Mitek Systems
| Company type | Public |
|---|---|
| Industry | Software |
| Founded | 1986 |
| Headquarters | San Diego , United States |
| Products | Digital identity authentication, mobile image processing software |
Mitek Systems, Inc operates as a software enterprise focused on digital identity authentication and mobile image processing powered by artificial intelligence. Their solutions facilitate mobile check deposits and the opening of bank accounts by authenticating identity documents through facial comparison between selfies and official ID photos.
History
Established in 1986 and based in San Diego, California, Mitek broadened its scope in 2011 to include mobile imaging applications for the healthcare and insurance sectors, complementing its existing mobile banking technologies.
In 2014, Mitek and USAA settled a patent conflict concerning mobile check deposit innovations, each retaining their patents without any monetary settlements.
Mitek expanded its capabilities by acquiring IDchecker, a cloud-based identity verification company, in May 2015, followed by the purchase of Icar Vision Systems, a Spanish firm specializing in identity verification, in October 2017.
In August 2023, Mitek was issued a Nasdaq delisting warning due to delays in filing with the SEC but responded by submitting a plan aimed at regaining compliance to preserve its stock exchange listing.
Controversies
In 2012, Mitek initiated legal action against USAA over five patents related to mobile image capture technology and alleged violations of licensing agreements. The dispute concluded in 2014 without financial compensation, with both parties acknowledging separate patent ownership. The matter resurfaced in 2022 when a U.S. appeals court ordered a reexamination of the case, citing gaps in the initial decision’s reasoning.
HyreCar, an application enabling vehicle owners to rent out their cars, employs Mitek’s identity verification technology and requires users to agree to arbitration clauses to avoid litigation under Illinois biometric privacy laws. Nevertheless, in December 2022, the 7th U.S. Circuit Court of Appeals determined that Mitek is not bound by HyreCar’s arbitration agreement and may face direct lawsuits alleging biometric privacy infringements.