Mitek Systems Profile
Mitek Systems, Inc. (Mitek) operates as an innovator of mobile image capture and digital identity verification solutions.
The company is a software development company with expertise in artificial intelligence and machine learning. The company serves more than 7,800 financial services organizations and leading marketplace and financial technology (‘fintech’) brands around the globe. Customers count on Mitek to deliver trusted and convenient online experiences, detect and reduce fraud, and document Know Your Customer (‘KYC’) and Anti-Money Laundering (‘AML’) regulatory compliance.
The company’s solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences. Mitek’s identity verification and authentication technologies and services make it possible for banks, financial services organizations and the world’s leading marketplace and sharing platforms to verify an individual’s identity during digital transactions, allowing them to reduce risk and meet regulatory requirements. The company’s advanced mobile deposit system enables secure, fast and convenient deposit services. Thousands of organizations use Mitek solutions to optimize the security of mobile check deposits, new account openings and more.
The company derives substantially all of its revenue from license sales and services provided with the company’s software products to customers incorporating its intelligent mobile imaging technology and software products.
In 2021, Mitek acquired ID R&D, Inc. (‘ID R&D’), a provider of AI-based voice and face biometrics and liveness detection. ID R&D delivers innovative, biometric capabilities that raise the bar on usability and performance.
In March of 2022, Mitek acquired HooYu Ltd. (‘HooYu’), a leading KYC technology provider in the United Kingdom. Such technology helps to ensure businesses know the true identity of their customers by linking biometric verification with real-time data aggregation across many different sources, including credit bureaus, international sanctions lists, local law-enforcement, and others.
Mitek markets and sells its products and services worldwide through internal, direct sales teams located in the U.S., Europe, and Latin America, as well as through channel partners. The company’s partner sales strategy includes channel partners who are financial services technology providers and identity verification providers. These partners integrate the company’s products into their solutions to meet the needs of their customers, typically provisioning Mitek’s services through their respective platforms.
Product and Technology
Technology
The company engages in the development, sale, and service of its proprietary software solutions related to mobile image capture and identity verification.
The company’s digital technology solutions are provided in two parts: a software development kit for mobile image capture and a cloud software platform which uses artificial intelligence and machine learning to classify and extract data to enable mobile check deposit, as well as aid the authentication of identity documents, including passports, identity cards, and driver's licenses using a camera-equipped device.
The company’s technology uses patented algorithms that analyze images of identity documents in many ways. These include image quality analysis, image repair and optimization, document identification and classification, data extraction, and numerous authenticators.
Products
Mobile Deposit
Mitek’s Mobile Deposit solution is used today by millions of consumers in the United States and Canada for mobile check deposit. Mobile Deposit enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet. Mobile Deposit is embedded within the financial institutions’ digital banking apps used by consumers and has now processed more than six billion check deposits. Mitek began selling Mobile Deposit in early 2008 and received its first patent for this product in August 2010. Mitek holds more than 80 U.S. patents related to document image capture technology.
Mobile Deposit allows consumers to take photographs of the front and back of a check and then remotely deposit the check with their participating bank by submitting the images electronically. Mitek delivers a simple and easy user experience with the company’s proprietary mobile automatic capture, which assists users in capturing a high quality image of a check by holding their mobile device over the check.
Mobile Verify
Mobile Verify is an identity verification solution that can be integrated into mobile apps, mobile websites, and desktop applications. Mobile Verify combines an optimal image capture experience with the company’s leading document authentication technology — helping the company’s customers validate an identity document presented in a digital transaction is genuine and unaltered. Adding a second layer for identity proofing, Mobile Verify matches the portrait extracted from the identity document with a selfie of its presenter by doing a biometric face comparison.
The Mobile Verify identity verification engine is a modular cross-platform architecture that uses machine learning and advanced computer vision algorithms. To achieve the highest accuracy rates, Mitek’s technology was conceptualized to verify the authenticity of an identity document in the following systematic approach:
Guided document capture, enabling users to take a quality photo for optimal processing;
Document classification computer vision algorithms that recognize and classify thousands of diverse identity documents from around the world allowing for reliable data extraction;
Data extraction that goes beyond traditional Optimal Character Recognition (‘OCR’) to deconstruct the document and analyze the content of each field; and
Evaluation of authenticity elements, using a combination of machine learning techniques and unique computer vision algorithms to help determine the authenticity of a document by evaluating several elements within the document.
Mobile Fill
Mobile Fill, which includes automatic image capture, minimizes the number of clicks and expedites form fill completion. In mere seconds, and just by taking a photo of an identity document, people can easily complete application forms and quickly become approved customers. Organizations can use Mobile Fill for a variety of purposes, including streamlining the process of opening a checking, savings, or credit card account, paying a bill, activating an offer, and more. Mobile Fill is available for native apps and web browser applications.
MiSnap
Mitek MiSnap is a patented mobile-capture software development kit (‘SDK’) that enables an intuitive user experience and instant capture of quality images of identity documents and checks. The key to successful mobile check deposit, data pre-fill and ID document verification is the quality of the image capture. Mitek's MiSnap helps enable every user to capture a quality image the first time.
CheckReader
CheckReader enables financial institutions to automatically extract data from checks once they have been scanned or photographed by the application. Easily integrated into mobile and server-based applications providing automatic image pre-processing and recognition capabilities, CheckReader allows for the automatic recognition of all fields on checks and generic payments documents, whether handwritten or machine printed. CheckReader is utilized as a core component throughout a wide range of check processing applications, including ATMs, centralized and back office processes, remittance, merchants, and fraud applications. CheckReader is deployed worldwide in over forty countries.
Check Fraud Defender
The premier AI-powered and cloud-hosted model for fighting check fraud, Check Fraud Defender uses Mitek’s proprietary check image science to spot visual anomalies in checks submitted by participating banks to better isolate suspected fraud and reduce bank and consumer losses. Check Fraud Defender helps banks fight check fraud by analyzing more than 18 visual elements of a check to give a more comprehensive view of possible fraud.
Check Intelligence
Check Intelligence enables financial institutions to automatically extract data from a check image received across any deposit channel—branch, ATM, remote deposit capture, and mobile. Through the automatic recognition of all fields on checks, whether handwritten or machine printed, Check Intelligence speeds up the time to deposit for banks and customers and helps enable financial institutions to comply with check clearing regulations. With built-in image quality analysis and image usability analysis, Check Intelligence also ensures that the check meets the Check Clearing for the 21st Century Act requirements and other industry and regulatory standards.
Mitek Verified Identity Platform (‘MiVIP’)
MiVIP is an end-to-end KYC platform that helps companies to quickly design, build, and deploy robust KYC journeys with little or no development resources. The company combines facial biometrics, liveness detection, ID document validation, database checks, geolocation, digital footprint analysis, and more to provide the clearest picture of who is requesting access to a business’ services. The platform provides robust identity verification through comprehensive document verification, biometric comparison, and liveness detection. The platform also simplifies the end user experience with omni-channel journey support in which users can easily switch between a mobile and desktop experience without losing their journey progress, or pause and pick up their journey at a later time via a different device.
MiPass
MiPass, with its state-of-the-art facial and voice biometric capabilities, provides increased protection against today’s most sophisticated forms of identity theft and increasingly dangerous fraud techniques, such as deepfakes and synthetic identities. These technologies ensure the highest level of security against evolving threats while delivering a superior consumer experience.
As more interactions move online, passwords are a challenging and a highly imperfect solution for granting account access to customers. Asking trusted customers to re-assert their identity at every touchpoint only leads to frustration and abandonment. And passwords leave customers vulnerable to identity theft and account takeover attacks. The availability, simplicity, and convenience of biometrics on consumer devices has opened the door for organizations in all industries to transform the trusted customer experience. MiPass strengthens a business’s trust in a consumer’s real-world identity using a sophisticated combination of biometrics that are extremely difficult to falsify – face, liveness detection, and voice allowing organizations to replace passwords and one-time passcodes with biometric authentication that can be easily embedded into existing platforms and customer experiences.
ID_CLOUD
ID_CLOUD is a fully automated identity verification solution that can be integrated into a customer’s application to instantly read and validate identity documents. ID_CLOUD automated technology enables global enterprises to improve their customer acquisition technology while meeting AML requirements in a safe and cost-effective manner. This solution is available in the cloud, via mobile websites, and desktop applications. Additionally, a version of ID_CLOUD is available that works locally on a desktop which is connected to a propriety hardware scanner for reading and validating identity documents.
IDLive Face
IDLive Face is the industry’s first passive facial liveness detection product. The technology is critical to frictionless fraud prevention in solutions that use face biometrics for authentication and digital identity proofing. IDLive Face is iBeta Levels 1 and 2 Presentation Attack Detection (‘PAD’) compliant and is used to process millions of monthly transactions for customers worldwide.
IDVoice
IDVoice is a robust AI-driven voice biometric engine that enables fast, convenient authentication on mobile, web, and telephone channels. The product is also optimized to enable embedded security and personalization on Internet of Things devices. IDVoice has achieved top rankings in the industry’s leading benchmark challenges.
IDLive Voice
IDLive Voice helps stop spoofing attacks on voice biometric systems by distinguishing live voice from synthesized speech, voice deepfakes, and recordings.
IDLive Doc
IDLive Doc works to fight fraud related to digitally displayed document images. This AI-based product validates the physical presence of documents used when verifying customer identities online. The product can be added to any onboarding or electronic KYC solution, providing another layer of fraud prevention for banks, gig economy companies, telecom companies, and others.
Sales and Marketing
The company derives revenue predominately from the sale of licenses (to both the company’s on premise and transactional software as a service (‘SaaS’) products) and transaction fees to use the company’s products, and to a lesser extent by providing maintenance and professional services for the products the company offers. The revenue the company derives from the sale of such licenses is derived from both the sale to the company’s channel partners of licenses to sell the applications the company offers, as well as the direct sale of licenses and services to customers.
Intellectual Property
As of September 30, 2022, the U.S. Patent and Trademark Office had issued the company 80 patents with expiration dates ranging from 2026 through 2037 and the company had filed for 16 additional domestic and international patents.
Research and Development Expenses
The company’s research and development expenses were $30.2 million in 2022.
History
Mitek Systems, Inc. was incorporated in the state of Delaware in 1986.
