CHARLOTTE, N.C. - Viewpointe, a prominent managed content services provider, has formed a strategic partnership with Mitek Systems , Inc. (NASDAQ: NASDAQ:MITK), a leader in mobile deposit and fraud prevention technologies. This collaboration aims to enhance fraud detection capabilities for financial institutions, addressing the surge in check fraud incidents.
The partnership enables mutual customers to integrate solutions more efficiently, expediting their ability to combat check fraud. The urgency of this initiative is underscored by a U.S. Department of the Treasury report indicating a 385% increase in check fraud since 2020. Additionally, a Propeller Insights survey projects check fraud-related losses could reach $24 billion by year-end.
Susan Blackburn, Chief Commercial Officer at Viewpointe, emphasized the significance of the alliance with Mitek, stating, "This partnership with Mitek marks a significant milestone in our ongoing commitment to help safeguard the financial industry and consumers from the escalating threats of check fraud." Mitek's Check Fraud Defender employs imaging science, machine learning, and artificial intelligence in a cloud-hosted consortium to analyze data and mitigate check fraud losses.
Kerry Cantley, VP of Digital Banking Strategy at Mitek, expressed enthusiasm about the partnership, highlighting the proactive approach to fraud prevention it represents. The combination of Viewpointe's content and compliance expertise with Mitek's Check Fraud Defender consortium is expected to establish new benchmarks in banking fraud prevention.
Viewpointe is known for its managed content and data services tailored for large, highly regulated enterprises. Since its founding in 2000, Viewpointe has been a trusted partner for leading U.S. financial services companies and has consistently been recognized in the IDC FinTech 100.
Mitek, a global leader in digital access, boasts advanced identity verification technologies trusted by 99% of U.S. banks for mobile check deposits and 7,900 global organizations. The company’s solutions are designed to provide secure and efficient digital access while meeting regulatory requirements.
The announcement is based on a press release statement and aims to inform about the collaborative efforts between Viewpointe and Mitek to strengthen defenses against the growing challenge of check fraud in the banking sector.
InvestingPro Insights
As Mitek Systems, Inc. (NASDAQ: MITK) forges a strategic partnership with Viewpointe to bolster fraud detection in financial services, the company's financial health and market performance provide additional context to this collaboration. With a current market capitalization of $663.49 million, Mitek is navigating the competitive tech landscape with a focus on growth and profitability.
One of the InvestingPro Tips highlights the company's expected net income growth this year, which aligns with the proactive initiatives Mitek is undertaking, such as the partnership with Viewpointe. Analysts are also showing confidence in Mitek's prospects, with 3 analysts having revised their earnings upwards for the upcoming period, indicating potential for a positive financial trajectory amidst its market-expanding endeavors.
From a financial data perspective, Mitek's impressive gross profit margin stands at 85.58% as of the last twelve months as of Q2 2024, reflecting a strong ability to manage production and operational costs relative to revenue. Despite a slight dip in revenue growth at -3.54% over the same period, the company's liquid assets surpass its short-term obligations, suggesting a solid position to handle financial commitments in the near term.
Investors and industry observers may also note Mitek's recent share performance, with a significant 30.57% price uptick over the last six months and a robust return of 17.29% over the last three months. These metrics underscore a potential market confidence in the company's strategy and execution.
For those seeking more in-depth analysis and additional insights, InvestingPro offers a comprehensive list of tips for potential investors. For instance, there are more tips available on Mitek's financial health and market performance, which can be accessed at InvestingPro. To enrich your investment research experience, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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