Mitek Systems has expanded its collaboration with Alogent to integrate its Check Fraud Defender into Alogent's Unify, a web-based solution for enterprise deposits automation. Recent data from the Federal Reserve Financial Services Survey reveals that check fraud, including forgery and counterfeiting, constitutes 31% of all bank fraud in the US In 2023, losses from check fraud exceeded USD 20 billion, with projections suggesting that these losses may increase in 2024.

According to the company press release, as fraudsters employ advanced technologies, including AI, to create and manipulate counterfeit checks, there is a growing demand for enhanced real-time verification systems. Mitek's Check Fraud Defender aims to address this need with advanced fraud detection capabilities. The Check Fraud Defender uses a combination of patented imaging technology, machine learning, and AI to analyse checks from various channels in real time.

The importance of fraud mitigation Officials from Alogent noted the importance of effective fraud mitigation strategies in light of the growing complexity of transaction fraud. They emphasised that integrating Mitek’s technology into Alogent’s Unify platform offers banks and credit unions enhanced AI-driven tools for risk management while ensuring a seamless experience for users. They also underscored Alogent’s ongoing commitment to innovation and security within the banking sector.

The partnership between Mitek and Alogent is one of several expected developments as financial institutions increasingly seek solutions to combat the rising tide of check fraud and associated financial losses. Officials from Mitek expressed support for the continued collaboration, highlighting the critical role of advanced fraud detection in addressing the current levels of check fraud. They also mentioned that this partnership will enable Alogent’s customers to use Mitek's fraud detection resources across various banking channels, including online platforms, branches, and ATMs.

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