Viewpointe and Mitek announce partnership to strengthen check fraud detection

Rhea-AI Summary

Viewpointe has partnered with Mitek Systems (NASDAQ: MITK) to bolster check fraud detection for financial institutions. This collaboration aims to mitigate the alarming rise in check fraud, which has surged by 385% since 2020 and could result in $24 billion in losses by year-end, according to the U.S. Department of the Treasury and Propeller Insights. Leveraging Mitek's advanced technologies like AI and machine learning, the partnership seeks to offer a faster and easier integration process for mutual customers, enhancing their fraud detection capabilities. Both companies are committed to ensuring safer financial transactions.

Positive

• Viewpointe and Mitek partnership enhances fraud detection capabilities.
• Check fraud detection technology uses AI and machine learning.
• Integration aims to quickly combat increasing check fraud.
• Check fraud detection mitigates potential $24 billion in losses.
• Strategic alliance strengthens Viewpointe's and Mitek's market positions.

Negative

• Check fraud has increased by 385% since 2020.
• Potential losses from check fraud could reach $24 billion by year-end.
• Rising check fraud poses a significant risk for financial institutions.

News Market Reaction

-2.40%

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-2.40% News Effect

On the day this news was published, MITK declined 2.40%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

New partnership targets rising check fraud in the banking industry

CHARLOTTE, N.C., May 14, 2024 /PRNewswire/ -- Viewpointe^®, a leading managed content services provider for highly regulated enterprises, today announced a new partnership with Mitek Systems, Inc. (NASDAQ: MITK), a global leader in mobile deposit and fraud prevention. This strategic partnership will play a key role in combatting fraud for financial institutions.

This initiative will allow mutual customers an easier and quicker integration to enhance their fraud detection capabilities to start fighting check fraud faster.

According to the U.S. Department of the Treasury, check fraud has increased by 385% since 2020. Moreover, a recent Propeller Insights survey indicates that check fraud is expected to reach $24 billion in losses by the end of this year.

"This partnership with Mitek marks a significant milestone in our ongoing commitment to help safeguard the financial industry and consumers from the escalating threats of check fraud," said Susan Blackburn, Chief Commercial Officer at Viewpointe. "By leveraging Mitek's cutting-edge technologies, we are not only responding to the trends we are seeing but actively helping to shape a safer future for financial transactions." 

Mitek's Check Fraud Defender is a cloud-hosted consortium that uses patented imaging science, machine learning, and artificial intelligence to quickly analyze data, to help reduce losses associated with check fraud.

"We are excited to partner with Viewpointe to offer our check fraud detection technology," stated Kerry Cantley, VP of Digital Banking Strategy at Mitek. "Together, we can take a proactive approach to combating check fraud across financial institutions. By combining Viewpointe's content and compliance expertise with Mitek's robust Check Fraud Defender consortium, we're delivering an innovative solution, setting new standards in fraud prevention across banking."

Through this partnership, Viewpointe is significantly aiding its customers in their ongoing efforts to combat fraud and keep consumers safe online.

About Viewpointe 
Viewpointe specializes in managed content and data services designed specifically for highly regulated, large-volume enterprises. Renowned for its expertise in handling vast amounts of sensitive content and data, Viewpointe enables the world's leading financial institutions to concentrate on their core mission—delivering exceptional service to their clients. Established in 2000, Viewpointe has become a trusted partner for the top financial services companies in the U.S. Recognized consistently in the prestigious IDC FinTech 100 for the past 17 years, Viewpointe stands out as a leader in financial technology and services. For more information, visit viewpointe.com.

About Mitek
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 miteksystems.com.

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SOURCE Viewpointe Archive Services LLC

FAQ

What is the focus of the Viewpointe and Mitek partnership?

The focus is to enhance check fraud detection capabilities for financial institutions.

How much has check fraud increased since 2020?

Check fraud has increased by 385% since 2020.

What are the projected losses due to check fraud by the end of this year?

Projected losses due to check fraud could reach $24 billion by the end of this year.

What technologies are being used to combat check fraud?

Mitek's technologies include AI, machine learning, and patented imaging science.

What is Mitek's role in the partnership with Viewpointe?

Mitek provides its Check Fraud Defender technology to enhance fraud detection.

How does the partnership benefit financial institutions?

The partnership offers faster and easier integration to enhance fraud detection capabilities.