IdentityMind Global
Trusted Digital Identities To Rule-out Fraudulent Activity

Pervasive internet usage and the rapid proliferation of smart phones are facilitating a new era of cashless e-commerce. Merchants now provide a wider range of payment options to a wider range of customers, exposing them to new risks as fraudsters and scammers exploit weaknesses in emerging FinTech products, payment platforms, and e-commerce marketplaces. Regulators have taken notice.

“Market players struggle with a rapidly changing regulatory environment and new compliance requirements that can significantly impact their business,” says Garrett Gafke, CEO and President, Identity Mind Global. “The need to defend against fraudsters and stolen credentials, as well as efficiently manage risks, while growing their portfolios, is critical.”

To overcome these challenges, risk managers require best practices that combine identity verification and fraud prevention services within an operational framework. Pioneering digital identities for financial transactions, IdentityMind Global, offers a non-demand platform that enables regulatory compliance and provides risk management, fraud prevention, anti-money laundering (AML) and secure payment gateway services for online merchants, acquiring banks, payment processors, payment service providers (PSP) and financial institutions.

“Our approach to innovation is centered on delivering accurate risk evaluation in real time through our Electronic DNA (eDNA) technology that focuses on identifying the user behind every transaction, while maintaining users’ information privacy,” comments Gafke.

To reduce potential fraud, the IdentityMind platform collects all the information associated with an identity, along with its transaction history, geo-location, and devices and builds a reputation for that identity that merchants can use when evaluating customer transactions and account applications. “ Our platform leverages a three-step automated process, starting with identity and payment reputation evaluation, powered by a rules engine that can detect risky activity.And, by integrating third party data and technology providers, we provide a broad platform for eliminating fraudulent activity,” said Gafke.

We use our patent-pending Electronic DNA (eDNA) technology with a focus on identifying the user behind every transaction, while maintaining users’ information privacy

IdentityMind has created its own identity network of over 170 million trusted identities that helps merchants across the e-commerce universe prevent fraud effectively, reduce operational costs, and expand their business into new channels. For instance, one company was openly hit by large fraud ring that resulted in financial losses on a monthly basis. They took transient measures that ended up impacting their top line without really stopping the overall fraud. This situation led them to implement the IdentityMind Global platform. In less than 30 days, they eliminated fraudulent activity and were able to recoup their top line revenue while impacting fewer customers.

Expanding its product line, IdentityMind recently released new risk-managed, API-based transaction gateway—IDMPay. This gateway provides online merchants with a full range of capabilities for managing account approval, payment processing, risk mitigation, and chargeback reporting. It also tackles the complexities of managing risk due to demands for cross border payments and provide services for under banked and unbanked demographics for explosive growth of mobile payments. In addition, the company offers Merchant Sentinel, a service for financial institutional to handle compliance and manage risk across their high-risk merchants portfolio, such as virtual currency exchanges, internet lenders and money transmitters.

Best-in-class technology coupled with a customer-centric service team has helped IdentityMind continue their geographical expansion with a focus on building a growing clientele. However, no matter how large their footprint extends, IdentityMind stays true to its core business philosophy of reducing transactional fraud, mitigating on-boarding risk, and complying with regulatory requirements.