In a significant move for the financial industry, Viewpointe®, a top provider of managed content services for regulated enterprises, has partnered with Mitek Systems, Inc., a leader in mobile deposit technology and fraud prevention solutions. This collaboration is set to enhance anti-fraud measures across financial institutions, addressing the alarming rise in check fraud.
Escalating threats demand advanced solutions
Recent statistics from the U.S. Department of the Treasury underscore the urgency of this partnership, highlighting a staggering 385% increase in check fraud incidents since 2020. Furthermore, a survey by Propeller Insights predicts check fraud could result in financial losses as high as $24 billion by the end of this year alone. These figures illustrate a critical need for improved security measures in financial transactions.
A strategic response to a growing issue
Viewpointe’s decision to team up with Mitek comes at a crucial time. “This partnership with Mitek marks a significant milestone in our ongoing commitment to help safeguard the financial industry and consumers from the escalating threats of check fraud,” said Susan Blackburn, Chief Commercial Officer at Viewpointe. Blackburn further emphasized that leveraging Mitek’s advanced technology does not merely respond to current trends but actively contributes to a safer future for financial transactions.
Leveraging technology to combat fraud
Mitek brings its Check Fraud Defender, a cloud-hosted consortium that scrutinizes data using patented imaging science, machine learning, and artificial intelligence. This technology helps reduce losses associated with check fraud and provides critical intelligence that enhances the fraud detection capabilities.
Read the entire press release to learn more about this partnership.
