Liminal, a leading advisory and market intelligence firm specializing in the digital identity, cybersecurity and fintech markets, has named Mitek Systems, a leader in its highly anticipated Link Index Report for Account Opening in Financial Services.
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“Companies rely on us to help them protect against account opening fraud, and we take that responsibility seriously. We continue to innovate to ensure that we are always at the forefront of the battle against online fraud.”
The report evaluated more than 120 providers offering account opening compliance and fraud prevention for banks and financial services companies. It highlighted Mitek as one of only 22% of those surveyed that currently possess the necessary product capabilities to meet buyer demands, spotlighting Mitek’s document verification and biometric-based systems, as well as its patent portfolio.
Account opening fraud is increasingly common. Online criminals attempt to use stolen or fake identification information to open fraudulent accounts, particularly at financial institutions. Once successfully opened, these fake accounts can serve as a springboard to other online financial crimes and high losses for financial institutions.
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According to Bank Info Security, some banks report that as many as 50% or more of new account opening requests are fraudulent. Demonstrating effective protocols to thwart this type of fraud is an important part of regulatory compliance.
“Navigating intricate account opening protocols required to thwart online criminals while ensuring a seamless customer experience has become a top priority for financial service providers,” said Will Charnley, Director at Liminal. “This report will help companies make wise decisions when seeking an identity protection partner.”
“Liminal is such a respected source of guidance and information. We at Mitek are honored to be recognized in this inaugural report,” said Chris Briggs, Senior Vice President and Head of Identity at Mitek. “Companies rely on us to help them protect against account opening fraud, and we take that responsibility seriously. We continue to innovate to ensure that we are always at the forefront of the battle against online fraud.”
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