Mitek launches MiControl to revolutionize check fraud detection for financial institutions

Mitek launches MiControl to revolutionize check fraud detection for financial institutions

Mitek Systems, a global leader in digital identity verification technologies, has unveiled its latest innovation, MiControl.

This comprehensive fraud management console enhances Mitek’s Check Fraud Defender, offering a significant leap in the detection of check fraud for banks and financial institutions. MiControl aims to mitigate losses while elevating online security for consumers, showcasing Mitek’s commitment to bridging the physical and digital worlds securely.

The development of MiControl responds to the persistent challenge of check fraud, which remains prevalent despite the surge in digital payment methods. Financial institutions process billions of checks annually, and the rate of check fraud has been on an upward trajectory, it said.

Mitek Systems, recognized for its digital access solutions, facilitates safer and faster digital transactions. The company’s technologies are instrumental in verifying identities, ensuring secure mobile check deposits, and supporting the digital initiatives of nearly all U.S. banks and thousands of global enterprises. Mitek’s commitment to innovation is evident in its products, designed to meet rigorous regulatory requirements while reducing risks associated with digital transactions.

MiControl, Mitek’s newest offering, is engineered to enhance the productivity of fraud analysts in detecting check fraud. By integrating advanced visualization tools and customizable business rules, MiControl reduces the time needed to evaluate suspicious checks from as much as ten minutes to approximately 90 seconds. This efficiency gain is crucial for financial institutions seeking to minimize losses and protect their customers from fraud.

Additional features of MiControl include its ability to combine check and fraud data intelligence, further streamlining operational efficiency. The product’s visual dashboard offers an intuitive interface for fraud analysts, facilitating quick and accurate fraud detection decisions.

Mitek VP of Digital Banking Strategy, Kerry Cantley, emphasized the benefits of MiControl, stating, “MiControl combines check and fraud data intelligence to achieve operational efficiency.

“It provides bank fraud analysts with more information to make their decisions and presents it all in an easy-to-use visual format. Processing checks through these additional levels of protection via MiControl’s visual dashboard allows banks to make fast and accurate decisions to better protect their customers.”

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