Fraud analysts achieve a sixfold increase in productivity detecting check fraud
Mitek Systems, Inc. (NASDAQ: MITK) today introduced MiControl, a comprehensive fraud management console that works with Mitek’s Check Fraud Defender. MiControl quickly detects check fraud, reduces losses and further increases consumers’ online security. With its advanced visualizations and overlays, paired with business rules configured by the bank or financial institution, MiControl can decrease the time it takes for a fraud analyst to review and make a decision about a suspect check from up to 10 minutes to about 90 seconds.
Despite the increasing use of digital payment options among banking customers, financial institutions worldwide still process billions of checks each year, and the rate of check fraud continues to climb. Suspicious activity reports for check fraud at depository institutions more than tripled between 2018 and 2022, up 201.2% between those years, according to Financial Crimes Enforcement Network (FinCEN) data. Between January and October of 2023, 447,525 suspicious activity reports (SAR) indicated another record setting year for check fraud.
“MiControl combines check and fraud data intelligence to achieve operational efficiency,” said Kerry Cantley, Mitek VP of Digital Banking Strategy. “It provides bank fraud analysts with more information to make their decisions and presents it all in an easy-to-use visual format. Processing checks through these additional levels of protection via MiControl’s visual dashboard allows banks to make fast and accurate decisions to better protect their customers.”
MiControl also helps banks analyze and visualize their fraud trends and hot spots, including geographies or types of businesses that are experiencing higher levels of fraud. This analysis allows financial institutions to adjust their fraud detection protocols and business rules accordingly.
For more information:
- Learn how MiControl and Check Fraud Defender work here.
- Watch a short one-minute video about MiControl here.
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 www.miteksystems.com.
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