Mitek to integrate ID R&D biometrics for full transaction lifecycle security in $49M acquisition
ID R&D’s biometric capabilities provide protection against sophisticated identity theft and fraud techniques, such as deepfakes and synthetic voice augmentation to give customers the highest level of security against evolving threats while delivering an imperceptible consumer experience, according to the company announcement. The companies note that Gartner predicts 20 percent of successful account takeover attacks will use those kinds of advanced threat technologies within two years.
MarketsandMarkets forecasts the identity verification market will reach $15.8 billion globally by 2025.
By integrating ID R&D’s biometric technologies, Mitek says it can now simplify and secure the entire transaction lifecycle for businesses and consumers with a single authentication solution. In addition to the integration, ID R&D will continue to operate under its own brand.
“Today’s consumers are transacting in a digital-first world, and they expect to trust technology to keep them safe against burgeoning threats. Identity verification has never been more relevant,” comments Max Carnecchia, CEO of Mitek Systems. “Rapid advances in artificial intelligence are enabling novel forms of fraud, which means technologies like those pioneered by ID R&D are critical in this fight.”
The companies also point to Juniper Research’s forecast that 1.4 billion consumers will use facial recognition to secure transactions by 2025, noting that emerging threats demonstrate the need for further innovation.
ID R&D’s passive liveness detection, which eliminates the actions fraudsters can mimic with deepfake technology, is lauded as an important technology in fight against fraud.
“Consumers want an easy, frictionless experience. We are proud to join Mitek to scale our leading voice biometrics, facial liveness and deepfake detection technologies,” states Alexey Khitrov, CEO at ID R&D. “This move accelerates our vision to be the industry’s center of excellence to fight fraud more seamlessly without inconveniencing customers.”
Under the terms of the agreement, ID R&D shareholders will be entitled to up to $49 million in Mitek stock and cash.
Mitek recently announced its best-ever quarter for revenue, driven by a 50 percent spike in identity verification.