Mitek Partners with Industry Leader to Improve New Account Opening, Help Businesses Achieve Compliance and Mitigate Fraud Exposure

Mitek (NASDAQ:MITK), a global leader in digital identity verification software solutions announced that it has joined forces Experian to add identity document verification and biometric facial comparison to its data services.

The company said that the combination of these technologies will help businesses more easily verify people’s identities in digital channels to deliver a seamless new account opening process and achieve compliance and mitigate fraud exposure.

As quoted in the press release:

As part of the collaboration, Mitek’s Mobile Verify^® and Mobile Fill^® solutions will be integrated within Experian’s CrossCore™ platform. Mitek’s solutions can verify the authenticity of an identification document by analyzing security and other features on the document. To prove the person submitting the document is its owner, the user is asked to take a selfie and that photo is compared to photo on the document. Moreover, the solution can auto populate application forms with the information printed on the identification document.

“With our advanced identity document verification and biometric facial comparison technology now available through Experian’s CrossCore platform, we’re able to provide businesses with strong identity assurance in the digital channel,” said James B. DeBello, chairman and CEO, Mitek. “As a result, customers are able to maximize profitability by booking more new accounts and eliminating the time-consuming and costly, manual review processes.”

Javelin Strategy & Research began tracking identity fraud in 2003. The study found that despite industry efforts to prevent identity fraud, fraudsters successfully adapted to net 1.3 million more victims in 2017, with the amount stolen rising to $16.8 billion. With the growing rate of identity theft and fraud schemes, businesses struggle to properly identify and authenticate legitimate consumers during application processing or existing account management activity.

“When it comes to combatting fraud, businesses need to be vigilant in protecting people’s identities. The use of data and analytics can help them make more informed decisions to better recognize legitimate customers and detect fraudulent activity. At the same time, they still need to ensure a positive experience for the customer,” said Steve Platt, Experian’s group president of Decision Analytics and Data Quality. “The addition of Mitek’s advanced technology with our robust set of fraud capabilities, means businesses have more options to address both of those objectives.”

Click here for the text release.