Mitek Systems. has been granted a patent for a system that utilizes a Check Image Record (CIR) database to store and analyze features from reference checks. The method involves verifying the authenticity of new checks by comparing their features with stored data and updating the CIR as needed. GlobalData’s report on Mitek Systems gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on Mitek Systems, Mobile check deposit processing was a key innovation area identified from patents. Mitek Systems's grant share as of June 2024 was 63%. Grant share is based on the ratio of number of grants to total number of patents.
Check authentication system using feature comparison for fraud detection
The patent US12039823B2 outlines a method and system for managing Check Identity Records (CIR) across multiple financial accounts. The method involves utilizing at least one hardware processor to store a CIR that includes various features derived from reference checks associated with each account. For each deposit request that includes an image of a new check, the system confirms the authenticity of the check by comparing features derived from the new check's image with those stored in the CIR. The method also includes a mechanism for updating the CIR by potentially replacing an existing reference check with the new check, based on a comparison of differences between the features of the new check and those in the CIR and modified CIRs.
The claims further detail the process of determining which reference check to replace, emphasizing the use of comparisons between the first difference (from the new check) and at least one second difference (from modified CIRs). The system can choose to replace either the oldest reference check or the one with the maximum difference from the new check. Additionally, the method allows for multiple comparisons to be made, including checks against the oldest reference check to ensure it meets a certain age threshold. The patent also encompasses a non-transitory computer-readable medium that contains instructions for executing this method, thereby providing a comprehensive framework for enhancing check verification processes in financial institutions.
To know more about GlobalData’s detailed insights on Mitek Systems, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
