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Mitek Receives Fourth U.S. Patent for Signature Fraud Detection Software
Wednesday, October 31, 2007
Fourth Patent Awarded for Unique Encoding Technology, Which More Securely And Accurately Detects Fraudulent Signatures as well as Preventing Signature Theft
San Diego, CA -- Mitek Systems, Inc. (www.miteksystems.com), a leading provider of image analytics and pattern recognition software, has been awarded its fourth patent for its advancements in the accuracy, efficiency and security of signature validation and prevention of identity theft.
The software has been adopted for fraudulent signature detection on checks, voter ballots, account applications and other documents. Its unique signature encoding technology prevents signature theft by eliminating the need for an online library of authentic signatures.
How It Works
ImageNet Signatures encodes each target signature and compares it with encoded reference examples, rather than comparing actual signature images which may compromise privacy and security. Mitek's robust image analytics encode many different characteristics of each signature. The system accommodates natural variations in signatures by encoding multiple sample signatures.
The target signature can be captured from a digital pad, PDA, tablet PCs or a scanned paper document. In a banking environment, this flexibility enables signatures to be validated at any point of presentment.
"This fourth patent reaffirms Mitek's strong and growing intellectual property portfolio in the area of Image Analytics," says Mitek President and CEO Jim DeBello.
"Concerns about voter fraud and other forms of identity theft have made signature verification more important than ever before," says DeBello. "Mitek has incorporated this patented signature-encoding technology into its new ImageNet Signature developer's toolkit as well as its FraudProtect application, which has been designed to prevent signature images from being stolen by hackers as well as detect traditional signature forgery."
This same technology powers Mitek's SignProtect product, which is being used to validate physician signatures which are collected as proof that they received prescription drug samples provided by pharmaceutical firms.
About Mitek Systems, Inc.
Mitek Systems is a global leader in Image Analytics and pattern recognition technologies used by financial institutions, life science companies, government agencies and system integrators. The Company develops and markets the most comprehensive suite of intelligent character recognition software used to test, clean, read and authenticate imaged documents and objects. Sold to partners and directly to end users, the Company's software is used in the processing of over 8 billion transactions per year. For more information about Mitek Systems, contact the company at 8911 Balboa Ave., Suite B, San Diego, CA 92123; 858-503-7810 or visit http://www.miteksystems.com.
Forward-Looking Statement Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and other expressions of management's belief or opinion that reflect its current understanding or belief with respect to such matters. Such statements include, without limitation, projections of revenue and operating expenses. These estimates and projections and the company's business prospects in general are subject to numerous risks and uncertainties, including the fact that the company has a history of losses, may not be able to achieve or maintain profitability. These and other risks are detailed from time-to-time in the Company's SEC reports, including our most recent Form 10-QSB and our Form 10-KSB for the fiscal year ended September 30, 2005. Actual results may differ materially from those projected. These forward-looking statements represent management's opinions and beliefs as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that may arise after the date of this release.
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