Mitek Systems, Inc. announced a strategic partnership with Equifax Inc. and technology company. The agreement will add Mitek?s biometric-based identity verification and liveness detection technology to Equifax?s digital identity software, further strengthening Equifax?s ability to help companies prevent identity fraud. In February 2023, the Federal Trade Commission released data showing that in 2022, there were more than 1.1 million reports of identity theft received through the FTC?s IdentityTheft.gov website.

The same year, losses due to fraud cost Americans $8.8 billion, an increase of more than 30% over the previous year. Additionally, credit card fraud [4] is proven to be the top form of identity fraud with more than 400,000 reports in the past year. The National Council on Identity Theft Protection shows these statistics are continuing to rise as criminals adopt ever-more sophisticated methods.

To combat emerging fraud threats, Equifax will leverage Mitek?s artificial intelligence-powered identity verification technology with its own fraud data solutions. This powerful approach is designed to detect complex identity risks throughout the entire customer lifecycle, from onboarding to portfolio servicing, all without impacting customers? experiences.