Mitek Systems, Inc. (OTC Bulletin Board: MITK), a leading provider of Image Analytics and intelligent character recognition software, today announced the release of FraudProtect V2.2 which includes improved image analysis tests that automatically detect fraud in demand drafts - the latest challenge posed by the increased availability of on-line banking.
"Large and small Financial Institutions alike will face the challenge of tracking down demand (aka Pre-authorized) draft fraud," states Angela Bardowell, industry consultant and former SVP of Risk at Bank of America. "Fraudsters are creating complex schemes with these Demand Drafts which can only be effectively detected using image-based fraud detection."
The FraudProtect SDK, currently in production in 4 of the top 10 U.S. banks, is a suite of software tools used to detect and stop check fraud on demand deposit accounts. The FraudProtect System is a comprehensive, automated software application which allows community banks to quickly and easily implement the same levels of image based check fraud used by top tier banks.
The latest release of both products offer improved accuracy, increased functionality, and extended interoperability confirming Mitek's position as the leader in image-based Check Fraud solutions. The FraudProtect SDK V2.2 offers improved recognition and data finding, which helps to automatically catch modifications to payee name information on payroll and other business checks, as well as automatically detecting fraud or modifications on demand
(Pre-authorized) drafts. Advanced new features have also been added to provide more sophisticated analysis of the check layout to combat continuous attempts of fraudsters to create counterfeit checks.
"Mitek has very powerful capabilities in the area of demand draft and check stock fraud detection," says Jeff Bottari, President of SoftPro North America, a Mitek Strategic Partner in check fraud. "We have enjoyed a successful partnership with Mitek for three years, helping deliver solutions to the nation's leading banking institutions."
Mitek has also implemented many of these sophisticated capabilities into the FraudProtect System V2.2 to help community banks arm themselves against the current and increasing threats of check fraud. The products interoperability and integration to any imaging or POD system has been simplified through the addition of interfaces which support the industry's X9.37 image exchange format, as well as any TIF format image. This capability makes the FraudProtect system available to any community or mid-sized bank that currently runs an imaging archive or an image based POD system. The FraudProtect System is also enabled to support the Harland Validify Identity validation system, a revolutionary self-authenticating check solution co-developed by Mitek and Harland and available exclusively through Harland.
"Mitek is the only company that has successfully delivered technology that is scalable and portable from the largest financial institution in America down to the small community banks across the country," says Emmanuel de Boucaud Vice President of Sales and Marketing at Mitek Systems. "We are very pleased with the adoption of our technology. These releases will significantly improve our customer success with our products."