Mitek, a digital identity (ID) verification and fraud prevention, has acquired UK KYC (know your customer) technology specialist, HooYu.

“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,” said Max Carnecchia, CEO Mitek Systems. “The only way to combat this scourge is to use artificial intelligence (AI) and stop bad transactions before they happen.”

Through this acquisition, organizations gain a more complete picture of the consumer by marrying biometrics, ID document validation, geolocation and identity confidence scoring with real-time data signals such as bureau checks or matches to politically exposed person or sanction lists. HooYu’s innovative orchestration capabilities will enable Mitek customers to optimize 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,” said 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.”