IdentityMind Global: Building Digital Identities for Risk Management

Garret Gafke, President & CEO
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.


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


IdentityMind’s success in the virtual currency industry is a testament to its value proposition. It has enabled both the exchanges and their banks to establish a compliance and risk management framework where they can cost-effectively cooperate.

IdentityMind’s IGNITE, an accelerated compliance solution used by Bitcoin startups, provides KYC services, but also operates as an AML compliance platform allowing businesses to automate programs, analyze traffic, and monitor transactions in real-time. The company is releasing similar programs for Internet lenders and money transmitters, both of which have strong similarities in their risk management needs.

Bitt, a crypto-currency forex and commodity trading platform operating out of the Caribbean region, was one of the first beneficiaries of the IGNITE program. The firm’s compliance solutions helped Bitt in setting up a three-tiered KYC system that facilitates customer validation and records management services at a global level. Another flagship program of the company, Merchant Sentinel, is an integrated risk and compliance platform for financial institutions serving high-risk merchants-such as virtual currency exchanges, Internet lenders, and money transmitters. The program provides the banks with a simplified framework for managing risk across their merchant portfolios.

IdentityMind began branching out globally with its implementations in Europe, Canada, Asia, and Latin America. They are currently experiencing acceleration in their overseas markets and are opening new offices abroad with a focus on building a growing list of clientele. The company's immediate focus is on larger strategic initiatives with some of its customers as it has honed itself over a period of years during operations in North America.

Company
IdentityMind Global

Headquarters
Palo Alto, CA

Management
Garret Gafke, President & CEO

Description
Pioneer in identity-based risk management, anti-money laundering, and fraud detection for financial service providers

Whitepapers of IdentityMind Global