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PALO ALTO, CA., January 15, 2019 – IdentityMind, Digital Identities You Can Trust, today announced 2018 highlights that underscore IdentityMind’s immense client-base growth for its Digital Identities Platform and flagship risk management and compliance-focused solutions.

“In 2017, the increasing exposure of physical identity data, PII – name, address, phone- through data breaches and the continued expansion of digital financial services locked in the need and requirement for digital identities.” said Garrett Gafke, Chairman and CEO , IdentityMind. “In 2018 we saw significant market acceleration for our digital identity platform amid increased understanding that digital identities provide a level of risk prevention, authentication, and compliance that old world or legacy solutions cannot.”

“The threat environment continues to rapidly evolve and grow, with criminals mixing sophisticated and innovative tactics with the tried and true,” said Julie Conroy, Research Director for Aite Group’s Retail Banking & Payments practice covering fraud, data security, anti-money laundering, and compliance issues. “Companies like IdentityMind, with a demonstrated track record of innovation incorporating advanced technologies, are at the forefront of helping financial service firms increase efficiencies and detection.”

Key 2018 milestones included:

  • Global Growth: IdentityMind grew its client base by over 165% across 45 countries. Clients spanned a diverse set of industries including FinTech, Banking, Digital Marketplaces, Payments, Traditional Financial Institutions, Internet Lending, Money Service Businesses, Digital Payments and e-Commerce.
  • Next Generation Compliance Technology. IdentityMind launched version 2.0 of its platform. It is the first true user-centric risk-based approach to Anti Money Laundering and Risk, representing a leap forward in the use of digital identities for meeting compliance requirements and mitigating risk. It enables clients’ compliance and risk analysts and officers to truly implement a risk-based approach upon the understanding of the user behind a digital transaction.
  • The IdentityMind RegTech Webstore – RegTech for everyone. It is the first actual on-demand store for regulatory functions. It offers small and medium organizations access to IdentityMind’s award-winning platform functionality in a self service model.
  • Community. IdentityMind is proud to engage with meaningful social causes. IdentityMind partnered with AirTM™ to protect their P2P ecosystem aiding humanitarian crisis in Venezuela; and launched a program to aid in the fight against human trafficking.
  • Innovation: The U.S. Patent and Trademark Office (USPTO) granted two additional digital identities patents: (1) the use of digital identities to alert individuals when their identities are at risk (Patent 9,888,007); and (2) the use of identity graphs to uncover risk in businesses (Patent 10,037,533).
  • Preparing for tomorrow’s  regulations. One of the guiding principles of IdentityMind is to build technology that prepares financial institutions to meet the regulations of today and tomorrow. For instance, the IdentityMind platform was the only vendor that provided full coverage to its clients, on day-one, to screen against the cryptocurrency addresses added to the OFAC’s SDN (Office of Foreign Access Controls – Special Designated Nationals) list. In 2017 IdentityMind was granted a patent on the use of digital identities for detecting sanctioned individuals associated with cryptocurrencies (USPTO Patent# 9,852,427).
  • Key Awards and Industry Accolades. IdentityMind was the recipient of numerous industry awards including: (1) Silicon Review’s “50 Best Companies to Watch 2018”, (2) Medici Top 21- RegTech Awards: Americas Winners, (3) 2018 Oracle Innovation Winner, (4) The RegTech 100 for the 2nd consecutive year, (5) CIO Review’s 50 most promising FinTech Solution Providers. (4) Garrett Gafke named as Most Influential CEO of the Year 2018 – Digital Risk Management.
  • Industry Analyst Recognition. IdentityMind was included in several reports from well-known Analyst firms including: (1) recognized as a representative vendor in Gartner’s “Market Guide for Identity Proofing and Corroboration”; (2) “IDC Innovator in Identity Proofing Solutions”; (3) Leading AML Advanced Analytics Vendor in AITE Group’s “The AML of Tomorrow: Here Today”; (4) “Sample Vendor” in Gartner’s “Hype Cycle for Identity and Access Management Technologies”; and (5) “Sample Vendor” in Gartner’s “Hype Cycle for Digital Banking Transformation”.
  • Expanded Partner Ecosystem. IdentityMind continued to build its data and technology partner ecosystem including: Cyphertrace for blockchain analysis; Círculo de Crédito – Credit Bureau in Mexico for identity data verification; Medici Solutions for identity data validation in Mexico and biometrics; The expansion of KYC2020 for additional coverage on sanctioned lists worldwide; RCN (Ripio Credit Network) for providing KYC and AML at the protocol level; DarkOwl for dark web vulnerabilities;  AuthenticID for additional document verification, and Oracle for global cloud services.
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About

IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS-based platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and enhance AML compliance, sanctions screening, and KYC compliance. IdentityMind continuously builds, validates, and risk scores digital identities through electronic DNA (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, and alternative payment methods) to build payment identity 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 Web, Twitter, LinkedIn, Facebook, Instagram, YouTube, Blog, and Google My Business.

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