Through the integration of Mitek’s Check Fraud Defender, a consortium-based check fraud detection solution, with DataVisor’s advanced machine learning and real-time data analysis capabilities, financial institutions (FIs) are now able to access leading check fraud protection within a single platform. This integration allows FIs to make real-time check fraud decisions, thereby minimizing fraud losses and increasing operational efficiencies.
The collaboration aims to eliminate silos and offer a unified experience to customers while saving resources that would otherwise be spent on integrating separate check fraud solutions.
Mitek’s Check Fraud Defender utilizes artificial intelligence (AI) and computer vision technology to detect check fraud in real-time by visually evaluating distinct check attributes. The rising complexity of check fraud and evolving tactics of fraudsters pose challenges for traditional fraud detection methods.
By using Mitek’s consortium model, Check Fraud Defender enables DataVisor’s customers to proactively flag future check deposits linked to stolen or fraudulent checks across participating institutions. Furthermore, by combining Mitek’s check image analysis with DataVisor’s multi-layered, AI and machine-learning-powered approach to analyzing check data and customer lifecycle data, the integrated solution offers comprehensive protection against emerging check fraud, including check kiting, remote deposit capture fraud, check washing, counterfeit checks, and identity theft.
Representatives of DataVisor emphasized the company’s commitment to creating an end-to-end, comprehensive platform for combating financial fraud. The collaboration with Mitek enhances DataVisor’s check fraud protection capabilities and streamlines the experience for customers, eliminating the need to engage with multiple solutions independently.
Mitek representatives expressed excitement about the partnership with DataVisor, highlighting the collective advanced technologies leveraged to safeguard financial transactions. The collaboration between DataVisor’s comprehensive platform and Mitek’s robust Check Fraud Defender consortium aims to set new standards in proactive fraud prevention.
DataVisor is a comprehensive fraud and financial crime prevention platform powered by AI and machine learning capabilities. It empowers businesses to detect and act on rapidly evolving fraud patterns in real-time, offering unparalleled protection in the digital landscape.
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