Enterprise Bank & Trust deploys Mitek's FraudProtect for cheques

Source: Mitek Systems

Mitek Systems, Inc. (BULLETIN BOARD: MITK), a leading provider of image analytics and intelligent character recognition software, today announced that Enterprise Bank & Trust, (NASDAQ:EFSC) has chosen to implement Mitek's FraudProtect System to fight against forgery and counterfeit check fraud attacks, the most common forms of deposit account fraud.

Mitek's FraudProtect System uses check image Analytics to detect fraud and protect financial institutions.

Enterprise Bank & Trust is a high growth financial services holding company located in Clayton, Missouri with six bank branches in the St. Louis and Kansas City areas. Combined, these locations have over $2 billion in banking and trust assets and serve more than 3,000 business customers. The bank was looking to implement a more stringent and automated check review process to protect the bank and it's customers from check fraud loss. Ultimately, the bank selected Mitek's Fraud Protect System as their winning solution. Enterprise Bank & Trust uses Bisys solutions for their item processing, which fully integrates with Mitek Systems.

Mitek's FraudProtect System is a comprehensive, automated software application that allows banks to quickly and effectively detect the most common forms of check fraud, signature forgery and counterfeit checks. The FraudProtect System, offers banks the ability to screen 100% of their on-us checks during Day 1 and 2 processing, streamlines the review of questionable items, helping them avoid losses from inaccurate posting by the midnight Day 2 processing deadline. Implementing this solution also provides banks with labor savings and contributes directly to improved customer service.

"The Mitek team is very pleased to have Enterprise Bank & Trust select our technology, and look forward to having the solution contribute to their continued success," said Emmanuel de Boucaud, Mitek's Vice President of Sales and Marketing.

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