There have been several posts about the Equifax hack. Almost all of them are directly on point. This highly unfortunate incident may be the impetus for full implementation of id verification technologies like Mitek's.
Although the stock has gone down a bit the last few days, I think it is really a regrouping to figure out how the financial industry is going to respond.
A tsunami is many times preceded by a noticeable fall in the water level. If you see the ocean receding unusually rapidly or far, it is a good sign that a big wave is on its way. I believe that the shorts should be forewarned that a "big wave" of Mitek stock price increases is on its way. The longs are standing on the high ground, waiting to collect at the highest stock prices. As a long, this day has been long in the making. It is unfortunate that it had to come through Equifax's inactions, and the inconvenience of one-half of the American population.
Looking for entry point to add more shares to my Mitek position - how does $8.90 sound? A thoughts welcome!
Remember we have over a month until earnings and a drop just may be in the cards.
MITK Blog- 100% correct on KBA.
Equifax hack, the ultimate wake-up call for KBA advocates: time to embrace stronger means of identity verification
Equifax’s data breach, coined the worst hack to date, has exposed personal data of over 45% of the American population (Equifax estimates that sensitive information of circa 143 million people would have been potentially leaked.) Although the credit rating agency said its UK systems had not been impacted by the attack, it revealed that a file containing UK consumer information on 400,000 people “may potentially have been accessed”. This alert followed the UK Information Commissioner’s Office (ICO) order for Equifax to alert British customers about the hack.
Amongst other sensitive details, within the data of those 400,000 customers were individual names, dates of birth, email addresses, and telephone numbers. Furthermore, PII including U.S. consumers’ social security numbers and driving licence numbers have also been disclosed in this breach. It’s worth recalling that this type of data serves as the basis for impersonation and other kinds of identity fraud.
On this note, market experts alert to a presumable spike in identity theft and account takeover. A study by Javelin, prior to the hack, already drew the correlation between data breaches and an increased risk of fraud, warning that those whose personal data was compromised in a breach have a greater than one-in-four chance to be the victim of identity theft resulting in fraud in the year following the hack.
Meanwhile, knowledge-based authentication (KBA) methods such as security questions and passwords have suffered a major blow, forcing both businesses and regulators to review their approach to secure yet convenient ways of confirming the identity of the people they deal with remotely. This need is even more acute for organisations operating in the digital channel, as KBA procedures are clearly not enough to verify identities online.
Equifax data breach bolsters the urgency of reinstating trust in the digital channel through secure and user-friendly identity verification
The confluence of factors has all stakeholders agreeing that today, it’s paramount to recover and retain trust in the digital channel. Both consumers and organisations have earned the right to be certain that the people they are dealing with online are who they say they are. Providing this assurance is definitely feasible when implementing comprehensive identity verification mechanisms methods based on multiple factors of authentication such as identity documents ('what you have') and selfies and other biometrics ('who you are'.)
The conclusion everyone seems to have reached to is that this breach, while massive, is really just another chapter in an ongoing story. And, if we’re to change this story we need to rethink identity. At Mitek we are confident the Equifax data breach marks a point of inflection, serving as a facilitator for consumers, businesses, and policymakers to work side by side on the design and implementation of more secure and convenient identity verification processes.
Fortuitously, risk-based approaches grounded on a thorough identity verification component are already accepted by all stakeholders as the best way to prevent and mitigate losses such as those caused by the Equifax data breach.
In this vein, Javelin’s white paper Looking Behind KBA urges financial institutions and other organisations operating online to address the three pillars of successful and secure digital transactions: customer experience, regulatory compliance, and evolving fraud risks. This research just adds to what the Equifax data breach has proven just once again: tools such as static or dynamic KBA, IP geolocation, and device recognition play a vital role in preventing fraud but might be faulty when it comes to verifying the identity of certain customers.
Ever since the Equifax breach anyone who has your info casn open up any account under your name. The only way to make sure that you are you is to verify your identity by taking a picture of your license and a selfie. No more opening new accounts without these. Mitk has the tech to get this done.
Well, I loaded up today. Felt like I missed it when it was at $10.40 so I look at this as a little gift. 1/2 my position and will seeif it drops more.......looking forward to the end of Q.
Thank You for the $9.65 shares! Investyourbuck
A number of other large investors have also recently made changes to their positions in MITK. Vanguard Group Inc. boosted its position in Mitek Systems by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 1,309,044 shares of the software maker’s stock valued at $8,705,000 after acquiring an additional 99,489 shares in the last quarter. Wells Fargo & Company MN boosted its position in Mitek Systems by 1.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,082,949 shares of the software maker’s stock valued at $7,202,000 after acquiring an additional 15,188 shares in the last quarter. S Squared Technology LLC boosted its position in Mitek Systems by 7.5% during the 1st quarter. S Squared Technology LLC now owns 418,918 shares of the software maker’s stock valued at $2,786,000 after acquiring an additional 29,200 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Mitek Systems by 3,097.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 365,585 shares of the software maker’s stock valued at $2,431,000 after acquiring an additional 354,150 shares in the last quarter
INTERVIEW: Stephen Stuut, CEO, Jumio
Six years old
1,000 employees based overseas, I wouldn't have guessed that.
Moved to Silicon Valley 2010.
Says Q4 revenue was up 49% YoY
Says 2016 was up 50% YoY
Says processed 50 million identity verification transactions globally. I take that to be from inception not last year.
Says execute approximately 110,000 identity checks per day.
Says have three of the top 10 U.S. unicorn companies, which have over $5 billion in revenue, as customers.
Says customers are doing business in 40 different countries at a time.
Vertical markets include financial services, sharing economy.
No mention of prior restructuring from bankruptcy.
Worth a read, competition is inevitable in this market, always a good idea to stay informed.
INTERVIEW: Stephen Stuut, CEO, Jumio - Mobile ID World
Mobile ID World President Peter O'Neill recently spoke with Stephen Stuut, CEO of Jumio. The conversation begins with a brief history of the company and...
SAN DIEGO and LONDON, Sept. 11, 2017 (GLOBE NEWSWIRE) -- For the first time at FinovateFall Mitek a global leader in mobile capture and identity verification software solutions, will demonstrate Mobile Verify® for Lending. This new, five step digital lending experience enables lenders to verify identity and bank account information in real time for fast loan decisions with a simple process for borrowers.
When applying for a consumer loan from a desktop computer, the borrower will first log into their online bank account and agree to have their account information shared with the lender. A text message is then sent to the borrower’s smartphone directing them on how to take four photos: front and back of their driver’s license, a selfie and a photo of their pay stub or other trailing document, to complete the loan application process. This new digital experience is quick and easy for the borrower and provides the lender with real-time identity and bank account verification.
“Digital lending is predicted to be a $100 billion market by 2020,” said James DeBello, Chairman and CEO, Mitek. “The new digital experience positions lenders to succeed in the digital channel by creating a process that is simple for borrowers and gives lenders identity verification, bank account verification and supports fraud mitigation and compliance in five easy steps.”
Mitek Joins PayPal Deloitte and Alphabet on Panel at Mobile World Congress Americas 7:00 AM ET Mitek, a global leader in mobile capture and identity verification software solutions, announced that Chairman and CEO, James DeBello, will present as part of a panel featuring global digital transformation experts at Mobile World Congress Americas on Tuesday, Sept. 12, 2017.
"Mitek is a key player in the digital revolution, creating innovations that transform the way consumers and businesses establish trust, conduct safer transactions and verify identities in a digital world," said James DeBello, Chairman and CEO, Mitek. "Identity is the fabric of the digital economy and I look forward to discussing this concept during the panel on how the digital transformation is impacting society."
DeBello's panel, titled "Digital Inclusion, Transforming Lives Around the World," will take place at 1 p.m. PDT in Auditorium 4, Esplanade Level at Moscone South. Additional panel participants include:
-- Anne Bray, Director, Business Development Loon, X at Alphabet Inc. -- David del Val, CEO, R&D, Director, Product Innovation, Telefonica -- Nico Barawid, Head of International Partnerships and Business Development, Nova Credit -- John Kunze, VP, Global PayPal Consumer Products, Xoom and TIO Networks,PayPal -- Jennifer Tescher, President, CEO, Center for Financial Services -- Edgardo Yu, Chief of Beneficiary IT Solutions Service, World Food Programme -- Mike Wyatt, Managing Director, Cyber Risk Services Identity Management, Deloitte
Mobile World Congress Americas is the first time the GSMA Mobile World Congress, in partnership with CTIA, has hosted a large-scale U.S. event of this nature. It was created in response to the North American mobile industry being the strongest performing of any developed region globally, leading innovation in hardware, access technologies, operating systems and new apps and services. This new event will highlight core mobile technologies, consumer and industrial applications and the leading role of the Americas region in driving global mobile innovation.
The fellers lost twenty more pennies today on their shares. I feel sorry for the fellers on account of they keep hoping that the share price will go up but it keeps going down. Poor fellers.
I DO NOT UNDERSTAND.......... WE ALL ARE AWARE OF THE FACT THAT MITEK IS THE LEADER IN THE FIELD AND HAS EXPANDING APPLICATIONS REPORTED OFTEN; BANKS ARE SAVING BILLIONS AND CLOSING BRANCH OFFICES; BANK DEPOSITS, ID VERIFICATIONS, MORTGAGES, LENDING, DATING.......................................... YET, QUARTERLY INCREASES ARE FRACTIONAL IMPROVEMENTS AND THE STOCK'S PROFITS MEAGER COMPARED TO THE BENEFITS BY ALL THE USERS, STOCK PRICE STUCK AT A RANGE THAT DOES NOT SEEM REASONABLE COMPARED TO THE VALUE OF THE PRODUCT IS THERE COMPETITION FORCING THE COMPANY TO SELL PRODUCT AT LOW PRICE, OR HAS THE COMPANY JUST UNDERVALUED THE PRODUCT?????????? SO THE QUESTION REMAINS, WHY IS THERE SO MUCH VALUE AND EVEN SAVINGS FOR THE USERS AND YET THE AMOUNT THEY ARE WILLING TO SPEND FOR THE PRODUCT SO SMALL THAT THE REVENUES AND PROFITS DONT REFLECT THE APPARENT VALUE AND ALL THE HYPE? WHEN ARE THEY EVER HAVE NUMBERS THAT REALLY MOVE THIS STOCK UP?????????????????
Not much chatter by the fellers on the Mitek conversation board lately. Most of the fellers who were around when the share price was above ten bucks last time are gone. Those fellers kept saying that this was going to be a ten bagger but then they lost most of their money and eventually they abandoned this dog on account of it was a no bagger. They was good fellers too. Very conversational and funny but they got bitter and left except for the feller with the tourettes syndrome who is still around and senile in addition to tourettes.
I was on the Wall Street Journal website to confirm that they still have not reported anything regarding Mitek. Just to add joy to my day (not), when I searched for Mitek Systems, no articles came up BUT an advertisement for Jumio did show-up within the WSJ search results as a sponsored link (e.g. this was not random click-bate). When I search for Jumio on the WSJ website, I get the same ad, but also 24 articles. I sampled a few of the articles, and none of them refer to Jumio by name. It makes one wonder whether the WSJ has a policy of benefitting those who pay them advertising dollars. Mitek deserves a story in the WSJ, and smokes Jumio from a product perspective in my opinion.
Boob, seriously? YOU of all people are accusing someone of having Touretts Syndrome? You barely escaped the men in the white coats! Your family hates you and your neighbors want you arrested. You couldn't tag a hoe in a strip joint with a fist full of hundreds or tie your shoes if you had 4 hands. BTW, your short shares at $3.85 are still down there waiting for you Sh1+rag. Go to Walmart. I heard they're having a sale on small pistol amo today.
I posted the following a little over a month ago. In my opinion, it has been consistently true with very few exceptions. I think it applies equally to the Mobile World Congress Americas, as well as FinovateFall. Enjoy the buying opportunity:
"Mitek presents today (at 5 pm eastern) at the 37th Annual Canaccord Genuity Growth Conference in Boston. Today's trading in Mitek is common before a Mitek presentation at an industry conference, e.g. lighter, and slightly down. While these industry conferences are necessary, I think that they are over-thought by the retail investors. That being said, there is often (but not always) a share price increase two to four days after a conference, and occasionally the next trading day. As a long, it is interesting to watch the short term fluctuations, which can trend but are not always predictable. I think the recent reduction in the share price may be one of those good buying opportunities that we all chatter about. We all have seen recently where the share price can go in a positive climate, which also sets up likely parameters for a pop in share price. I don't think a pop of that significance will occur after this conference, but I also don't think that the share price will stay at this level for the long term."
The Equifax hacking that was reported today was horrible news, but despite the fact that I am probably a victim, I think it is also news that ultimately will support significant growth in the use of Mitek's products. The Wall Street Journal's article "Equifax Reports Data Breach Possibly Affecting 143 Million U.S. Consumers" specifically points out that the breach is particularly significant since the attack gained access to four pieces of information typically used for credit and loan applications: names, SSN's, birth dates and addresses. In Equifax's case, all four are in one location. The article goes on to say that use of this information will make it easier to obtain credit in other people's names and harder for lenders to detect. Apparently smaller lenders rely heavily on these four pieces of information to determine if a loan applicant is legitimate. Larger lenders apparently use additional information, e.g. correct geographic location of applicant (which is woefully inadequate if you ask me).
These data breaches, and the increasing fraud in online loan applications, make the time ripe for Mitek to make a full-court press for adoption of Mobile Verify. The combination of the data, the presence of hard copy identification (particularly with an embedded chip), and the verification of the live selfie against the photo on the identification (and chip, if applicable), would solve many of the current problems with online loan application fraud.
It baffles me that credit companies and lenders are willing to accept the risk of fraudulent loans, by relying on such easily bypassed security measures, when materially more robust and cost-effective methods are readily available.
The fraudsters and hackers have opened a window for advanced marketing by Mitek, and Mitek should take advantage of it.
SAN DIEGO and LONDON, Sept. 06, 2017 (GLOBE NEWSWIRE) -- Mitek (MITK) (www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, today announced that a popular dating website will use Mobile Verify® for ID document authentication and facial comparison to establish trust among its users. By verifying the identity of users during the on-boarding process, this dating website will be able to provide a safe experience for its customers.
As an avowed critic of shortselling in the U.S. market, I would like to ask this: What is to keep a large North Korean shortselling position to be put in place in the midst of nuclear war threats by them? Take your time.
Looks like the feller with the Tourettes syndrome has created a controversy here on the Mitek Conversation Board on account of he does not like Mr. shorty even though he can never figure out who mr. Shorty is. This feller is real twisted and I am not even describing his tourettes when I say this. I hope that none of you fellers are paying attention to anything that steves, the feller with the Tourettes syndrome is saying on account of you might catch what he has which would be a crying shame. Poor feller.