Believing an Enterprise can operate without the expertise of their risk team is unrealistic. The key is making those teams more effective, and maximizing their ability to quickly distinguish the difficult cases that really require attention.
Palo Alto, CA (PRWEB) December 16, 2015
IdentityMind Global, the pioneer in Trusted Digital Identities, announced today the release of version 1.21 of its flagship Fraud Prevention and Risk Management platform. The latest version of the platform targets the operational needs of large Internet retailers, with features built for broad and intensive manual review processes.
The latest version applies lessons learned from extensive use of the platform by IdentityMind’s enterprise clients. In practice, teams of over 400 fraud analysts found the platform’s patent pending Electronic DNA (eDNA™) technology and Trusted Digital Identities Database reduced decision time per transaction by more than 30%.
“Close to 46% of flagged transactions [by automated systems] are sent for manual review… Manual reviews are not just time consuming but also expensive: merchants allocate as much as one-fourth of costs dedicated to fraud prevention to manual reviews.”
- LexisNexis True Cost of Fraud 2015.
IdentityMind’s platform combines automated decision processes, verification technology, and operational workflows to streamline the intensive manual operations required by enterprise retailers and institutions, where considerable numbers of transactions must be decided quickly. The platform complements its patent-pending eDNA™ and patent-pending Automated Review Policy with the operational tools risk managers and analysts require to quickly and effectively approve or deny transactions.
“Our technology efforts are focused on building a trusted source for Internet Identities, and automating the decision process for transactions. However, there are still large areas where manual review is necessary,” said Garrett Gafke, IdentityMind’s President and CEO. “Our core technology helps the risk teams in these large scale enterprises greatly reduce those manual review processes. Believing an enterprise can operate without the expertise of their risk team is unrealistic. The key is making those teams more effective, and maximizing their ability to quickly distinguish the difficult cases that really require attention. In this release, we have built a framework in which Managers can establish and report on the operational metrics of their team, easily allocate resources as they see fit, and react in real-time if necessary. Meanwhile, analysts have a well-organized interface that displays the most relevant information to quickly review and decide transactions.”
Version 1.21 of the IdentityMind Global platform includes the following major features:
- Queue Management
Transactions can be assigned to analysts using Queue Management. Queues can be generated using a variety of criteria, including evaluation result (Pass/Fail/Manual Review), transaction amount, user reputation, and more.
- Custom Roles
Account Managers can assign custom roles to their users, granting and/or prohibiting access to specific parts of the platform as needed.
- Operational Views
The analysis page now offers three different Operational Views, each optimized for specific workflows.
- Bulk Action
Analysts have the ability to decide multiple transactions simultaneously using the new Bulk Action feature
- Extended Memo Fields
The IdentityMind API now accepts 100 additional, fully searchable custom fields.
IdentityMind™ Version 1.21 is available immediately to clients worldwide. Watch the Release Video here. For more information about the features in this release, or the overall IdentityMind Global platform, please contact: evangelist(at)identitymind(dot)com or sales(at)identitymind(dot)com.
About IdentityMind Global™
IdentityMind Global provides risk management and regulatory compliance solutions for the financial and digital commerce ecosystem. Our Fraud Prevention and Risk Management Platform provides financial institutions and online merchants with real-time capabilities to effectively address the operational challenges of conducting online financial and payment transactions. IdentityMind delivers integrated Fraud Prevention, Anti Money Laundering (AML), Know Your Customer (KYC), Merchant Underwriting and Transaction Monitoring.
IdentityMind’s patent-pending technology Electronic DNA (eDNA™) recognizes identities based on electronic attributes and how these attributes are validated and correlated against each other. The platform shares eDNA™ across all clients so everyone benefits while keeping identities and transactions private to each client. IdentityMind Global services clients worldwide including Banks, Money Service Business, Payment Service Providers, Virtual Currency Exchanges, Trading Platforms, and Online Merchants.
© 2015 IdentityMind Global. All rights reserved. IdentityMind, IdentityMind Platform, IdentityMind eDNA™, IDMPay and the IdentityMind logo are trademarks or registered trademarks of IdentityMind Global, 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.
IdentityMind Global™ is privately held. For more information please refer to http://www.identitymindglobal.com.