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Criminal Marketplaces Provide Gateway to Rising Account Fraud and Identity Theft
SAN DIEGO--(BUSINESS WIRE)--The amount of check fraud and identity theft-related crimes emerging from online criminal marketplaces continue to rise. Today, Mitek (NASDAQ: MITK) announced its partnership with DarkTower, a cyber intelligence research company, to address the growing threat. During the first quarter of 2023 alone, the Federal Trade Commission recorded nearly $2 billion in losses from more than 750,000 reports of fraud and identity theft.
The partnership will give all customers of Mitek’s Check Fraud Defender real time access to compromised account data.
“The rise of nefarious activities has led to a proliferation of sensitive information being shared on criminal marketplaces and has increased the amount of identity theft and fraud taking place,” said Robin Pugh, president and CEO of DarkTower. “Our work includes identifying places where stolen information is being shared or sold and flagging this data to the proper parties to address.”