Rapid AI Advances Enabling ‘Novel Forms' of ID Fraud, Says Mitek CEO

Amid “all aspects of modern life” converting to the use of "digital channels" during the COVID-19 pandemic, “the need to establish trust in the digital identities of customers, citizens, partners and employees is rising rapidly,” said Mitek Systems CEO Max Carnecchia on a fiscal Q1 call Thursday. Digital identity verification, Mitek’s core business, “has never been more relevant,” he said. “Rapid advances in artificial intelligence are enabling novel forms of fraud," said Carnecchia. "Increased scale and frequency of data breaches are all adding heightened pressure on organizations to protect their customers’ data and access.” Cyber thieves and “their methods of crime continued to evolve” in 2020, “so even the best anti-fraud programs need to be continually assessed and refined,” he said. “Organizations no longer have the luxury to simply verify access at the point of onboarding. Instead, they need to continuously authenticate and know exactly who their customers are across all channels and throughout the customer lifecycle.”