IdentityMind Awarded New Patent on Using the Digital Identity Graph to Uncover Risk in Digital Transactions
April 23, 2019
The IdentityMind Platform Accurately Evaluates Financial Transaction Risk By Applying Supervised Machine Learning to Its Identity Graph
IdentityMind, Digital Identities you Can Trust, announced today that the U.S. Patent and Trademark Office (USPTO) has granted IdentityMind a patent for utilizing features of its Identity Graph to yield a risk score — “Graph Score” — to assess the risk of transactions performed by the digital identities represented in the graph. IdentityMind’s latest digital identity patent builds on the strength of IdentityMind’s core Electronic DNA (eDNA) technology to further leverage digital identities to help protect financial transactions.
“The IdentityMind platform has been, from day one, built on digital identities,” said Jose Caldera, IdentityMind’s Chief Products and Marketing Officer. “The combination of Graph Score and the eDNA reputation yields unprecedented accuracy in its assessment of the transaction risk associated with a specific digital identity. This pays huge dividends for risk and compliance use cases. And, this is unique to IdentityMind’s platform.”
“Ever since we introduced our platform, we have been using the identity graph as a meaningful way to explain risk across the use cases it supports,” said Kieran Sherlock, IdentityMind’s CTO. “It was intuitive for us to spot and explain the risk of a transaction based on the characteristics of the graph. However, it was difficult for our clients to reach the same conclusion just by looking at the graph. We knew we needed an easier way to communicate this value to our clients, and after years of research and the availability of big data analysis, we were able to prove that we could convey its value in a single score.”
The technology described within Patent No 10,250,583 was introduced in 2017 in the IdentityMind platform. The current implementation of the score is the result of supervised machine learning algorithms based on a large set of graph features that represent the complexity of the graph. The labels used for training the algorithms are the results across IdentityMind’s supported use cases of Know Your Customer (KYC), transaction monitoring for Anti-Money Laundering (AML), sanctions screening, and fraud prevention.
“We continue to expand the benefits of our eDNA technology as we further innovate in digital identities,” commented Sherlock. “The results for detecting real and market relevant threats of account takeovers (ATO), compromised identities, and overall identity fraud are just a few of the many examples of the relevance of digital identities and our eDNA technology.”