San Diego, Calif.-based Mitek (MITK), a provider of mobile imaging software solutions, has received a U.S. patent for signature verification and fraud detection.
MITK’s new patent, numbered 8,452,098 and titled "Methods for Applying a Signature Simplicity Analysis for Improving the Accuracy of Signature Validation," elucidates the process for measuring signature simplicity, and using it to detect fraud.
Addressing the requirement for fraud detection for the mobile industry, the new patent follows a method that measures signature "simplicity," the inherent mathematical simplicity of strokes used to create a signature.
Leveraging the signature simplicity allows Mitek to identify patterns of signature style, a key method that recognizes attempts at forgery. This "simplicity" score is used to adjust Mitek's signature validation on-the-fly, thereby preventing fraudulent signatures from being accepted.
In other words, when someone tries to forge a complex signature with a relatively simple one, the new patent technology can 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 Michael Strange, chief technology officer at Mitek. "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."
Currently, Mitek has 15 U.S. and international patents issued, and 24 patent applications pending in the U.S. and Canada.
As a mobile imaging software solutions provider, Mitek allows its customers 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 allows consumers to securely conduct such transactions through its portfolio of mobile imaging solutions that include Mobile Deposit, Mobile Photo Bill Pay, Mobile Photo Quoting and more.
Recently, Mitek Systems (News - Alert) joined hands with Allied Payment Network to launch a new generation of mobile bill payment solutions.
Edited by Alisen Downey