Mitek Sys Inc Stock Price, News & Analysis

Mitek (NASDAQ: MITK) has launched check liveness technology, now available through its Check Fraud Defender mobile API. This innovation is designed to combat the rising issue of check fraud, which nearly doubled in 2022, according to the Financial Crimes Enforcement Network. As organizations face increasing fraudulent activities, Mitek's technology provides enhanced detection of counterfeit checks. Financial institutions filed over 680,000 Suspicious Activity Reports in 2022, showcasing a growing challenge in protecting against fraud. Mitek aims to support banks in bolstering their defenses against fraud-related losses. The company's advanced identity verification technologies are trusted by 99% of U.S. banks for mobile transactions.

Mitek Systems (MITK) has released a report compiling 79 critical identity verification statistics for 2023, aimed at enhancing businesses' understanding of online fraud. According to the 2023 Javelin Strategy & Research Identity Fraud Study, identity fraud costs reached $23 billion in 2022, with a notable decline in traditional identity fraud losses by nearly 15%. The guide details emerging threats and security vulnerabilities, noting that human error is responsible for 84% of serious data breaches and authentication-related breaches average $2.19 million in costs. Mitek emphasizes the importance of trust in combating fraud and provides actionable insights for companies to protect their customers.