Mitek launches new KYC tech as UK fraudsters up their game

By Edlyn Cardoza

As consumers transact more business online than ever, identity verification has become essential to safe digital access. Now Mitek is making it possible for companies to protect customers’ digital experiences from the moment they open an account through their entire journey.

According to the National Council on Identity Theft Protection, almost 50% of U.S. citizens were victims of identity theft between 2020 and 2022. Most common forms of identity fraud included account takeover, when an actual user’s information is misappropriated, starting a new financial account with a fraud victim’s information, and information theft, such as Social Security identity theft. In 2020, the traditional identity theft cost to companies and consumers was estimated to be about $13 billion.

Similarly, data gathered by Finanso, a global financial marketplace, found that 56% of Europeans have experienced at least one type of fraud in the last two years. Of those, one-third became victims of identity theft. Thus, identity theft has become the second-most-common type of fraud in Europe.

Many of the world’s largest global banks and 99% of U.S. banks use Mitek’s technological innovation. Backed by decades of experience and held to the highest standards as a publicly-traded company, Mitek is uniquely positioned to help organisations establish trust with authentic customers by providing the identity systems that grant them safe digital access.

“Identity is personal. At Mitek, we are on a mission to protect it,” said Mitek CEO Max Carnecchia. “Mitek’s new platform, MiVIP, is a culmination of our best technologies, our most recent acquisition and our ongoing commitment to putting Mitek’s customers in control of their consumer experiences.”

MiVIP, the Mitek Verified Identity Platform, gives companies comprehensive, secure control, saving them time and money in three important ways:

• Verify fast: Verifying the identity of customers is now faster and easier than ever, allowing companies to securely onboard more good customers while providing the experience they expect.
• Take control: Optimising workflows has never been easier. Organisations have the tools to both control the customer experience and manage risk.
• Quickly integrate: Deploying now takes hours instead of days or weeks. The platform is built on a low code/no code architecture that saves companies time and resources.

“Never has there been a more relevant time to effectively onboard customers faster,” said Mitek Head of Product Chris Briggs. “Organisations want control over their customers’ Know Your Customer (KYC) experiences. MiVIP provides an easy-to-deploy, highly adaptable and robust identity verification platform that can integrate with a company’s fraud and risk workflows in hours. Journeys can be configured to fit varying needs, ensuring customers are verified quickly and with minimum friction.”