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January 18, 2006

Enterprise Bank to use Mitek image analytics for fraud prevention

In a bid to prevent forgery and counterfeit check fraud attacks, Enterprise Bank & Trust has agreed to implement Mitek Systems' FraudProtect System, which uses check image analytics software designed to protect financial institutions against fraud.

By CBR Staff Writer

According to image analytics software provider Mitek, Enterprise Bank was looking to implement a more stringent and automated check review process to protect the bank and its customers from check fraud loss.

Mitek describes the FraudProtect System as a comprehensive, automated software application that allows banks to quickly and effectively detect the most common forms of check fraud, signature forgery and counterfeit checks.

The FraudProtect System claims to offer banks the ability to screen 100% of their on-us checks during day one and two processing, streamline the review of questionable items, helping them avoid losses from inaccurate posting by the midnight day two processing deadline.

Mitek explained that implementing this solution also provides banks with labor savings and contributes directly to improved customer service.

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