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Mitek launches MiControl

Monday 19 February 2024 10:22 CET | News

ID verification and fraud prevention provider Mitek has announced the launch of MiControl, a fraud management console that assists the company’s Check Fraud Defender.  

As per the information detailed in the press release, Mitek’s newly introduced solution intends to efficiently detect check fraud, minimise losses, and further increase consumers’ online security. Merging visualisations and overlays with business rules configured by the bank or financial institution, MiControl supports the significant decrease in time for fraud analysts who review and make a decision about a suspect check.

ID verification and fraud prevention provider Mitek has announced the launch of MiControl, a fraud management console that assists the company’s Check Fraud Defender.

Mitek’s development strategy

Even if banking customers tend to leverage digital payment options at an increasing rate, financial institutions globally still process checks, which allows the rate of check fraud to continue to rise. Additionally, Financial Crime Enforcement Network (FinCEN) data shows that suspicious activity reports for check fraud at depository institutions grew significantly between 2018 and 2022, with an increase of 201.2% in this period. Also, between January and October 2023, 447,525 suspicious activity reports (SAR) indicated a record-setting year for check fraud.

Considering this, Mitek aimed to launch a solution that supports the decrease of check fraud and increases de security for banks and financial institutions. According to Mitek’s officials, MiControl joins check and fraud data intelligence to support operational efficiency. Also, the solution offers bank fraud analysts additional information for their decision-making process and presents it all in a user-friendly visual format. By allowing banks to process checks through these additional levels of protection through MiControl’s visual dashboard, Mitek aims to enable them to make effective and accurate decisions that increase protection for their customers.

Furthermore, Mitek’s solution intends to support banks in analysing and visualising their fraud trends, including geographies and types of businesses that are experiencing higher levels of fraud. Through this analysis, financial institutions can adjust their fraud detection protocols and business rules to decrease fraudulent activities.

Check Fraud Defender’s capabilities

The newly launched solution comes as an addition to Mitek’s Check Fraud Defender service, which is a cloud-hosted consortium that focuses on improving a bank’s existing fraud prevention and management solutions. Financial institutions can leverage Check Fraud Defender’s computer vision and artificial intelligence (AI) to minimise fraud losses, with the service being able to analyse 18 distinct check attributes and compare results to verify profiles within its data consortium. Through this, Check Fraud Defender develops a shared truth database that supports the enhancement of the accuracy of scoring and enables real-time decisioning.

Moreover, Check Fraud Defender leverages image analysis to extract data from stolen checks, account screening, and identification documents sold on criminal channels to offer alerts of potentially compromised accounts.

Source: Link


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Keywords: fraud management, fraud detection, fraud prevention, payment fraud, banking
Categories: Fraud & Financial Crime
Companies: Mitek
Countries: United States
This article is part of category

Fraud & Financial Crime

Mitek

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