Mitek Receives Patent for Signature Verification and Fraud Detection
15th Patent Quantifies the Mathematics of Signature Validation
SAN DIEGO, May 29, 2013 (GLOBE NEWSWIRE) -- Mitek (Nasdaq:MITK)
(www.miteksystems.com), a leading mobile imaging software solutions provider,
today announced that it has been issued U.S. Patent No. 8,452,098, "Methods
for Applying a Signature Simplicity Analysis for Improving the Accuracy of
Signature Validation," by the U.S. Patent and Trademark Office. This patent
describes the process for measuring signature simplicity, and using it to
detect fraud. Mitek now has 15 U.S. and international patents issued and 24
patent applications pending in the U.S. and Canada.
Detecting user fraud in the mobile channel is a high priority for financial
institutions, especially as consumers demand an increasing array of services
on their mobile devices such as paying bills, depositing checks and more. When
someone signs a check or other document, their signature is a unique and
valuable tool for user verification and fraud detection. Some signatures are
clearly presented, while others are an illegible scribble, but both are as
individual as a fingerprint and can be used to identify fraudulent activity.
Mitek's newly-patented method measures signature "simplicity", the inherent
mathematical simplicity of strokes used to create a signature.This allows
Mitek to identify patterns of signature style, a key method which recognizes
attempts at forgery. A "simplicity" score is used to adjust Mitek's signature
validation on-the-fly thus preventing fraudulent signatures from being
accepted.For example, if someone tries to forge a complex signature
(signature with lots of pen movements) with a relatively simple one, Mitek's
technology is able to evaluate the simplicity of both versions, compare them,
and identify fraudulent patterns.
"Over the past three decades, Mitek has invested in building innovative
technologies related to mobile imaging that solve complex business problems
with the snap of a mobile device camera," said Mitek CTO, Michael Strange.
"The newest patent reinforces our commitment to creating solutions that
leverage intelligent mobile image capture technology for the benefit of our
customers and end-users."
Mitek's portfolio of mobile imaging solutions include: Mobile Deposit®, Mobile
Photo Bill Pay™, Mobile Photo Quoting™ and more. These solutions enable
consumers to easily and securely conduct transactions such as depositing a
check, paying a bill and getting an insurance quote with a smartphone or
Headquartered in San Diego, CA., Mitek (Nasdaq:MITK) is a mobile imaging
software solutions provider that allows users to remotely deposit checks, pay
their bills, get insurance quotes, and transfer credit card balances by
snapping a picture with their camera-equipped smartphones and tablets instead
of using the device keyboard. Mitek's technology increases convenience for the
consumer by eliminating the need to go to the bank branch or automated teller
machine, and dramatically reduces processing and customer acquisition costs
while increasing customer retention. With a strong patent portfolio, Mitek is
positioned as the leading innovator in mobile imaging software and currently
provides its solutions to Fortune 500 financial services companies. For more
information about Mitek, please visit http://www.miteksystems.com.
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CONTACT: Mitek Contacts:
Director of Marketing
Mix Public Relations
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