Mitek Systems, Inc. - MITK STOCK NEWS

IDLive Face Plus is a new product from ID R&D aimed at countering the increasing threats from deepfakes and digital injection attacks. With 20% of account takeover attacks expected to use deepfakes in 2023, this innovation is timely, as 91% of businesses express concern over deepfake fraud. The product integrates seamlessly for users, ensuring proper biometric capture on both desktop and mobile devices, minimizing user abandonment during security checks. The launch is set to be showcased at Mobile World Congress in Barcelona from February 27 to March 2.

Mitek Systems, Inc. (NASDAQ: MITK) received a notice from Nasdaq on February 16, 2023, indicating non-compliance with continued listing requirements due to delayed filings of its Quarterly Report on Form 10-Q for Q4 2022 and Form 10-K for 2022. The company submitted a plan on February 9, 2023, to regain compliance which is under review by Nasdaq. If an exception is granted, Mitek must comply by June 12, 2023. Mitek aims to file the delinquent reports promptly to address this issue.

Arkose Labs has appointed Frank Teruel as its new Chief Financial Officer (CFO), effective February 7, 2023. Teruel joins the Executive Leadership Team, reporting to CEO Kevin Gosschalk. With over 20 years in cybersecurity and identity, he previously served as CFO at Mitek Systems (NASDAQ: MITK) and played a key role in the $830 million sale of ThreatMetrix to RELX. Teruel is expected to enhance Arkose's financial processes, supporting its commitment to high growth and profitability. His industry expertise is viewed as a competitive advantage amidst growing cybersecurity threats.

ID R&D has been awarded a patent for a groundbreaking method that enhances biometric security during chatbot communications on mobile devices. This innovative approach captures multiple biometrics in the background without requiring user prompts, ensuring a seamless experience. The technology comes at a pivotal time with the increased usage of chatbots, projected to facilitate $142 billion in consumer spending by 2024, up from $2.8 billion in 2019. The company is positioning itself to secure the rapidly growing conversational AI market amidst rising fraud concerns.

Mitek (NASDAQ: MITK) has appointed Scott Carter as the new Executive Chairperson of the Board, aimed at enhancing growth in the identity verification sector. The identity verification market is valued at $9.5 billion, with Mitek recognized for its innovation and customer focus. Carter, who has been on Mitek's Board since March 2022, brings extensive experience in technology and financial sectors. This strategic move is expected to strengthen Mitek's position as a leader in ID verification solutions, which are increasingly crucial as online security threats grow.

Mitek Systems, Inc. (NASDAQ: MITK) received a notice from Nasdaq on December 16, 2022, indicating non-compliance with listing requirements due to the untimely filing of its Annual Report on Form 10-K for the fiscal year ended September 30, 2022. The company has until February 14, 2023, to submit a compliance plan to Nasdaq, which could allow for an extension of up to 180 days. Mitek aims to file the Form 10-K promptly to maintain its listing status.

Mitek has launched MiPass, a passwordless identity authentication solution designed to enhance security for digital accounts. Users can authenticate their identities by taking a selfie and recording a phrase, significantly reducing the risks associated with stolen passwords. Over 80% of hacking breaches involve stolen credentials, costing companies up to $1 million annually. MiPass employs liveness detection technology to combat digital threats. The system is accessible through an SDK, enabling its integration into various applications, catering to the increasing demand for enhanced security among consumers.