The IdentityMind Platform Enables Companies to Automate Reviews of Flagged Individuals
IdentityMind, Digital Identities you Can Trust, announced today that the U.S. Patent and Trademark Office (USPTO) has granted IdentityMind a patent for digital identity-based automated review. Called Automated Review Policy (ARP), this technology is a way to look at “risky” data and remove the cases that aren’t, in fact, risky for the business. This patent further leverages digital identities, through IdentityMind’s core Electronic DNA™ (eDNA™) technology, to help protect financial transactions.
“Too much automation has traditionally turned away too many good customers, while manual reviews have elevated cost,” said Jose Caldera, IdentityMind’s Chief Products and Marketing Officer. “Automated Review Policy (ARP) allows a second look at flagged individuals and their transactions, giving our customers greater confidence in the accuracy of the system’s decisions while reducing the cost of expensive manual reviews.”
IdentityMind’s fraud prevention framework is divided into three stages identity risk, risk detection and automated review. In the first stage, data is analyzed to assess the risk of the user behind the transaction. It includes historical analysis of the identity parameters within the IdentityMind platform, identity link analysis to uncover synthetic identities, Account Takeover (ATO) detection, the likelihood of stolen identities, etc. In the second stage, a set of prescriptive models are run to highlight specific risk patterns and or business policy patterns. In the third stage, ARP runs a set of models that are specifically aimed to analyze data identified as risky (flagged in the previous stage) and to try to remove those cases that are likely acceptable to the business.
“We continue to invest significant time and effort to increase the effectiveness of the IdentityMind platform,” said Kieran Sherlock, IdentityMind’s CTO. “Automated Policy Review was a natural extension of automation and data. eDNA™ organizes data to create digital identities and to accurately identify risk. Reaching a little farther takes you to the edge cases that are typically sent to manual review. Working with our customers, we were able to take some of those escalations, identify the patterns and hand them off to the platform to process.”
ARP technology described within Patent No 10,356,099 was first introduced to the IdentityMind platform in 2018.
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IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, and KYC. IdentityMind continuously builds, validates and risk scores digital identities through eDNA™ technology 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) to build payment reputations, and allow companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind on the Web, Twitter, LinkedIn, Facebook, Instagram, Blog, and Google My Business.
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