Mitek System's 90 Seconds Fraud Checking

Mitek Systems has introduced MiControl, an innovation in digital identity verification technology.

MiControl significantly accelerates check fraud detection for fraud analysts. It reduces the evaluation time for suspicious checks from up to ten minutes down to about 90 seconds thanks to advanced visualization tools and customizable rules, which is essential for financial institutions aiming to cut losses and safeguard their clients.

Mitek's technologies are critical in identity verification, and secure mobile check deposits, and are used widely across U.S. banks and international enterprises, showing their dedication to innovative and regulatory-compliant products.

MiControl also merges check and fraud data for improved operational efficiency, with its visual dashboard providing an easily navigable interface for fraud analysts to make quick and precise fraud determinations.

Kerry Cantley, Mitek VP of Digital Banking Strategy, highlights MiControl’s operational benefits and user-friendly design, which aids bank fraud analysts in making informed, swift, and precise decisions to better safeguard their customers.

Our Opinion:

If traditional banks make their processes faster and safer with technology like MiControl, they can approve loans quicker and improve service. This means alternative lenders must stay alert and adapt if they want to keep up as banks change. They should consider using similar tech to compete, but also be careful about issues like privacy and following regulations. The main point is that for alternative funders to stay competitive, they must watch these changes and respond smartly.

1-Minute Tutorial - Force ChatGPT Assistant to Follow Instructions

In this video, Jordan is talking about how he use the OpenAI Playground GPT Assistants in developing our Free Tool called Alternative Finance Disclosure Law Helper

However, the GPT isn't adhering to the directives properly. Jordan instructs the GPT to generate citation links, but the GPT consistently overlooks this step, failing to produce the links. He suggested a temporary fix for the problem. While it's not perfect, we remain optimistic that with ongoing enhancements from OpenAI, the GPT Assistants will eventually be able to furnish links as requested.

This innovation is an example how ChatGPT or AI can easily enable small business owners to leverage the capabilities of AI technology

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