UK-based KYC technology company HooYu has been acquired by Mitek, a move which the ID verification and fraud prevention firm states will “ensure businesses know the true identity of their customers”.
The acquisition will enable HooYu to provide a “more complete picture” of the consumer through biometric verification with real-time bureau and sanction database checks, as well as geolocation and identity confidence scoring.
Max Carnecchia, CEO Mitek Systems, explained: “Our current geopolitical, commercial and technological environment represents a perfect storm for bad actors.
“Mitek is leading the fight against fraud by providing the technology that businesses need to stamp out digital money launderers and sanctioned individuals. The only way to combat this scourge is to use artificial intelligence and stop bad transactions before they happen.”
Moreover, as part of the acquisition, HooYu’s orchestration capabilities is said to enable Mitek customers to optimise workflows and accelerate the deployment of identity solutions across channels.
“Having a single platform that easily orchestrates and configures a KYC journey to manage identities and identify bad actors is becoming a prerequisite for any business transacting digitally,” added HooYu, CEO, Keith Marsden.
“Bringing together Mitek’s lead in identity, liveness and biometrics, with our orchestration, configuration and journey services simplifies identity management for financial institutions.”
“Mitek builds trust in the digital world, which we need now more than ever,” added Carnecchia. “This past year, Mitek continued to demonstrate our commitment to fighting fraud – both with the acquisition of ID R&D and now with HooYu.
“We deeply respect HooYu’s heritage as a UK-founded technology company, operating in the global financial services hub, and one of the most highly regulated markets. The combination of both companies’ technologies now gives our customers the most comprehensive identity platform on the market today.”
