May 20 2024 08:02 AM

New partnership targets rising check fraud in the banking industry

Viewpointe announced a new partnership with Mitek Systems, Inc. This strategic partnership will play a key role in combatting fraud for financial institutions.

This initiative will allow mutual customers an easier and quicker integration to enhance their fraud detection capabilities to start fighting check fraud faster.

According to the U.S. Department of the Treasury, check fraud has increased by 385% since 2020. Moreover, a recent Propeller Insights survey indicates that check fraud is expected to reach $24 billion in losses by the end of this year.

"This partnership with Mitek marks a significant milestone in our ongoing commitment to help safeguard the financial industry and consumers from the escalating threats of check fraud," said Susan Blackburn, Chief Commercial Officer at Viewpointe. "By leveraging Mitek's cutting-edge technologies, we are not only responding to the trends we are seeing but actively helping to shape a safer future for financial transactions."

Mitek's Check Fraud Defender is a cloud-hosted consortium that uses patented imaging science, machine learning, and artificial intelligence to quickly analyze data, to help reduce losses associated with check fraud.

"We are excited to partner with Viewpointe to offer our check fraud detection technology," stated Kerry Cantley, VP of Digital Banking Strategy at Mitek. "Together, we can take a proactive approach to combating check fraud across financial institutions. By combining Viewpointe's content and compliance expertise with Mitek's robust Check Fraud Defender consortium, we're delivering an innovative solution, setting new standards in fraud prevention across banking."

Through this partnership, Viewpointe is significantly aiding its customers in their ongoing efforts to combat fraud and keep consumers safe online.

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