Press Release Summary:
Utilizing advanced image analytics, FraudProtect(TM) Web helps minimize financial institution's losses related to all check alteration schemes, including signature forgery, and modified payee, payor, and layout on item. Platform lets users distribute analysis of suspicious checks, so payment decisions can be expedited, all through web browser. It also helps outsource Item Processing Service Providers securely manage hundreds of financial institutions concurrently.
Original Press Release:
Mitek Announces Web-Based Check Fraud Detection System Utilizing Advance Image Analytics
FraudProtect(TM) Web - First Deployment of Mitek NET[X] Technology Platform
SAN DIEGO, Feb. 20 /-- Mitek Systems, Inc. (OTC Bulletin Board: MITK; www.miteksystems.com), a leading provider of Image Analytics and Pattern Recognition software, today announced the availability of FraudProtect(TM) Web, a next generation release of the company's popular FraudProtect(TM) System, a check fraud detection application that helps reduce a financial institution's losses related to all check alteration schemes including signature forgery, and modified payee, payor and layout on the item.
The new FraudProtect(TM) Web boasts key advantages in the area of scalability, workflow and interoperability. The web-based platform provides the ability to distribute the analysis of suspicious checks, so payment decisions can be expedited -- all through a web browser. Additionally, the system is designed to provide outsource Item Processing Service Providers the ability to securely manage hundreds of financial institutions concurrently. Item Processing trends indicate a continued move towards outsourcing, but until now these providers did not have the ability to provide their customers with an effective and secure suspect item review.
"This product and associated offering is the first evidence of the power and extendibility of MITEK NET[X]" said James DeBello. "We see far reaching potential for this application as a service offered for leading item processors."
The application features an open architecture, making integration easy with existing transaction based check fraud systems, such as Carreker (being acquired by CheckFree Corporation), and Focus Technologies, which complement this Image Analytics based check fraud technology.
"Our customers have found that the FraudProtect(TM) System yields a return on investment in as little as 6 months, and it also helps with customer retention," said Product Manager Orit Chanukov. "This release will bring productivity improvements which we believe will revolutionize check fraud detection. Banks, and Processors will be able to present suspect checks to the branches for decisioning -- instantaneously. That is a win-win for the bank and their customers."
The new application remains compatible with the industry leading Item Processing applications from Fidelity National Information Systems (Bankware), Harland Financial Solutions, Jack Henry and Associates, Open Solutions, Metavante Image Solutions, Wausau and others. Existing FraudProtect(TM) System customers will be able to easily upgrade their current installations to the new FraudProtect(TM) Web.
Beginning this March, Mitek plans to provide free access to a hosted installation of FraudProtect(TM) Web to enable interested financial institutions to evaluate the product and submit sample checks to test the accuracy and efficacy of the Image Analytics in detecting fraudulent items.
About Mitek Systems, Inc.
Mitek Systems (OTC Bulletin Board: MITK; www.miteksystems.com) is a global leader in Image Analytics and pattern recognition technologies used by financial institutions, life science companies, government agencies and system integrators. The Company develops and markets the most comprehensive suite of intelligent character recognition software used to test, clean, read and authenticate imaged documents and objects. 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 8911 Balboa Ave., Suite B, San Diego, CA 92123; 858-503-7810 or visit www.miteksystems.com .
Emmanuel de Boucaud
VP Sales & Marketing
Mitek Systems, Inc.
8911 Balboa Ave., Suite B
San Diego, CA 92123
858-503-7810, ext 351
Web site: www.miteksystems.com/