Mitek launches MiVIP platform to fight identity theft

A brand new easy-to-deploy id platform was introduced this week to assist deal with rising considerations about id theft. The Mitek Verified Identification Platform (MiVIP) melds the corporate’s cellular applied sciences with these of its current acquisitions to present its prospects versatile management over their customers’ experiences.

With MiVIP, prospects have the power to orchestrate the total vary of authentication applied sciences supplied by Mitek, together with biometrics, geolocation, politically uncovered individuals (PEPS) and sanctions, and bureau checks. These applied sciences, along with these from current acquisitions HooYu and ID R&D, allow MiVIP to handle the safety of your entire transaction lifecycle, in line with Mitek.

Sooner verification and onboarding

Mitek Vice President for Product Administration Chris Briggs explains that the corporate’s Cell Confirm seize and verification applied sciences have been built-in into MiVIP for what he claims to be quick, correct seize of id paperwork and biometrics. That may assist take away friction within the onboarding course of. For instance, a company may require a easy database verify earlier than onboarding a buyer. “If an finish consumer handed on all points of the database verify, they might instantly be onboarded,” Briggs says.

“Provided that a pink flag was thrown would an extra verification course of be required,” Briggs continues. “This implies the verification course of is dynamic and solely requires the top consumer to take the minimal variety of verification steps to satisfy the enterprise’s threat necessities. Meaning verification has as little friction, and goes as quick as potential, for the end-user.”

ID theft a giant downside

In line with Mitek, it has made MiVIP each simple to make use of and deploy. The platform’s consumer interface permits a enterprise to decide on the verification standards it desires to use to prospects and the order they’re utilized. From a single location, a consumer can toggle verification alerts — corresponding to database checks, PEPS and sanctions, facial biometrics, liveness detection, ID doc validation, geolocation, fraud alerts, digital footprint evaluation, and others—and set the order for his or her software.

Mitek additionally claims that it has improved deployment of the answer. As a substitute of days or perhaps weeks, it may be up and working in hours by means of the usage of its low code/no code structure.

Identification theft is a widespread downside in america, in line with the Nationwide Council on Identification Theft Safety, with 50% of the nation’s residents victimized by ID thieves between 2020 and 2022. It provides that in 2020 alone, ID theft price firms $13 billion.

Analysis and advisory agency Gartner estimates that by the top of 2022, 80% of organizations can be utilizing document-centric id proofing as a part of their onboarding workflows. By 2023, 75% of organizations can be utilizing a single vendor with sturdy id orchestration capabilities and connections to many different third events for id proofing and affirmation, in comparison with 15% in 2020.