July 16, 2024

Mitek and DataVisor collaborate to improve check fraud prevention.

April 11, 2024
2Min Reads
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In order to improve its extensive check fraud prevention capabilities, Mitek (NASDAQ: MITK) and DataVisor, the top AI-powered fraud and risk platform in the world, have teamed.

Financial institutions (FIs) may now take advantage of industry-leading check fraud protection on a single platform by combining DataVisor's powerful machine learning and real-time data analysis with Mitek's Check Fraud Defender, a consortium-based check fraud detection solution. This potent combination gives financial institutions (FIs) a thorough understanding from which to carry out the real-time orchestration of check fraud decisions, reducing fraud losses and boosting operational effectiveness. Eliminating silos and providing consumers with a consistent experience while saving resources that would otherwise be used to integrate different check fraud solutions into their systems is a huge step for financial institutions.

 

By visually analyzing various check properties, Mitek's industry-leading Check Fraud Defender uses computer vision and artificial intelligence (AI) to reliably identify check fraud in real-time. It gets harder to spot check fraud when you look at check photos separately since check fraud is still on the rise and scammers are always changing their strategies. Customers of DataVisor will now be able to proactively detect future check deposits linked to stolen or fraudulent checks across partner institutions because to the strength of Mitek's special consortium model, Check Fraud Defender.Additionally, by fusing DataVisor's multi-layered, artificial intelligence (AI) and machine learning-powered approach to analyzing check data and customer lifecycle data with Mitek's check image analysis, this all-inclusive solution will enable comprehensive protection that can accurately detect and prevent both common and emerging check fraud, such as identity theft, check washing, and counterfeit checks, as well as check kiting and remote deposit capture fraud.

 

Yinglian Xie, CEO and co-founder of DataVisor, stated, "Our vision has always been to create an end-to-end, comprehensive platform that effectively combats all types of financial fraud." We are strengthening our ability to prevent check fraud by collaborating with Mitek. Additionally, it simplifies the process for our clients by removing the need for them to interact with various solutions independently, allowing us to handle various fraud issues more successfully from a consolidated, comprehensive perspective."

 

"We're excited to work with DataVisor to provide thorough check fraud detection," Mitek Vice President of Digital Banking Strategy Kerry Cantley said. "Together, we protect financial transactions by utilizing our innovative technologies. Through the integration of DataVisor's all-inclusive platform with Mitek's strong Check Fraud Defender alliance, we have produced an elite solution that is revolutionizing proactive fraud protection."
 

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