Mitek Wins 2024 Artificial Intelligence Breakthrough Award

Rhea-AI Summary

Mitek Systems (NASDAQ: MITK) has won the Authentication Innovation Award in the 2024 AI Breakthrough Awards, recognizing its MiPass® technology. MiPass advances biometric authentication by combining face and voice biometrics with liveness detection, countering sophisticated fraud techniques like deepfakes. This solution addresses complex identity theft and fraud schemes by verifying users through four biometric dimensions: selfie face verification, passive face-liveness check, voice biometric, and voice liveness check. Chris Briggs, Mitek's SVP of Identity, highlighted the demand for robust yet user-friendly digital authentication methods. This award marks Mitek's fourth recognition for its innovation in fraud prevention this year.

Prestigious International Award Program Recognizes Mitek’s MiPass®

SAN DIEGO--(BUSINESS WIRE)-- Mitek Systems, Inc. (NASDAQ: MITK) has been named winner of the Authentication Innovation Award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global artificial intelligence (AI) market.

(Graphic: Business Wire)

Mitek's MiPass® represents a significant advancement in biometric authentication technology. Using a unique combination of face and voice biometrics, along with liveness detection, MiPass offers a robust authentication solution that is not only user-friendly but also extremely difficult to falsify.

Deepfake technology, using AI to craft highly convincing fake voices and images, is increasingly being used in complex fraud schemes. Criminals are exploiting this technology, combined with stolen data, to perform social engineering scams and create false identities, posing serious risks to personal security and the financial sector. MiPass is designed to protect against today’s most sophisticated forms of identity theft and other increasingly dangerous fraud vectors.

MiPass brings together four dimensions of biometrics in a single solution:

• The “selfie” face biometric verifies that the user is the same as the registered account holder.
• The passive face-liveness check validates that the user is human and not a bot or deep fake.
• The voice biometric adds an additional biometric layer to determine the legitimacy of the user to the verified account holder.
• The voice liveness check authenticates against voice cloning and voice spoofing.

These four dimensions of biometric checks are collected in almost real time from the consumer, providing convenience while also assuring safety.

Chris Briggs, senior vice president, Identity, at Mitek, expressed excitement over MiPass technology being honored with the esteemed AI Breakthrough award. “This accolade comes at a crucial moment when there is a significant demand for enhanced and secure identity verification solutions. MiPass technology stands out by fulfilling the increasing need for digital authentication methods that are both robust in security and user-friendly.”

The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning-related categories, including generative AI, computer vision, AIOps, deep learning, robotics, Natural Language Processing, industry-specific AI applications and many more. This year’s program attracted more than 5,000 nominations from more than 20 different countries throughout the world.

“Using Mitek Systems' omnichannel biometric authentication solution helps organizations address fraud challenges while delivering the speed and convenience users expect. Fraudsters love to exploit authentication vulnerabilities, from poor password hygiene to singular biometric authentication capabilities that are device-bound,” said Steve Johansson, managing director, AI Breakthrough. “MiPass uniquely proves that a user is who they claim to be by matching their biometric identity – not their device or something they know like a PIN. We’re thrilled to award Mitek Systems with the ‘Authentication Innovation Award!’”

This is the fourth award recognizing its innovation and commitment to fighting fraud that Mitek has received this calendar year.

Learn more about MiPass at https://www.miteksystems.com/biometric-authentication.

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 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.

Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.

About AI Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AI Breakthrough Awards program is devoted to honoring excellence in Artificial Intelligence technologies, services, companies and products. The AI Breakthrough Awards provide public recognition for the achievements of AI companies and products in categories including Generative AI, Machine Learning, AI Platforms, Robotics, Business Intelligence, AI Hardware, Computer Vision and more. For more information visit AIBreakthroughAwards.com.

Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240626533641/en/

Cindy White

Mitek Systems, Inc.

pr@miteksystems.com

Source: Mitek Systems, Inc.

FAQ

What award did Mitek Systems' MiPass technology win?

Mitek Systems' MiPass technology won the Authentication Innovation Award in the 2024 AI Breakthrough Awards.

What are the key features of Mitek Systems' MiPass technology?

MiPass technology uses a combination of face and voice biometrics along with liveness detection to provide robust and user-friendly authentication.

How does MiPass technology counter deepfake fraud?

MiPass counters deepfake fraud by employing face and voice biometric checks along with liveness detection to ensure the user is legitimate.

Why is MiPass technology important in today's security landscape?

MiPass is important as it addresses sophisticated fraud schemes and identity theft, providing robust, real-time biometric authentication.

How many biometric dimensions does MiPass use for authentication?

MiPass uses four biometric dimensions for authentication: selfie face verification, passive face-liveness check, voice biometric, and voice liveness check.

How many nominations did the 2024 AI Breakthrough Awards receive?

The 2024 AI Breakthrough Awards received over 5,000 nominations from more than 20 countries.

How many awards has Mitek Systems won for innovation and fraud prevention this year?

This award marks the fourth recognition for Mitek Systems' innovation and commitment to fighting fraud this year.