Criminal Marketplaces Provide Gateway to Rising Account Fraud and Identity Theft
15 Maio 2023 - 10:00AM
Business Wire
Mitek and DarkTower partnership presents a
powerful new approach to identifying compromised data and combating
fraud
The amount of check fraud and identity theft-related crimes
emerging from online criminal marketplaces continue to rise. Today,
Mitek (NASDAQ: MITK) announced its partnership with
DarkTower, a cyber intelligence research company, to address the
growing threat. During the first quarter of 2023 alone, the Federal
Trade Commission recorded nearly $2 billion in losses from more
than 750,000 reports of fraud and identity theft.
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The partnership will give all customers of Mitek’s Check Fraud
Defender real time access to compromised account data.
“The rise of nefarious activities has led to a proliferation of
sensitive information being shared on criminal marketplaces and has
increased the amount of identity theft and fraud taking place,”
said Robin Pugh, president and CEO of DarkTower. “Our work includes
identifying places where stolen information is being shared or sold
and flagging this data to the proper parties to address.”
In an early test, Mitek and DarkTower provided a large financial
institution with extracted data and supporting images. A small
sample of 200 images from a single criminal marketplace processed
through Check Fraud Defender revealed more than $10 million in
customer funds at risk. The $10 million at-risk funds represents
only a fraction of the potential value of documents available on
these exchanges, with experts estimating thousands of similar
active markets. The financial institution confirmed there was
undetected fraud and there were claims paid related to the group of
stolen checks. More than 90% of the claims showed additional
counterfeit documents were distributed. This averaged $50,000 in
losses per stolen document.
How It Works
Mitek uses DarkTower’s proprietary sourcing technology and its
own state of the art image analysis technology to extract data from
stolen documents such as checks, account screens, and
identification documents sold on online channels and in
marketplaces. Mitek delivers automated alerts for potentially
compromised accounts to financial institutions and they can conduct
victim searches in the MiVIP dashboard.
“Financial institutions now have access to the tools to defend
against the newest and most sophisticated attack methods used by
those attempting fraud, including AI-generated documents and
criminal marketplaces,” said Michael Diamond, senior vice president
and general manager, Mitek. “Integrating insights from DarkTower
with our Check Fraud Defender service will enable financial
institutions to move beyond passive defense to an active approach
that reduces fraud losses and better protects their customers.”
According to The Consumer Sentinel Network, in 2022, there was
nearly $8.8 billion in total fraud-related losses and incidents
involving the use of fraudulent documents found in criminal
marketplaces, including check fraud and identity theft. These
activities will continue to rise dramatically as criminals combine
traditional methods with advanced technology to perpetrate crimes.
As this happens, it will become even more critical for institutions
to implement technology solutions that decrease manual reviews and
increase proactive responses to detect and prevent fraud from
taking place.
To learn more about the partnership between Mitek and DarkTower,
please visit https://www.miteksystems.com/check-fraud-defender.
About Mitek Systems, Inc.
Mitek (NASDAQ: MITK) is a global leader in digital access,
founded to bridge the physical and digital worlds. Mitek’s advanced
identity verification technologies and global platform make digital
access faster and more secure than ever, providing companies new
levels of control, deployment ease and operation, while protecting
the entire customer journey. Trusted by 99% of U.S. banks for
mobile check deposits and 7,500 of the world’s largest
organizations, Mitek helps companies reduce risk and meet
regulatory requirements. Learn more at www.miteksystems.com. Follow
Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s latest
blog posts here.
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005016/en/
Angela M. Romei Senior Director, Corporate Communications
pr@miteksystems.com
BAM on behalf of Mitek mitek@bamtheagency.com
Mitek Systems (NASDAQ:MITK)
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