Palo Alto, CA (PRWEB) March 28, 2013
IdentityMind™, the evolutionary on-demand anti-fraud risk and management platform, today announced release 1.9 of their flagship platform. Release 1.9 improves and enhances both major aspects of the platform: online merchant anti-fraud services and the ability for Acquirers and Payment Service Providers (PSPs) to detect merchant accounts at risk.
“We continue to innovate in the areas of anti-fraud and merchant account risk detection” said Jose Caldera, VP of Platform Management. “We are including new ways for merchants to reduce the manual review process. Our customers average 8% of manual reviews, when the industry in general averages around 20%. We also continue our commitment to invest in helping Acquirers and PSPs detect merchant accounts at risk early enough so they can take proactive actions when necessary. Enabling them, along the way, to acquire merchant accounts with higher risk profile.”
The new version of the platform includes the following major features and improvements:
1. Detect merchant accounts that have degraded their risk posture by identifying significant statistical differences in payment behavior. Acquirers and PSPs are alerted in real-time when merchant accounts are exhibiting behaviors that are statistically meaningful. For example important deviations in fraudulent chargebacks, deltas in ratios for credit, chargeback and refund history, etc. In addition, it alerts when the information presented during the underwriting process is later associated with fraud.
2. Identification of Corporate Addresses and the ability to write fraud filters based on this information. Online merchants that ship goods benefit greatly from knowing when the addresses they need to ship to are corporate addresses. It improves the ability to automatically accept reducing the percentage of manual reviews.
3. Integration with MATCH. During the underwriting process Acquirers and PSPs can access MATCH database to validate that the merchant account being underwritten hasn’t been previously reported as fraudulent. More importantly they can schedule periodic checks that would alert them if and when the information presented is later associated with fraud.
4. Enhanced payment reputation. Support for multiple Payment Gateways decoding to identify fraudulent cards, and algorithms to accurately spread fraudulent reputation across identities.
IdentityMind™ is an on-demand anti fraud and risk management platform. IdentityMind™ helps online merchants and Payment Service Providers (PSP) 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
© 2013 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