IdentityMind Granted Patent for Digital Identities
November 17, 2016
IdentityMind Global, today announced that it was granted a patent for Electronic DNA™ (eDNA™) its core technology for creating trusted digital identities. eDNA helps companies understand who is behind each transaction and helps them better assess the risk of each transaction.
eDNA is the core technology that powers the IdentityMind platform. eDNA creates trusted digital identities that are comprised of a rich set of over 50 attributes including: user information, devices, account information, payments, IP geolocation and more. The combination of attributes, their correlations, the context in which they are used, and the results of applying this analysis on transactions helps eDNA produce a reputation score that allows companies to better set their risk thresholds and react to each entity they work with. While some solutions collect a thin set of attributes without particular context, eDNA’s rich description can accurately assess whether the user behind a transaction is the right and good user, a fraudster, or a money launderer.
“Identity is critical to digital financial services today,” said Travis Jarae from Google. “However, cyberthreats and identity fraud are the headwinds that decrease access while increasing risk. Technologies that provide identity verification are essential to decreasing these issues and opening the doors to financial services.”
The IdentityMind platform uses eDNA and Trusted Digital Identities to help the financial industry prevent fraud, comply with regulatory requirements, and detect suspicious activity related to Anti Money Laundering, in real-time.
“We are very proud of our invention and are excited that our customers can use it to improve their online businesses,” said Kieran Sherlock, IdentityMind Global’s CTO. “eDNA is the answer to who’s on the other side of transaction. It provides a view into that entity and their risk. And, it gives companies the opportunity to get a leg up on the fraudsters who are becoming more and more prevalent online.”
The results of applying eDNA technology in this market speak for themselves:
- 60% fraud reduction in CNP transactions
- 85% manual review reduction
- 90% reduction in fraudulent account opening
- 85% reduction in time for reviewing sanctions and PEP screening results
- 50% reduction of false positives for sanctions and PEP screening
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. For more information, visit: https://staging.identitymindglobal.com