POWAY, Calif., Nov. 17 / -- Mitek Systems, Inc. (BULLETIN BOARD: MITK) (www.miteksystems.com), a leading provider of image analytics and intelligent character recognition software, today announced that FraudProtect(TM) System, its recently released premier check fraud detection solution specially designed for community and mid sized banks is now being used by 10 such banks.
According to the ABA 2004 Check Fraud Report, signature forgeries and counterfeit checks account for close to 40% of all check fraud. Based on the same Mitek technology currently being deployed by money center banks, FraudProtect System allows banks to use the power of their Check 21 imaging systems to screen all of their checks including IRDs and demand drafts for forged signatures, alterations and counterfeiting. The image-based software solution pulls check images from a bank's check processing system, applies more than 200 authenticating tests, and then routes suspected fraudulent items for fast and accurate "pay" or "no pay" decisions. Banks are able to screen 100% of their on-us checks during Day 1 and 2 processing, helping them avoid losses from in accurate posting by the midnight Day 2 processing deadline.
"Our bank has been using the FraudProtect System for over a year and the system has caught over $150,000 of attempted check fraud in the first 8 months of 2005. By preventing fraud, we are also providing better service to our customers. It paid for itself in 2 months of use," said Operations Manager for a community bank based out of Lynnwood, WA. Banks that are using the system are finding fraud that was not detected either by them or their customers.
The FraudProtect System can be easily integrated into item processing systems from vendors such as AFS (a Metavante company), Bankware (a Fidelity Information Services company), Harland Financial Solutions, Wausau, and any X9.37 complaint application. "We chose Mitek's FraudProtect System for its impact and for the simplicity of installation and use. We use Bankware's ImageCentre item processing system. Mitek integrated the FraudProtect System and trained our fraud analysts in 48 hours," said Senior VP of Sterling Bank of New York City, NY.
Our customers benefit from the capabilities of the FraudProtect System to detect fraudulent cashiers checks. The FraudProtect System is a complementary solution to their existing transaction analysis software.
Mitek will be demonstrating the capabilities of the FraudProtect System at the upcoming BAI Retail Delivery Conference & Expo, November 15-18, 2005 in Orlando, Fla., in booth #578.
About Mitek Systems
Mitek Systems (BULLETIN BOARD: MITK) (www.miteksystems.com) is a global leader in Image Analytics used by financial institutions to detect fraud and improve customer service. The Company also develops and markets the most comprehensive suite of intelligent character recognition software used to test, clean, read and authenticate imaged documents. Sold to partners and directly to end users, the Company's software is used in the processing of over 8 billion transactions per year. For more information about Mitek Systems, contact the company at 14145 Danielson Street, Suite B, Poway, CA 92064; 858-513-4600 or visit www.miteksystems.com.
Mitek Systems, Inc.
14145 Danielson St, Suite B
Poway, CA 92064
Source: Mitek Systems, Inc.
CONTACT: Mari Sese, Marketing of Mitek Systems, Inc.,
+1-858-513-4600 ext. 320, firstname.lastname@example.org
Web site: www.miteksystems.com/