Case Study: Top 25 US Bank reduces check fraud losses with Mitek Systems Check Fraud Defender

Top 25 US Bank attacks growing multi-million-dollar check fraud problem

A Top 25 US Bank was losing about $1M per month to rapidly growing check fraud after the pandemic, with legacy tools creating too many false positives and forcing costly manual review. To improve check verification, the bank turned to Mitek Systems and its Check Fraud Defender solution.

Mitek Systems implemented an AI- and computer vision-based fraud scoring service that compares checks against stored profiles and shared cloud data to flag suspicious items in real time. In the first five months, Mitek Systems identified more than 3,600 suspicious checks, helped avoid an estimated $16M in potential fraud losses, and improved the bank’s overall fraud recognition capabilities by 26%, with Check Fraud Defender now flagging about $3M in fraudulent checks each month.