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Mitek Receives Patent for Signature Verification and Fraud Detection

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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 tablet camera.

About Mitek

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: Ann Reichert Director of Marketing pr@miteksystems.com Sarah Schulz Mix Public Relations pr@mix-pr.com

Source:Mitek Systems