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Mitek Systems, Inc. - MITK STOCK NEWS

Welcome to our dedicated page for Mitek Systems news (Ticker: MITK), a resource for investors and traders seeking the latest updates and insights on Mitek Systems stock.

Mitek Systems, Inc. (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification solutions driven by advancements in artificial intelligence and machine learning. Serving over 7,800 financial services organizations and leading fintech brands globally, Mitek's innovative solutions are integrated into the apps of more than 6,100 enterprises and used by over 80 million consumers.

Mitek specializes in developing proprietary software solutions that enhance digital transactions. The firm's core products include Mobile Deposit, which allows consumers to deposit checks using their mobile devices, and Mobile Verify, which verifies user identities online, aiding organizations in building safer digital communities. Additionally, Mitek's CheckReader automatically extracts data from check images received through various deposit channels such as branches, ATMs, RDC, and mobile.

By offering advanced identity verification solutions, Mitek assists financial institutions, payment companies, and businesses in highly regulated markets to mitigate financial risk and comply with regulatory requirements. The company also enhances user experience through advanced data prefill and automation of the onboarding process.

To learn more about Mitek Systems, Inc. and stay updated with the latest news, visit www.miteksystems.com.

News

Abrigo and Mitek partner to enhance fraud detection for financial institutions

Rhea-AI Summary
Abrigo (ABGO) partners with Mitek to combat check fraud, aiming to provide community financial institutions with advanced fraud prevention solutions. According to FinCEN, check fraud SAR filings increased 94% over 2021, exceeding 680,000 in 2022. Mitek's Check Fraud Defender uses patented imaging science, machine learning, and artificial intelligence to analyze checks from all channels to reduce losses related to check fraud. General availability will be announced in early 2024.
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1.16%
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partnership
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Concerned Stockholder Group Issues Second Public Letter to Mitek Systems’ Board of Directors Regarding Necessary Capital Allocation, Governance and Operational Improvements

Rhea-AI Summary
Mitek Systems, Inc. (NASDAQ: MITK) receives a second open letter from Concerned Stockholder Group outlining actions to improve financial performance and stock valuation. The group calls for corporate governance enhancements, a large share repurchase, operational efficiency improvements, and a comprehensive strategic review. The Board has addressed some concerns but greater urgency is requested. The group reiterates the call for a $100 million Dutch tender offer to optimize capital structure and solidify management's commitment to stockholder value.
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1.15%
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New Report Reveals Growing Small Business Check Fraud Problem

Rhea-AI Summary
Mitek (NASDAQ: MITK) released the 2023 Mobile Deposit Benchmark Report, revealing that nearly one-third of small businesses in the U.S. have fallen victim to check fraud in the past year, with 65% reporting losses exceeding $50,000. The report also highlighted heightened customer anxiety about personal information security and the rise of mail-related check fraud.
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-1.7%
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Mitek Recognized in 2023 Gartner® Market Guide for User Authentication

Rhea-AI Summary
Mitek Systems, Inc. has been named a Representative Vendor in the Gartner, Inc. 2023 Market Guide for User Authentication. Mitek's MiPass, IDLive Face, and IDVoice Verified provide capabilities for secure and effortless user authentication. Mitek's recognition in the Gartner Market Guide follows its acknowledgment in other industry reports.
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-0.75%
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Mitek Reports Fiscal 2023 Third Quarter Financial Results; Reiterates Fiscal Full Year Guidance

Rhea-AI Summary
Mitek Systems reports Q3 2023 financial results, with total revenue increasing 10% YoY to $43.1 million. GAAP net loss was $0.4 million. Non-GAAP net income was $9.5 million. Total cash and investments were $131.0 million on June 30, 2023. CEO expects full-year revenue growth of 18% and non-GAAP operating margins of 30-31%.
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3.38%
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Mitek to Report Fiscal 2023 Third Quarter Financial Results on October 26, 2023

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Mitek to host conference call and webcast to discuss fiscal 2023 third quarter financial results
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-4.1%
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Mitek Appoints Technology Veteran Gillian Channer as Vice President of Identity Product Management

Rhea-AI Summary
Mitek appoints Gillian Channer as Vice President of Identity Product Management
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1.7%
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Concerned Stockholder Group Issues Letter to Mitek Systems’ Board of Directors Regarding the Urgent Need to Explore Strategic Alternatives

Rhea-AI Summary
Concerned stockholders issue open letter to Mitek Systems, Inc.
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-0.18%
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management
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Mitek Announces Participation in the Maxim Group 2023 Virtual Tech Conference Series: Exploring All Corners of the Tech Sector

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Mitek to participate in Maxim Group 2023 Virtual Tech Conference Series
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-0.18%
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Mitek named leader in Liminal’s analysis of companies offering account opening protection

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1.61%
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FAQ

What is the current stock price of Mitek Systems (MITK)?

The current stock price of Mitek Systems (MITK) is $11.43 as of December 20, 2024.

What is the market cap of Mitek Systems (MITK)?

The market cap of Mitek Systems (MITK) is approximately 501.7M.

What does Mitek Systems, Inc. do?

Mitek Systems, Inc. specializes in mobile capture and digital identity verification solutions using artificial intelligence and machine learning.

Which industries does Mitek serve?

Mitek serves financial institutions, payment companies, and other businesses operating in highly regulated markets.

What are the main products of Mitek?

Mitek's main products include Mobile Deposit, Mobile Verify, and CheckReader.

How many organizations use Mitek's solutions?

Over 7,800 financial services organizations and fintech brands use Mitek's solutions.

How many consumers use Mitek's solutions?

More than 80 million consumers use Mitek's solutions.

What is Mitek's Mobile Deposit?

Mobile Deposit is a solution that allows consumers to deposit checks using their mobile devices.

What does Mitek’s Mobile Verify do?

Mobile Verify verifies a user's identity online, helping organizations build safer digital communities.

How does CheckReader benefit financial institutions?

CheckReader automatically extracts data from check images received through branches, ATMs, RDC, and mobile channels.

Why do businesses use Mitek's solutions?

Businesses use Mitek's solutions to mitigate financial risk, comply with regulatory requirements, and enhance user experience.

Where can I find more information about Mitek Systems, Inc.?

For more information, visit Mitek's official website at www.miteksystems.com.

Stock MITK logo
Mitek Systems, Inc.

Nasdaq:MITK

MITK Rankings

#3102 Ranked by Market Cap
N/A Ranked by Dividends

MITK Stock Data

501.73M
43.27M
3%
77.97%
8.93%
Software - Application
Computer Peripheral Equipment, Nec
Link
United States of America
SAN DIEGO