Real-time evaluation of payment transactions, account creation and login verification protecting merchants from accepting fraudulent transactions, acquirers and payment service providers (PSP) from fraudulent account creation and fraudulent merchants.
Palo Alto, CA (PRWEB) May 21, 2012
IdentityMind™, an on-demand platform tracking Internet identities and providing next generation anti-fraud services for online commerce, today announced the availability of their Antifraud Platform for the general market. IdentityMind proactive fraud prevention Platform offers real-time evaluation of payment transactions, account creation and login verification protecting merchants from accepting fraudulent transactions, acquirers and payment service providers (PSP) from fraudulent account creation and fraudulent merchants.
The basis of IdentityMind’s Antifraud Platform is the concept of “electronic DNA” or “eDNA™”. eDNA™ is the profile created for each Internet identity based on the combination of parameters observed over time during the execution of online transactions. By combining the eDNA™ with the user’s historical records and payment behavior, IdentityMind can evaluate every transaction in real-time across the e-commerce universe.
“We are very excited with the general availability release of our Antifraud Platform. We’ve been working on eDNA™ and the proactive fraud prevention Platform closely with industry experts in payments and fraud prevention for about three years now. We have had very successful engagements with a diversity of customers that have proven the accuracy of our identity recognition technology and its applicability for fraud detection” said Mr Gafke, President and Chief Executive Officer.
One of the fundamental issues with online fraud is the inability to positively identify whether the user behind the transaction is the one that is authorized to use the credit card, eWallet or bank account. Identity Mind verifies the identity of the user without disrupting the commerce flow, providing a practical and non-intrusive solution to the fraud problem.
“The Internet has always had the problem of not understanding who are the users behind Internet transactions. With our eDNA™ we make a very important step in solving that problem, and give merchants, acquirers, PSP, and financial institutions the ability to say with high degree of confidence who the users are” said Dr Taher Elgamal, cofounder and Chief Identity Officer (CIdO).
For the last year, IdentityMind has enabled close partners to develop their own antifraud solutions based on the Antifraud Platform, proving robustness, scalability, accuracy, and overall fraud detection capabilities. Today millions transactions per day move through the platform, building eDNA™. The platform is collecting and tracking the payment behavior of more than 40 million Internet identities, and growing rapidly. IdentityMind™ is now making their service available for the general market.
IdentityMind™ is an on-demand platform tracking Internet identities and providing next generation risk management and anti fraud services. IdentityMind™ helps online merchants stop fraud while maximizing accepting good transactions and minimizing manual review costs. IdentityMind™ tracks Internet Identities based on its patent-pending IdentityMind eDNA™. Internet consumers are passively challenged by comparing the eDNA™ of the owner of the card to the eDNA™ observed at the time of the transaction. Identities are matched across devices, payment instruments, geolocations, etc. For more information, visit http://www.identitymind.com or email pr(at)identitymind(dot)com.
© 2012 IdentityMind. All rights reserved. IdentityMind, IdentityMind Platform, IdentityMind eDNA, and the IdentityMind logo are trademarks or registered trademarks of IdentityMind, Inc in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Media Contacts: IdentityMind Email: pr(at)identitymind(dot)com