May 3 – Mitek, a global leader in mobile capture and identity verification software solutions, today announced that its Mobile Deposit solution has now processed over one billion check deposits. The company s Mobile Deposit is licensed by more than 5,000 U.S. financial institutions and used by more than 70 million consumers. Crossing the billionth check milestone further establishes Mitek s Mobile Deposit as the de facto standard for safe and convenient mobile check deposit.
To put that in perspective, one billion checks laid end-to-end would circle the Earth four and a half times, said Michael Diamond, General Manager of Mitek s Payments Division. Moreover, the value of the funds entrusted through the Mitek solution to-date, at over 0 billion, is greater than the GDP of over 160 countries.
James DeBello, Mitek s Chairman and CEO, added, We estimate we have collectively saved consumers over 416 million hours in unnecessary trips to a branch or ATM. Moreover, we estimate that banks have saved over .5 billion in reduced processing costs. And, today with less than 5% of the total number of checks being deposited through a mobile device we are just getting started.
Mitek s Mobile Deposit solution has become the de facto industry standard and Mitek is committed to ongoing innovation. Its auto capture, Mitek MiSnap , analyzes video in real time to capture an image that is optimized for processing by banks. Mobile Deposit has advanced features including: endorsement detection and restrictive endorsements capabilities that help mitigate fraud risk.
Mitek (NASDAQ:MITK) is a global leader in mobile capture and identity verification software solutions. Mitek s ID document verification allows an enterprise to verify a user s identity during a mobile transaction, enabling financial institutions, payments companies and other businesses operating in highly regulated markets to transact business safely while increasing revenue from the mobile channel. Mitek also reduces the friction in the mobile users experience with advanced data prefill. These innovative mobile solutions are embedded into the apps of more than 5,000 organizations and used by tens of millions of consumers daily for new account openings, insurance quoting, mobile check deposit and more. For more information, visit . (MITK-F)
By Toni Lapp
May 3 – As I write this, I ve been swept into a cascade of events that have taken me from my mother s bedside at a skilled nursing facility, to the hospital, to her home and then to her bank. I ve had to quickly educate myself on matters relating to joint account ownership, durable powers of attorney, deeds and trusts.
So it s with personal interest that I learned of the Consumer Financial Protection Bureau s recent advisory to financial institutions, which are, in the words of Director Richard Cordray, uniquely positioned to look out for older Americans and take action to protect them.
This should hit home for community bankers, who likely have more face-to-face interactions with these customers than their peers at larger institutions. They know their customers well and often have more opportunity to deal personally with older consumers when they engage in transactions.
Older consumers are often targets for financial abuse because they may have significant assets or equity in their homes and usually have a regular source of income such as Social Security or a pension. They may be especially vulnerable due to isolation, cognitive decline, physical disability or other health problems. In recent studies, about 17 percent of seniors reported that they have been the victim of financial exploitation, but few cases ever come to the attention of protective services.
Most older adults have checking or savings accounts and still rely on tellers as their primary form of banking. Financial institutions are also uniquely suited to detect and act when an elder account holder has been targeted or victimized, and are mandated to report suspected elder financial exploitation under many states laws.
The CFPB advisory encourages banks and credit unions to not only enhance protections for seniors, but also offer age-related services, such as encouraging consumers to plan for incapacity. They can also offer age friendly account features such as opt-in limits on cash withdrawals or geographic transactions, alerts for specific account activity, and offer view-only access for authorized third parties. They can enable older consumers to provide advance consent to share account information with a trusted relative or friend when the consumer appears to be at risk. And they can make their older customers aware of the availability of convenience or agency accounts set up to enable a friend or family member to help with bill-paying and deposits.
Many conferences, articles and webinars are focused on how banks can target millennials, but are bankers missing an opportunity to serve their most loyal customers when they most need the services of a trusted financial professional?
Focus on Financial Exploitation
According to the CFPB, one in five older Americans has reported being the target of financial exploitation. The agency encourages financial institutions to ensure that their fraud detection systems spot suspicious account activity and products associated with elder fraud risk. This includes using predictive analytics to review account holders patterns and explore additional risk factors that may be associated with elder financial exploitation. Some signs of elder fraud risk may not match conventionally accepted patterns of suspicious activity, but nevertheless may be unusual given a particular account holder s regular behavior.
Consumers who suspect they or a loved one has been a victim of financial exploitation can visit eldercare.gov to find a local adult protective services agency and other service providers.
May 3 – A new study from Juniper Research has found that the value of online fraudulent transactions is expected to reach .6 billion by 2020, up from .7 billion last year. This means that by the end of the decade, in every ,000 of online payments will be fraudulent.
May 3 – The Belmont Savings Bank Foundation announced the next round of a ,000 grant program for its charitable giving initiative in Waltham. All approved organizations have a 26-day period to drive voting which will take place on the .