Alogent and Mitek Announce Partnership to Tackle Ballooning Check Fraud Epidemic
August 21 2024 - 8:05AM
Business Wire
Mitek’s Check Fraud Defender selected by Alogent to bring better
check fraud detection to banks and credit unions
Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital
identity and fraud prevention, announces the expansion of their
partnership with Alogent. Alogent will integrate Mitek’s Check
Fraud Defender (CFD) into its web-based enterprise deposits
automation solution, Unify.
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the full release here:
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According to the annual Federal Reserve Financial Services
Survey, in the United States, forms of check fraud including
forgery and counterfeiting account for 31% of all bank fraud. In
fact, in 2023 check fraud losses surpassed $20 billion, and are
expected to be even higher in 2024. With the evolution of
technology, fraudsters have been able to leverage increasingly
sophisticated methods like AI to create counterfeit checks, alter
legitimate checks, and forge signatures. This rapid escalation in
check fraud underscores the urgent need for more robust, real-time
verification technologies, and Mitek's Check Fraud Defender
represents a significant advancement in check fraud detection.
Using a unique combination of patented imaging science, machine
learning, and artificial intelligence to analyze checks from all
channels in real-time, one customer reported a reduction in losses
of $16M after using CFD for a few months. “As transaction fraud
tactics become more sophisticated, effective mitigation is
essential to safeguard our clients' operations," said Ashish
Bhatia, VP Product Management, Alogent. "By integrating Mitek’s
Check Fraud Defender with our Unify platform, we provide our bank
and credit union partners with advanced AI-driven tools for risk
mitigation across all deposit channels, while maintaining a
seamless user experience for account holders. This partnership
highlights Alogent’s commitment to innovation and our dedication to
upholding the highest standards of security and trust in the
banking industry.”
The Alogent and Mitek partnership is one of many anticipated by
Mitek as more financial institutions seek assistance in mitigating
the scourge of check fraud and ballooning financial losses. “We are
thrilled to extend our partnership with Alogent to include
detecting check fraud, which has reached unprecedented levels,”
commented Kerry Cantley, Vice President Digital Banking at Mitek.
“With this partnership, Alogent’s customers will now be able to
leverage Mitek's powerful fraud consortium, to quickly detect and
prevent fraudulent activities across any channel online, in branch,
or ATM.”
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 Alogent
Alogent provides proven, end-to-end check payment processing,
digital, online, and mobile banking, and enterprise content and
information management platforms to financial institutions of all
sizes, including credit unions, community banks, and some of the
largest national and international institutions. Our unique
approach spans the entire transaction ecosystem — capturing and
digitizing transaction data, exception tracking, and automating
entire transaction and loan management workflows so that
information is available across the enterprise. Alogent’s solution
suites leverage the latest in machine learning and predictive
analytics, including enterprise-wide data intelligence and
reporting solutions that enable financial institutions to deliver
products and services that boost engagement through personalization
and data-backed decisions. Learn more about Alogent at
www.alogent.com.
Follow Alogent on LinkedIn, and read Alogent’s latest blog posts
here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240821938341/en/
Media inquiries: pr@miteksystems.com or pr@alogent.com
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