IdentityMind Global, today announced the latest version of its Enterprise Fraud Prevention platform, designed to increase operational efficiency and reduce manual review time for medium to large Etailers. The new version extends the user interface with customizable dashboards, queue management, reporting, and machine learning analysis intelligence, in addition to IdentityMind’s eDNA™ trusted digital identity core technology.
According to the Merchant Risk Council (MRC) Global Payments Survey, the typical manual review rate for online orders was 8% in 2016 with an average per transaction review time of 5.6 minutes (2015). In the same survey, 46% of merchants site “lack of sufficient internal resources” as a major fraud challenge.
Version 1.29 of the IdentityMind platform addresses this head on by enabling fraud analysts and managers to configure operational dashboards with widgets tailored to expedite transaction review. Through the dashboards, analysts can quickly see overall transaction processing statistics as well as exceptions that require manual review, and they can resolve transactions in bulk, assign to queues, and review individual or escalated transactions. The average manual review time is below 4 minutes for IdentityMind’s enterprise etailer beta clients, versus the average of 5.6 minutes per transaction reported by MRC. This average reduction of nearly 30% translates into better processes and better cove rage by fraud analyst teams. In addition, through its use of graph intelligence to analyze digital identities, IdentityMind can reduce transaction fraud by 60% and review of card not present (CNP) transactions by 50%.
“Etailers and other enterprises require solutions that can efficiently handle large volumes of transactions seen online,” said Garrett Gafke, CEO of IdentityMind Global. “IdentityMind not only provides a highly scalable solution that leverages digital identities to help Etailers make the best automated risk decisions, but we provide a solution that increases the efficiency of your manual operations to reduce manual review time and make every one of your fraud analysts, your most efficient fraud analyst.”
Enterprises require highly scalable solutions that aid account opening and transactional fraud decisions in real time across all channels where they interact with their customers. IdentityMind addresses this requirement starting with its core strength in digital identities. IdentityMind’s patented eDNA™ engine continuously builds and validates identities. These identities grow with each customer interaction across the secure IdentityMind Identity Network and are validated through a variety of third party data services available through the IdentityMind API. Using machine learning and graph intelligence, IdentityMind builds reputations for each identity allowing enterprises to understand the true risk of doing business with any particular entity. The Rize report allows enterprises to understand where they can maximize revenue and minimize risk, and which rules they need to modify to get there.
IdentityMind’s Enterprise Fraud Prevention platform can be leveraged as a platform with dashboards, graph intelligence, reports and digital identities included, or a la cart via the IdentityLink API that allows companies to integrate IdentityMind’s advanced analytics into their existing risk management platform. IdentityMind’s newest platform is readily available worldwide.
About IdentityMind Global
IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS Platform for online risk management and compliance automation. We help companies reduce and improve client on boarding fraud, transaction fraud, AML compliance, sanction screening compliance and KYC compliance. IdentityMind continuously builds, validates and risk scores digital identities through our eDNA™ engine to ensure global business safety and compliance from customer onboarding and throughout the customer lifecycle. We securely track the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) to build payment reputations, and allow companies to identity and reduce fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify money laundering. For more information, visit: http://www.identitymindglobal.com