Mitek partners on fraud

Mitek and Synectics Solutions said on April 16 they are teaming up to help UK insurers catch digital fraud earlier in online applications. (finance.yahoo.com) The deal combines Mitek’s identity verification and anti-spoofing tools with Synectics’ fraud orchestration platform and National SIRA, which Synectics describes as the UK’s largest cross-sector risk intelligence consortium. (finance.yahoo.com) (synectics-solutions.com) The companies said insurers can use the combined system during onboarding and quote checks to confirm an applicant is real and flag suspicious patterns before a policy is issued. (finance.yahoo.com) UK insurers are tightening fraud controls as detected fraudulent general insurance claims reached £1.16 billion in 2024, up 2% from 2023, according to the Association of British Insurers. (abi.org.uk) Application fraud is also rising. Cifas said insurance fraud was up 25% in the first half of 2025, driven by false applications and identity theft in motor insurance, while more than 118,000 identity fraud cases were recorded across sectors in that six-month period. (cifas.org.uk) The pressure is not only about stopping bad applicants. The UK Financial Conduct Authority’s Consumer Duty requires firms to act to deliver good outcomes for retail customers, and the regime took effect for open products on July 31, 2023 and for closed products on July 31, 2024. (fca.org.uk 1) (fca.org.uk 2) That creates a balancing act for insurers: block synthetic identities, stolen credentials and fake documents without shutting out legitimate customers who fail rigid automated checks. Mitek and Synectics framed the partnership as a way to improve both fraud detection and access decisions. (pressreleasehub.pa.media) Synthetic identity fraud is becoming a bigger part of the online fraud mix. LexisNexis Risk Solutions said 11% of frauds in its 2025 Cybercrime Report involved a synthetic identity, an eight-fold global increase from 2024. (insurancejournal.com) For Mitek, the partnership extends a push to sell identity verification tools deeper into regulated markets. For Synectics, it adds document and biometric checks to a network business built around shared fraud signals from banks, insurers and other sectors. (finance.yahoo.com) (synectics-solutions.com) The immediate test is whether insurers adopt the combined service in live quote and onboarding flows. If they do, the selling point is simple: reject more fake applicants without making it harder for real customers to buy cover. (finance.yahoo.com)