IdentityMind Global Named an IDC Innovator in Identity Proofing Solutions
July 24, 2018
Non-stop Innovation is Hallmark of Digital Identity Pioneer
PALO ALTO, CA., July 24, 2018 – IdentityMind Global™, Digital Identities You Can Trust, today announced that the company has been recognized as an IDC Innovator in International Data Corporation’s “IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018” (IDC #US43054918). IdentityMind Global is a leading provider of digital identity, SaaS-based compliance, risk management, and fraud prevention platform and product solutions.
The solutions help financial institutions to verify digital identities, prevent new account fraud, and enhance know your customer (KYC) compliance.
“The key to limiting fraud starts with understanding who you are doing business with,” said Steven D’Alfonso, research director, IDC Financial Insights. “As digital accounts and services continue to grow, banks cannot rely on older solutions that may not be effective today. They must look to solutions to prevent fraud and maintain adequate compliance. Each of the vendors identified as IDC Innovators approaches the issue of preventing new account fraud in different ways and each solution is distinct from the others.”
According to IDC, verifying the legitimacy of new identities is a key step in the customer onboarding process. Increased regulatory pressures on know your customer (KYC) processes and higher levels of new account fraud necessitate that financial institutions improve their ability to accurately differentiate legitimate identities from fraudulent ones. However, customer onboarding and identity verification often involve considerable amounts of manual effort that can produce high rates of false positives and are unable to distinguish synthetic identities, putting firms in a position of higher compliance and fraud risk.
“We’re pleased to be recognized as an IDC Innovator in “IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018,” said Jose Caldera, CMO, IdentityMind Global. “We can’t expect to face today’s identity fraud challenges with old technology. We at IdentityMind have pioneered the use of trusted digital identities to bring identity proofing to leverage user’s digital attributes in conjunction with the old physical attributes. Using the combination of both allows for far greater accuracy and better adjustment to the challenges of digital operations.”
According to Caldera, digital identities are effective at reducing fraud and detecting suspicious activities, while complying with regulatory requirements. IdentityMind takes digital identities a step further through its core patented eDNA® technology. The company’s eDNA technology builds digital assets that represent individuals and their behaviors based on their digital footprint on online transactions. These digital assets are created and maintained over time, becoming richer and far more accurate the more individuals transact.
Innovation continues to this day with the recent release of IdentityMind’s Version 2.0, SaaS-based, trusted digital identities platform for risk and compliance. It represents the culmination of years of research in digital identities, machine learning, anomaly detection, regulatory compliance, product development, and close consultation with IdentityMInd clients. It enables clients’ compliance and risk analysts to take a risk-based approach based on the understanding of the user behind the transaction.
IDC Innovators reports present a set of vendors – under $100 million in revenue at time of selection – chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor’s company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
IdentityMind was recently named the recipient of two top industry awards: CIO Review’s 50 Most Promising FinTech Solution Providers and Disruptor Daily’s 10 RegTech Companies Making Waves in the Industry.
- Video: IdentityMind 2.0 Intro Video
- Guide: The Digital Identity Evaluation Guide
- Press Release: IdentityMind Global Announces New Generation of AML Transaction Monitoring Featuring a Risk-based Approach and Redesigned UI
- Webinar: IdentityMind 2.0: How Our Clients Helped Us Shape Transaction Monitoring
About IdentityMind Global
IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA® technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Blog, and Google+.
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Director of Corporate Communications