AUSTIN,
Texas, Nov. 28, 2023 /PRNewswire/ -- Abrigo, a
leading provider of compliance, credit risk, and lending solutions
for financial institutions, announced today a strategic partnership
with Mitek, a global leader in mobile deposit and
fraud prevention. This partnership is a first
step toward providing community financial institutions with the
tools they need to combat financial crimes like check
fraud.
Check fraud is one of the most prevalent and costly
forms of fraud affecting financial institutions.
According to FinCEN, check fraud SAR filings increased
94% over 2021, exceeding 680,000 in 2022. As fraudsters use
increasingly sophisticated methods to create counterfeit checks,
alter legitimate checks, or forge signatures, financial
institutions need reliable tools to detect and prevent fraudulent
transactions.
Mitek's Check Fraud Defender uses patented imaging
science, machine learning, and artificial intelligence to analyze
checks from all channels to reduce losses related to check
fraud. The Abrigo and Mitek partnership will pave the
way for product integration, enabling a wider range of financial
institutions to leverage Mitek's advanced fraud
prevention solutions. General availability will be announced in
early 2024.
"By combining Mitek's cutting-edge technology with Abrigo's
industry-leading platform, we can provide our 2,400 customers with
a powerful solution to help protect their institutions and
customers from financial crimes," said Jay
Blandford, CEO of Abrigo.
"The sophistication of fraud and synthetic
checks has never been more concerning," said Michael
Diamond, Mitek senior vice president and general
manager. "With this partnership, Abrigo's customers will
have access to Mitek's Check Fraud Defender to prevent
fraudulent activities and drastically reduce fraud
losses."
For more information, visit here.
About Abrigo
Abrigo is a leading provider of compliance, credit risk,
lending, and asset/liability management solutions and services that
help 2,400+ financial institutions manage risk and drive growth.
Visit abrigo.com to learn more.
About Mitek
Mitek (NASDAQ: MITK) is a global leader in digital access,
founded to bridge the physical and digital worlds. Mitek's advanced
identity verification technologies and global platform make digital
access faster and more secure than ever, providing companies new
levels of control, deployment ease and operation, while protecting
the entire customer journey. Trusted by 99% of U.S. banks for
mobile check deposits and 7,900 of the world's largest
organizations, Mitek helps companies reduce risk and meet
regulatory requirements. Learn more at www.miteksystems.com.
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SOURCE Abrigo