensive protection that can accurately detect and prevent emerging check fraud, including check kiting and remote deposit capture fraud, and other common check fraud, such as check washing, counterfeit checks, and identity theft.

“Our vision has always been to create an end-to-end, comprehensive platform that effectively combats all types of financial fraud,” said Yinglian Xie, CEO and Co-Founder at DataVisor. “By joining forces with Mitek, we’re elevating our check fraud protection capabilities. It also streamlines the experience for our customers, eliminating the need to engage with multiple solutions in silo and therefore can address different fraud challenges more effectively with a centralized, holistic view.”

“We're thrilled to partner with DataVisor to offer comprehensive check fraud detection,” stated Kerry Cantley, VP of Digital Banking Strategy at Mitek. “Together, we leverage our collective advanced technologies to safeguard financial transactions. By combining DataVisor's comprehensive platform with Mitek's robust Check Fraud Defender consortium, we've created a top-tier solution, setting new standards in proactive fraud prevention.”

For more information about DataVisor’s fraud solutions, visit www.datavisor.com.

About DataVisor

DataVisor is the most comprehensive fraud and financial crime prevention platform powered by sophisticated AI and modern machine learning capabilities. DataVisor empowers customers to protect against future attacks before they happen by detecting and acting on rapidly evolving fraud patterns in real time. DataVisor’s adaptable solution and data-driven approach provides businesses with unparalleled protection in an ever-evolving digital landscape.

DataVisor’s award-winning solutions and continuous innovation make them the trusted partner of choice for Fortune 500 companies and leading organizations worldwide, specializing in financial services, banking, credit unions, fintech, and payments.

About Mitek

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 7,900 of the world’s largest organizations, Mitek helps companies reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240409528637/en/

Media Contact

Tara Strazdas, The Fletcher Group

DataVisor@fletchergroupllc.com

Source: DataVisor

FAQ

What is the partnership announced in the press release?

DataVisor has partnered with Mitek to enhance check fraud protection offerings for financial institutions.

What is the product integrated into DataVisor's platform?

Mitek's Check Fraud Defender, a consortium-based check fraud detection solution, is integrated into DataVisor's platform.

How does the partnership benefit financial institutions?

Financial institutions can benefit from industry-leading check fraud protection, real-time orchestration of check fraud decisions, and increased operational efficiencies.

What technologies are leveraged in Mitek's Check Fraud Defender?

Mitek's Check Fraud Defender leverages artificial intelligence (AI) and computer vision technology for real-time check fraud detection.

What types of check fraud can the integrated solution detect?

The integrated solution can accurately detect and prevent emerging check fraud, including check kiting, remote deposit capture fraud, check washing, counterfeit checks, and identity theft.