Case study: Top 25 US Bank attacks growing multi-million-dollar check fraud problem
A top 25 US Bank was losing approximately $1M per month pre-pandemic and saw that triple during the fraud boom of the pandemic. With the use of Mitek Check Fraud Defender, the Bank was able to enhance their current check fraud detection and attack a growing problem. Within 5 months of implementation, Check Fraud Defender had correctly identified over 3,600 suspicious checks with an 80% accuracy rate. The Bank avoided $16M in fraud loss.
Top banks in the US are enhancing their check fraud detection with Mitek.
Check fraud continues to be a growing problem for financial institutions. Fueled by easy access to stolen and counterfeit checks, this problem is growing faster than banks can solve it. Current solutions result in high false-positive rates, up to 400:1. This requires intense human resources to review, and in some cases where the fraud was confirmed, it was often too late.
See how financial institutions are using Check Fraud Defender to process checks with greater accuracy and efficiency – download the case study now.