Mitek Systems enhances ID theft detection product

FraudProtect System allows banks to use the power of their Check 21 imaging to screen all of their checks for forged signatures, alterations and counterfeiting. The image-based software solution pulls check images from a bank's check processing system, tests more than 200 authenticating features in less than one second, and then routes suspected fraudulent checks for a fast and accurate manual "no pay" confirmation decision. According to the American Bankers Association, these forms of identity theft account for nearly 40 percent of all check fraud reported in the U.S.

Mitek's FraudProtect products are the most widely-used technology available to both large and small banks for image-based fraud detection. FraudProtect users are finding more identity theft and incurring fewer losses from check fraud. One of the largest banks in the U.S. caught an additional $800,000 of fraud in 5 weeks scanning checks for counterfeits, alterations and forgeries. A smaller community bank uncovered over $24,000 of fraud in February alone, after catching only $10,000 in fraud in all of 2004.

With FraudProtect System 2.0, Mitek offers the first fraud detection system that readily processes an Image Replacement Document, an important and growing segment of Check 21 images exchanged between banks. The new version also now increases accuracy by repeating any failed test, speeds the review rate on suspect checks, and integrates more easily with most check imaging systems. In addition, new review controls allow a person reviewing suspect checks to view the endorsement signature on the backside of the check image and magnify areas of a check image for closer inspection.

"FraudProtect allows banks to detect identity theft before a customer incurs the trouble and expense of a fraudulent check," Mitek's President and CEO James B. DeBello said. "We are continually increasing our speed and accuracy so banks can spend less time and money to recognize more theft sooner and reduce fraud losses."