Identity Verification Blog | Mitek

KYC AML Identity Verification

6 Things Banks Can Do To Avoid Losing Big Due To Identity Fraud

With $35,600 lost every minute due to identity fraud in the past six years, welcoming customers to a secure digital environment where they can enjoy a seamless banking experience is not just a key differentiation element for financial institutions but an imperative to keep their edge over competition. Follow these simple steps to improve the security of your mobile onboarding without compromising the quality of the customer experience.

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CNP Focuses On Making Fraud Prevention Profitable

The Card Not Present conference drew more than 1,000 people to Orlando to talk about fraud detection and deterrence. Curiously enough, the focus was less on just stopping fraud and more on how to avoid fraud prevention practices that eat into revenues. Merchants know they will always have some fraud as long as they are in business. While they want to reduce fraud, they think it’s at least as important to avoid stopping good transactions or worse, shutting down a sale in a way that loses a consumer forever.

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Advanced Cash card

Advanced Cash Prevents Fraud Using Instant Mobile ID Document Verification from Mitek

Advanced Cash provides individuals and businesses worldwide with an easy to use and versatile online payment system. Headquartered in Belize, the company’s specialties include payment processing, MasterCard prepaid virtual and plastic cards, P2P transfers, e-wallet platform, B2C affiliate and card payouts.

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Mitek’s Omnichannel Identity Verification Demoed for the First Time and Finovate Spring 2016

Mitek was proud to present our first desktop-to-mobile ID document verification experience and new device ID capabilities for Mobile Verify this week at Finovate Spring in San Jose. Sarah Clark, the General Manager of Identity at Mitek and Steve Craig, our Director of Product and Experience took the stage and demonstrated the Mitek’s new omnichannel enrollment process that links a customer’s desktop application or transaction to a mobile identity verification that can be completed on a mobile device.

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Mitek Surpasses One Billion Mobile Check Deposits

Mitek Surpasses One Billion Mobile Check Deposits

We're happy to announce that our Mobile Deposit® solution licensed by more than 5,000 U.S. financial institutions and used by more than 70 million consumers has now processed over one billion check deposits. Our Chairman and CEO, James DeBello, sums it up nicely when he says “We estimate we have collectively saved consumers over 416 million hours in unnecessary trips to a branch or ATM. Moreover, we estimate that banks have saved over $2.5 billion in reduced processing costs. And, today with less than 5% of the total number of checks being deposited through a mobile device we are just getting started.”

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New European Data Protection Shakes Age-Restricted Content: Consent Gap Up from 13 to 16 Years Old

With the takeoff of social networks such as Snapchat, clearly catering more for a younger audience than the more established Twitter or Facebook, or the ever growing appeal of Instagram, keeping up to speed with regulations about the minimum age of audiences to consume certain types of content or digital goods has turned into a priority for many companies.

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Race over foreign students goes mobile: how tech can help you win

Tom Groenfeldt

Although many might argue that in any case education should be tied to money, truth is that it significantly contributes to the overall economy of any country. Take the United States, for example, where about a million students from abroad contribute to the American economy with $18 billion’s worth of tuition and $13 billion in living expenses each year, as per a recent research conducted by World Education Services (WES).

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Successful mobile payment

Mobile identity verification lets you say yes to more good customers

Michael Hagen

In an interconnected world where people keep on the move, changing estates and countries more and more often than ever, the ability to verify your customers’ identity has become capital to ensure a secure and effective acquisition experience.

Being capable of checking the identity of your prospective customers regardless of their country of origin will translate into more safe and effortless acquisitions. Furthermore, having access to mobile ID verification means that you can better target high-value yet currently under-served customers such as expats or foreign students.

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Pay with a selfie

ID verification pilot’s success in the US ships Mastercard’s Selfie Pay across The Pond

After trialing its new mobile payment technology in the US and The Netherlands, Mastercard is bringing its ‘Selfie Pay’ to the UK, so users can pay without entering any password or PIN but just by smiling and blinking to their smartphone’s camera.

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Synthetic ID fraud

Synthetic identity fraud in card not present transactions tops risk managers’ concerns in 2016

Tom Groenfeldt

The nice thing about using a synthetic identity to commit fraud is that there’s no pesky credit card holder calling to report unauthorized charges on her statement. The fake identities can be created or purchased on the Dark Web.

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Create the Mobile Capture You Want - Customizing the MiSnap SDK for Your Mobile Application

With the release of v3.0 of the Mitek MiSnap Software Development Kit (SDK), delivering the mobile capture user experience you want has never been easier. We have completely exposed the UI layer, opening up access to the source code and giving developers more control over UX and UI elements such as workflow, screen layout, tutorial screens, and colors. Here’s a quick look at some of the customization options available:

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How Identity Verification Technologies Help Banks Solve Pended Queue Issues

The mobile revolution has allowed financial institutions to reach and acquire more prospective customers than ever before; however, financial institutions are losing 15-40% of them because they get trapped in their pended queue and are never converted to customers. Financial institutions can solve their pended queue issues and improve customer acquisition rates by implementing mobile identity verification technologies, such as Mobile Fill™ and Mobile Verify™.

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Millennial Using Cell Phone

A Glance at the Agenda for BAI’s Payments Connect

Tom Groenfeldt

BAI’s Payments Connect conference, which opens Sunday in San Diego, perfectly illustrates the quandary facing banks looking to expand their online presence — how to accomplish that without throwing the door wide open to fraud.

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Integrate mobile capture into your application - Getting started with Mitek MiSnap SDK

Mitek MiSnap™ is the mobile capture component of all Mitek solutions.

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Mobile Deposit Photo Safe

Harland Clarke Checks Modernized for Mobile Deposit

Revolutionary changes to check processing technology in recent years left consumers and financial institutions wanting a safer check product that they feel more confident depositing through the mobile channel. To answer their requests, Mitek has modernized the paper check through a unique partnership with Harland Clarke, a leading provider of integrated payment solutions.

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Identity Verification for Age Restricted Commerce

Mobile Age Verification Imperative to Safe Commerce of Regulated Goods

As mobile commerce sweeps across all industries, age-restricted goods and services like gaming, alcohol, tobacco and adult entertainment are increasingly sold on the mobile channel and must be regulated. It’s evident that merely entering a date of birth is not an effective way to manage access to age-restricted content and retailers face major fines and could even be shut down if they are caught selling to minors. So how can merchants protect themselves?

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Mobile Capture Tablet App

Tablet Apps With Mobile Capture Help Employees Increase Customers

Assisted service with a tablet is revolutionizing the way employees engage with customers. Tablets apps with mobile capture are enabling employees to deliver faster and better service in the brick and mortar location as well as out in the community.

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Mobile ID Verification and Preventing Fraud

The Perfect Storm: Customers and fraudsters are going mobile

Financial Institutions are seeing huge growth in mobile application across products. At this same time, fraudsters are targeting the account opening process. How can financial institutions maximize mobile for new customer acquisition while keeps fraudsters out?

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Mobile Deposit on Phone

Mobilization Key to Loyalty in Retail Banking

According to a recent Bain & Company survey, mobile banking has advanced past the tipping point and is now the preferred method of banking by consumers worldwide.

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4 Keys to Secure Customer Acquisition with Mobile Capture & Identity Verification

Aite has released a new whitepaper examining the challenges facing U.S. financial institutions. Executive survey responses showed that financial institutions are facing the dual challenge of rapidly rising fraud and fierce competition in acquiring new customers.

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