“83% of North American Companies conduct manual reviews, and on average they review 29% of the orders manually.” Annual Fraud Benchmark Report: A Balancing Act 2017 - Cybersource
Palo Alto, California (PRWEB) April 27, 2017
IdentityMind Global, pioneer of Digital Identities, released today v1.25 of its Fraud Prevention and Compliance Automation Platform. This update focuses on helping enterprise fraud prevention teams dealing with large numbers of e-commerce transactions.
This release delivers:
1. Increased Accuracy. IdentityMind brings supervised machine learning models to improve the effectiveness and accuracy of the existing rule system. This allows rules to grow smarter and more effective in reducing manual review over time as more transactions are evaluated. This system effectively reduces the false positive (manual review) rate by 60%-70% when compared to industry standards.
2. Reduced Time To Decision. The new fraud analyst User Interface focuses on consolidating the key data required by fraud analysts, and allowing analysts to more quickly make transaction decisions. The interface is fully customizable so it can be adapted to the processes and workflows of each fraud prevention team.
3. Team Results. Quality of results varies across analyst teams based on a variety of factors including experience. With IdentityMind’s new release, team managers can develop an environment for new and less experienced team members to operate that minimizes the error rate while maximizing the ability to leverage the team’s expertise.
4. Feedback Tagging. The platform offers a new tagging capability that allows fraud teams to annotate either through the API or through the User Interface. These tags can be used to train models, perform historical analysis, train teams, and to create better rules.
“When we started building our risk management and compliance platform, our vision was to solve the operational problems that manual process create, and to build a solution that leverages the accumulated data to enable businesses to make better decisions,” said Garrett Gafke, CEO of IdentityMind. “With trusted digital identities at the core, our new release leverages eDNA™ and machine learning to enable businesses to make more informed risk and compliance decisions.”
This version of the platform is part of a set of releases that focus on fraud prevention and compliance automation operations. Upcoming releases will focus on operational workflows for fraud managers.
About IdentityMind Global
IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS Platform for online risk management and compliance automation. IdentityMind continuously validates and risk scores online identities worldwide through its eDNA™ to ensure global business safety and compliance at customer onboarding and throughout their lifecycle. It securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) to build payment reputations, and allows companies to identity and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering.
IdentityMind’s risk and compliance platform was recently recognized as one of Insight Success’ 30 Companies to Watch and Included in Forrester’s recent “Vendor Landscape: Anti-Money-Laundering Solutions, 2017” report that was released last month. For more information, visit: http://www.identitymindglobal.com