Mitek Systems upgrades cheque fraud detection system

Source: Mitek Systems

Mitek Systems (OTC Bulletin Board: MITK), a leading provider of Image Analytics and Pattern Recognition software, today announced the availability of FraudProtect Web, a next generation release of the company's popular FraudProtect System, a check fraud detection application that helps reduce a financial institution's losses related to all check alteration schemes including signature forgery, and modified payee, payor and layout on the item.

The new FraudProtect Web boasts key advantages in the area of scalability, workflow and interoperability. The web-based platform provides the ability to distribute the analysis of suspicious checks, so payment decisions can be expedited - all through a web browser. Additionally, the system is designed to provide outsource Item Processing Service Providers the ability to securely manage hundreds of financial institutions concurrently. Item Processing trends indicate a continued move towards outsourcing, but until now these providers did not have the ability to provide their customers with an effective and secure suspect item review.

"This product and associated offering is the first evidence of the power and extendibility of MITEK NET[X]" said James DeBello. "We see far reaching potential for this application as a service offered for leading item processors."

The application features an open architecture, making integration easy with existing transaction based check fraud systems, such as Carreker (being acquired by CheckFree Corporation), and Focus Technologies, which complement this Image Analytics based check fraud technology.

"Our customers have found that the FraudProtect System yields a return on investment in as little as 6 months, and it also helps with customer retention," said Product Manager Orit Chanukov. "This release will bring productivity improvements which we believe will revolutionize check fraud detection. Banks, and Processors will be able to present suspect checks to the branches for decisioning - instantaneously. That is a win-win for the bank and their customers."

The new application remains compatible with the industry leading Item Processing applications from Fidelity National Information Systems (Bankware), Harland Financial Solutions, Jack Henry and Associates, Open Solutions, Metavante Image Solutions, Wausau and others. Existing FraudProtect System customers will be able to easily upgrade their current installations to the new FraudProtect Web.

Beginning this March, Mitek plans to provide free access to a hosted installation of FraudProtect Web to enable interested financial institutions to evaluate the product and submit sample checks to test the accuracy and efficacy of the Image Analytics in detecting fraudulent items.

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