IdentityMind Global: Building Digital Identities for Risk Management

Compliance programs today have taken on the role of an undesignated defender of integrity in a rapidly evolving digital market. The programs are being actively implemented by financial service providers who are keen on mitigating risks and building spotless digital identities. Garrett Gafke, President and CEO, IdentityMind Global, remarks, “There is an abundance of fraudulent activity in the marketplace. Businesses and financial institutions have responded by adding friction to the onboarding or transaction process, but this is inefficient or inadequate for the emerging financial services market. The only way to adequately manage risk without increasing friction is by recognizing the functional identity of the individual or business entity on the other side of the transaction, anywhere in the world.”

IdentityMind’s on demand platform offers real-time fraud prevention, anti-money laundering (AML), Know Your Customer (KYC), sanctions screening, and risk management services for banks, online merchants, mobile commerce, payment service providers (PSPs), Internet lenders, money service businesses (MSBs), Bitcoin exchanges and other financial institutions. The automated transaction monitoring feature keeps a tab on the movement of funds by issuing real-time alerts for suspicious activity, wrapped in an enterprise case management system for managing the investigation and reporting required by regulatory bodies.

Electronic DNA™ (eDNA™), IdentityMind’s core and patent-pending technology, builds identities and their corresponding risk reputation based on the behavior of their attributes in digital financial transactions. “An identity based on digital financial applications is key for evaluating the risk of any transaction in modern commerce. The current infrastructure of identities, which is mostly based off credit bureaus, is too static for emergent businesses. Identities need to evolve at the pace of Internet transactions. This is what our core technology does,” notes Gafke.

The compliance solutions offered by IdentityMind are designed to detect and prevent fraud, both for payments and account origination, while complying with FinCEN and other international regulations. The company’s AML suite combines advanced technology and professional grade services designed for monitoring transactions while verifying customer identities through KYC procedures and Sanctions Screening.Their take on Sanctions Screening is particularly interesting as it has managed to significantly reduce the operational burden of false matches.