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Mitek adds Dark Web intelligence to check and identity fraud protection tools

Mitek adds Dark Web intelligence to check and identity fraud protection tools
 

Mitek is building up its fraud protection by partnering with cyber intelligence firm DarkTower to give customers of its Check Fraud Defender a capability to detect compromised account data in real-time.

Check fraud and crime related to identity theft continue to increase, Mitek says, with U.S. Federal Trade Commission stats showing nearly $2 billion in losses from 750,000 reported incidents in the first quarter of 2023.

“Our work includes identifying places where stolen information is being shared or sold and flagging this data to the proper parties to address,” says Robin Pugh, president and CEO of DarkTower.

Mitek and the dark web monitoring firm conducted a test with a large financial institution by providing a sample of 200 images from a single criminal marketplace. The data showed more than $10 million in customer funds were at risk of fraud, according to the announcement.

The data collected from online channels and marketplaces by DarkTower is analyzed by Mitek’s computer vision technology to extract data from stolen identity documents and checks.

“Financial institutions now have access to the tools to defend against the newest and most sophisticated attack methods used by those attempting fraud, including AI-generated documents and criminal marketplaces,” says Michael Diamond, senior vice president and general manager, Mitek. “Integrating insights from DarkTower with our Check Fraud Defender service will enable financial institutions to move beyond passive defense to an active approach that reduces fraud losses and better protects their customers.”

Mitek recently introduced presentation attack detection technology for checks, and the company has continued extending the reach of its selfie biometrics for background checks in the UK.

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