Fraud prevention is a critical area for banks and financial institutions aiming to ensure secure transactions and mitigate risks.
Mitek Systems is widely recognized for reducing fraudulent activities and identity fraud through advanced technological products and integrations.
If you're evaluating Mitek Systems for check fraud prevention, you may also want to explore alternative solutions.
Here’s a carefully selected list of 8 Mitek Systems alternatives that banks and financial institutions should consider.
8 Mitek Systems alternatives to choose from
1. VALID Systems
VALID Systems is a leader in AI-powered risk decision-making and fraud prevention, bringing over two decades of expertise in check risk evaluation.
With patented technologies and industry-first innovations, VALID is the only check fraud solution that provides financial institutions with guaranteed protection against check returns and fraud-related losses.
Trusted by some of the largest banks in the country, including PNC Bank, TD Bank, and Truist, VALID processes over $4 trillion in check volume annually.
Our focus on security, compliance, and operational efficiency helps institutions stay ahead of evolving threats while safeguarding customer data and financial assets.
Now let’s go through the products we can provide you with:
RTLA (Real-time loss alerts) — Precision check fraud detection
RTLA delivers highly accurate, real-time check fraud detection across all channels, including mobile, ATM, and in-branch.
It leverages machine learning and behavioral analytics to reduce fraud losses while minimizing disruption to legitimate activity drastically.
The following highlights what makes RTLA a powerful tool for fraud detection and operational efficiency:
- Instantly detects fraud at the point of presentment.
- Customizable fraud thresholds tailored to institutional needs.
- Seamless decision-making across all deposit channels.
- Severity scoring helps prioritize fraud reviews.
- Reduces holds and boosts customer satisfaction.
- Captures 95% of fraud losses with minimal false positives.
InstantFUNDS© — Smart acceleration of safe deposits
With InstantFUNDS© by VALID Systems, financial institutions can use real-time risk data to assess check deposits and other transactions proactively.
This can help anticipate potential fraud before it occurs, enabling faster and more efficient decision-making.
INclearing loss alerts — Machine learning for inclearing fraud detection
INclearing Loss Alerts is designed to catch fraudulent items that bypass traditional image-analysis systems.
It combines AI and behavioral analytics to improve detection accuracy within the check clearing process.
This is how INclearing enhances fraud visibility during clearing cycles:
- Captures subtle fraud signals during check clearing.
- Reduces false positives and manual review workload.
- Enhances detection accuracy while preserving legitimate transactions.
Edge — AI fraud intelligence consortium
Edge allows institutions to tap into a cross-bank network for fraud intelligence.
It aggregates transactional data from various sources, using AI to recognize fraudulent behavior patterns that a single institution may miss.
Here’s how Edge helps identify first-party and synthetic fraud threats:
- Analyzes behavioral patterns across multiple financial institutions.
- Detects fraud in account opening, funding, loan applications, and more.
- Enhances prevention efforts and supports GLBA compliance.
Deposit risk guarantees — Peace of mind on every transaction
This product provides guaranteed protection against losses related to check deposits.
If a check that has been approved results in a loss, VALID absorbs the cost, not the institution.
Here’s what makes Deposit Risk Guarantees a vital layer of protection:
- Risk is absorbed by VALID, not the financial institution.
- Increases confidence in offering instant funds without increasing exposure.
2. Sumsub
Sumsub is a verification and compliance platform that helps financial institutions fight fraud through automated identity checks, transaction monitoring, and risk scoring.
Its solutions are built to detect fraudulent behavior early, reduce manual review, and ensure regulatory compliance across user journeys.
Key features
- Machine learning fraud detection: Uses AI to spot suspicious behavior, document forgery, and anomalies in real time.
- Transaction monitoring: Automatically flags suspicious transactions to prevent fraud and ensure compliance.
- Identity verification: Confirms user and business identities using document checks, liveness detection, and watchlist screening.
- Customizable workflows: Allows banks to place anti-fraud checks at key stages, onboarding, transactions, or withdrawals, without code.
- Global compliance: Ensures adherence to AML, KYC, and other regulatory standards across multiple jurisdictions.
3. OrboGraph
OrboGraph provides AI-powered fraud detection and check processing solutions that help financial institutions identify counterfeit, altered, and forged checks with high precision.
Its technologies combine image analysis, transactional behavior, and forensic AI to reduce fraud losses and streamline item processing workflows.
Key features
- OrbNet forensic AI: Uses deep learning to detect fraudulent checks with accuracy across targeted fraud scenarios.
- Image forensics & Transaction analysis: Analyzes check images and transaction behavior to uncover tampering, alterations, and fraud patterns.
- Sherlock 5.3 suite: Part of the OrboAnywhere platform, designed to detect and prevent check fraud across all deposit channels.
- Altered check detection: Specialized tools focus on identifying altered checks, one of the fastest-growing fraud threats in the financial services industry.
4. Advanced Fraud Solutions
Advanced Fraud Solutions provides real-time fraud detection tools that help financial institutions prevent check, card, and ACH fraud before losses occur.
By aggregating data from thousands of banks, it enables faster, more accurate risk decisions at the point of transaction.
Key features
- Consortium intelligence: Leverages shared data from thousands of institutions for early and highly accurate fraud detection.
- Real-time fraud detection: Monitors and blocks check, ACH, wire, and business account fraud as it happens.
- Check fraud coverage: Uses the industry’s largest check fraud database to stop fraudulent deposits.
- Next-gen positive pay: Prevents check and ACH fraud for business accounts through proactive transaction validation.
- Transaction monitoring: Detects anomalies in real time, reducing false positives and speeding up investigations.
5. Actimize
NICE Actimize is a provider of AI-driven fraud prevention solutions, offering real-time, cross-channel protection tailored for financial institutions.
Its Integrated Fraud Management (IFM) platform leverages machine learning and behavioral analytics to detect and prevent fraudulent activities across various payment types and channels.
Key features
- Enterprise fraud management: Delivers real-time fraud detection across payments, digital banking, and card activity using advanced analytics and AI.
- Behavioral analytics & Machine learning: Continuously adapts to evolving threats by learning customer behavior and identifying anomalies with high accuracy.
- Watchlist screening & KYC: Integrates identity verification and compliance checks to prevent identity-related fraud and meet regulatory standards.
- Cross-channel fraud detection: Offers unified fraud monitoring across products and channels, giving institutions a comprehensive view of fraud risk.
6. Verafin
Verafin is a cloud-based financial crime management platform that leverages artificial intelligence and machine learning to detect and prevent fraud across various channels.
Its solutions provide real-time alerts and comprehensive insights, enabling financial institutions to identify and mitigate fraudulent activities proactively.
Key features
- Consortium-based fraud intelligence: Uses shared intelligence from thousands of institutions to detect complex fraud schemes like APP fraud and money mule activity.
- Typology-centric detection: Tailors fraud detection models to specific fraud types—including application fraud, cyber threats, and mule accounts—for more precise results.
- Payee analysis and safe account listing: Helps identify risky payees while reducing false positives by maintaining a list of trusted accounts.
- Real-time monitoring: Continuously analyzes massive transaction volumes to detect fraud quickly and accurately across a wide financial network.
7. DataVisor
DataVisor offers an AI-powered fraud and risk management platform that enables financial institutions to detect and prevent fraud in real time.
By leveraging unsupervised machine learning and advanced analytics, DataVisor identifies emerging fraud patterns and provides comprehensive protection across various financial products and channels.
Key features
- Real-time AI-powered detection: Uses patented machine learning and adaptive AI to stop fraud before it happens by identifying evolving threats in real time.
- AI Co-Pilot (Generative AI): Helps fraud teams analyze complex signals and deploy strategies more quickly, boosting the speed and accuracy of their fraud responses.
- End-to-end fraud suite: Covers the full fraud lifecycle, from data ingestion to rule creation, automated decision-making, and ongoing model refinement.
- Low false positives & friction: Accurately detects fraud with minimal disruption to genuine users, improving both security and user experience.
8. Abrigo
Abrigo offers AI-powered fraud prevention solutions that help financial institutions detect and prevent fraudulent activities in real time.
By combining advanced analytics, machine learning, and configurable decision-making engines, Abrigo enables institutions to identify suspicious patterns and effectively mitigate fraud risks.
Key features
- Integrated financial crime platform: Monitors transactions, accounts, and customer behavior to detect suspicious activity and ensure fraud and compliance coverage.
- AML/CFT and fraud detection: Uses analytics and automation to identify patterns linked to money laundering, terrorist financing, and fraud risks.
- Real-time risk management: Provides immediate insights through automation and advanced analytics, reducing manual reviews and enabling faster fraud response.
- Expert advisory services: Combines software with guidance from experienced fraud and compliance professionals to strengthen institutional defenses.
Looking for a Mitek alternative? VALID Systems delivers smarter check fraud protection
VALID Systems offers a powerful AI-driven product suite that equips banks with real-time check fraud prevention, surpassing what many traditional platforms, like Mitek, provide.
Here’s why VALID sets itself apart:
- Automated fraud decisioning: VALID’s products analyze check data and transaction behavior in real time, detecting counterfeit and altered checks instantly, without relying on manual review.
- Behavioral analytics: Its machine learning models evaluate transaction patterns and relationships, flagging high-risk checks before losses occur.
- Seamless integration: VALID integrates smoothly with core systems, enhancing fraud prevention without disrupting your existing operations.
- End-to-end protection: From deposit to settlement, VALID delivers continuous monitoring to protect against evolving fraud tactics.
Ready to elevate your fraud detection strategy?
Book a demo today to see why leading financial institutions trust VALID as a more advanced check fraud solution.