Viewpointe and Mitek announce partnership to strengthen check fraud detection
Viewpointe has partnered with Mitek Systems (NASDAQ: MITK) to bolster check fraud detection for financial institutions. This collaboration aims to mitigate the alarming rise in check fraud, which has surged by 385% since 2020 and could result in $24 billion in losses by year-end, according to the U.S. Department of the Treasury and Propeller Insights. Leveraging Mitek's advanced technologies like AI and machine learning, the partnership seeks to offer a faster and easier integration process for mutual customers, enhancing their fraud detection capabilities. Both companies are committed to ensuring safer financial transactions.
- Viewpointe and Mitek partnership enhances fraud detection capabilities.
- Check fraud detection technology uses AI and machine learning.
- Integration aims to quickly combat increasing check fraud.
- Check fraud detection mitigates potential $24 billion in losses.
- Strategic alliance strengthens Viewpointe's and Mitek's market positions.
- Check fraud has increased by 385% since 2020.
- Potential losses from check fraud could reach $24 billion by year-end.
- Rising check fraud poses a significant risk for financial institutions.
Insights
The partnership between Viewpointe and Mitek aims to enhance check fraud detection capabilities for financial institutions, a critical need given the staggering
From a financial perspective, this collaboration could result in cost savings for banks, as improved fraud detection mechanisms could reduce the monetary losses due to fraudulent activities. Moreover, banks adopting this technology could see increased investor confidence, as effective fraud prevention is a key factor in maintaining financial stability and trust. However, the actual financial impact will depend on the speed and breadth of adoption of these technologies by financial institutions.
The integration of Mitek's Check Fraud Defender, which uses advanced imaging science, machine learning and artificial intelligence, is noteworthy. These technologies can quickly analyze data to detect and prevent check fraud more effectively than traditional methods. The cloud-hosted consortium model means that the system can be continuously updated and improved, providing a scalable solution for financial institutions.
This technological advancement could set a new industry standard in fraud prevention, driving other companies to adopt similar technologies to stay competitive. However, one potential drawback could be the initial integration costs and the need for institutions to train their staff to use these new systems effectively.
The market for fraud prevention solutions is growing, driven by the increasing incidence of financial fraud. This partnership positions both Viewpointe and Mitek as key players in the market, potentially attracting new clients seeking robust fraud detection solutions. The partnership's success will likely hinge on how effectively these companies can market their integrated solution and demonstrate its efficacy in reducing check fraud losses.
Furthermore, the successful implementation and visible results of their solution could lead to market expansion beyond the existing customer base, enhancing their market positioning and potentially leading to increased revenue streams.
New partnership targets rising check fraud in the banking industry
This initiative will allow mutual customers an easier and quicker integration to enhance their fraud detection capabilities to start fighting check fraud faster.
According to the
"This partnership with Mitek marks a significant milestone in our ongoing commitment to help safeguard the financial industry and consumers from the escalating threats of check fraud," said Susan Blackburn, Chief Commercial Officer at Viewpointe. "By leveraging Mitek's cutting-edge technologies, we are not only responding to the trends we are seeing but actively helping to shape a safer future for financial transactions."
Mitek's Check Fraud Defender is a cloud-hosted consortium that uses patented imaging science, machine learning, and artificial intelligence to quickly analyze data, to help reduce losses associated with check fraud.
"We are excited to partner with Viewpointe to offer our check fraud detection technology," stated Kerry Cantley, VP of Digital Banking Strategy at Mitek. "Together, we can take a proactive approach to combating check fraud across financial institutions. By combining Viewpointe's content and compliance expertise with Mitek's robust Check Fraud Defender consortium, we're delivering an innovative solution, setting new standards in fraud prevention across banking."
Through this partnership, Viewpointe is significantly aiding its customers in their ongoing efforts to combat fraud and keep consumers safe online.
About Viewpointe
Viewpointe specializes in managed content and data services designed specifically for highly regulated, large-volume enterprises. Renowned for its expertise in handling vast amounts of sensitive content and data, Viewpointe enables the world's leading financial institutions to concentrate on their core mission—delivering exceptional service to their clients. Established in 2000, Viewpointe has become a trusted partner for the top financial services companies in the
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
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SOURCE Viewpointe Archive Services LLC
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