Check fraud is one of the most prevalent and costly forms of fraud affecting financial institutions today. According to the Financial Crimes Enforcement Network (FinCEN), check fraud suspicious activity report (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 more robust and reliable tools to detect and prevent fraudulent transactions. This is why Abrigo and Mitek are strategically partnering to deliver unparalleled security and safeguard financial institutions from evolving threats.
Keep me Informed
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 to protect their institutions and customers. General availability will be announced to clients in early 2024.
Michael Diamond
Senior Vice President and General Manager
Mitek
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Get this guide to understand red flags and how to work with your frontline staff.
Free downloadTips to identify different types of check fraud that AML professionals see to support stopping check fraud.
read blogTake a look at 1st-party fraud trends to learn how to address, identify and prevent 1st-party fraud.
read blogLearn about how much fraud can cost – beyond just the initial reported losses
learn moreGet the details on 5 examples of fraud typologies impacting your institution.
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