Mitek Systems has been awarded a fourth patent for its advancements in image analytics and pattern recognition software; ImageNet Signatures.
ImageNet Signatures detects fraudulent signatures and is typically used for checks, voter ballots, and account applications. It encodes signatures and compares it with encoded reference examples rather than comparing actual signature images. It also supports image analytics, which encodes different characteristics of signatures and accommodates variations in signatures by encoding multiple sample signatures. The target signature can be captured from a digital pad, PDA, tablet PCs or a scanned paper document.
Mitek has incorporated this patented signature-encoding technology into its new ImageNet Signature developer’s toolkit as well as its FraudProtect application, which has been designed to prevent signature images from being stolen by hackers, said Jim DeBello, president and chief executive officer at Mitek.
Signature fraud detection technology is also included in Mitek’s SignProtect product, which validates physician signatures for pharmaceutical firms.
Mitek received its first patent in December 2006 for the invention of a ‘system and method for check fraud detection using signature validation’, and its second patent for signature authentication in February 2007.
The National Check Fraud Center estimates that check fraud and counterfeiting in the US accounts for $10 billion in annual losses. The National Consumers League reported that in 2007 complaints about check fraud grew 60% and average victim lost approximately $3000 to $4000. In October 2007, the Reuters news agency reported that international authorities had seized $2.1 billion in counterfeit checks in a single raid.
To strengthen fraud detection technologies, Mitek launched ImageNet Payments Remote Remit, the second module of the ImageNet development platform, on October 18, 2007. ImageNet Payments Remote Remit identifies and extracts data from checks and coupons and accelerates the processing of remittance at any point of presentment. In August 2007, Mitek announced the first set of ImageNet modules, ImageNet Payments and ImageNet Prep & ID. The company plans to launch other modules for image enhancement and form recognition, data capture, and fraud detection in December 2007.
Other launches by Mitek include FraudProtect Web in March 2007. FraudProtect Web is a check fraud detection application that helps financial institutions to reduce losses related to check alteration schemes such as signature forgery and modified information.
In July 2006, Mitek and Parascript LLC entered into an agreement to form a company, Parascript, Inc, which will provide image analytics software and identity validation solutions.
Source: ComputerWire daily updates