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Mitek Systems and Alogent Expand Partnership to Combat Rising Check Fraud

Author

Slice of Finance Team
23 Aug

Key Highlights:

  • Mitek Systems and Alogent expand their partnership to integrate Check Fraud Defender.

  • Check fraud accounted for 31% of all bank fraud in the U.S. in 2023, with losses surpassing $20 billion.

  • Alogent's customers gain access to real-time, AI-driven fraud detection across all deposit channels.

Source (Business Wire)

Notable Quotes:

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“As transaction fraud tactics become more sophisticated, effective mitigation is essential to safeguard our clients' operations."

Ashish Bhatia, VP Product Management at Alogent
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“We are thrilled to extend our partnership with Alogent to include detecting check fraud, which has reached unprecedented levels.”

Kerry Cantley, Vice President Digital Banking at Mitek

Our Take:

The integration of Mitek's Check Fraud Defender into Alogent’s Unify platform represents a significant leap forward in the fight against check fraud, particularly in an era where financial crime is evolving rapidly. The combination of AI-driven tools and a powerful fraud consortium provides financial institutions with an essential line of defense, crucial for maintaining trust and security in the digital banking ecosystem. As check fraud continues to escalate, partnerships like this will be vital in protecting both financial institutions and their customers from increasingly sophisticated fraudulent activities.