IdentityMind Global: Next Generation Digital Identity Authentication

Jose Caldera, CMO
As fraudsters, money launderers, and terrorism financing take advantage of online marketplaces, it is essential to bring integrity back into the market. IdentityMind Global, the leader in Digital Identities You Can Trust, alleviates the fiscal and labor burden of keeping that integrity by allowing companies to automate up to 90 percent of their online customer onboarding and anti money laundering compliance operations utilizing IdentityMind’s eDNA, a set of data structures and algorithms that represents a digital identity and the risk of that identity.

“eDNA is the core of our technology–a patented construct that represents an individual’s digital identity on the internet so you can decide if you trust the identity enough to do business with them,” says José Caldera, CMO, IdentityMind.

Using these digital identities, IdentityMind offers three main services.

From a regulatory know your customer (KYC) perspective, businesses have to understand the person they’re doing business with is: real; authorized to use the information presented; and legally allowed to do business with and not a risk. By utilizing the digital identity of clients, a business can more fully understand its customers. In fact, IdentityMind recently released a KYC Plugin that allows their clients to lead their initial coin offering (ICO) participants through an easy and quick KYC process.

Secondly, IdentityMind helps businesses create an anti money laundering process. Trusted Digital Identities are not only monitored by how they transact, but whom they transact with. So, even if the digital identity is clean, if it interacts with an untrustworthy identity—that shows up.

Finally, by creating trusted digital identities that are 99.98 percent accurate, IdentityMind can help companies know which user is trying to take advantage of their supposed anonymity, and who can be trusted.

“A lot of the fraud technology focuses on highlighting bad situations for users,” says Caldera. “What makes us different is that we’ve spent a lot of time trying to highlight who the good users are. The more you understand who the good user is, the better user experience you can provide to your clients.”

IdentityMind Global has amassed a vast library of 215 million digital identities, using a variety of algorithms as well as machine-learning, to weave the identities together from an array of information available online, including email addresses, phone numbers, IP addresses and more.

The reputation of each of these identities is calculated in real time based off heuristics, the attributes’ individual reputation, and the transaction attributes’ relation to each other. This keeps each identity up to date – keeping companies secure even if identities are stolen.

The more you understand who the good user is, the better user experience you can provide to your clients

This means companies can take a risk-based approach, adding more security to less trusted digital identities while removing friction from good customer’s experience.

Even more than security, IdentityMind Global gives its customers time through their automation process. GoldMoney’s use of IdentityMind’s Trusted Digital Identities gave them the space to grow at an astounding rate – from $0 to $250 million in just two and a half years.

Often startups in the FinTech or payments space have at least 20 percent of their staff supporting security compliance. By utilizing IdentityMind’s technology, Goldmoney has only 4.6 percent of staff working in a similar capacity. This opens up the resources usually spent on security and compliance for launching new products that help grow the business.

Cryptocurrency exchanges have also found IdentityMind’s eDNA to be effective in their industry. It offers exchanges everything they need to be compliant from a regulatory perspective – KYC onboarding, fraud prevention, transaction monitoring and regulatory reporting – no matter where their customers are located in the world or where they are doing business.

IdentityMind has helped companies across the globe focus and improve their compliance with local laws. IdentityMind’s Trusted Digital Identities have reduced: transactional fraud, current chargebacks by 60 percent on average; manual review time, from an average of 22 percent of payment transactions down to between 3- 7 percent; as well as false positives in screening processes. Some of IdentityMind’s clients have even expressed that IdentityMind has virtually eliminated their account origination fraud.

As IdentityMind is a cloud-based API service, integration with customers is quick and painless. It does, however, take about a week to determine the client’s desired risk level and set custom rules and automated processes for each specific client.

As the digital world continues to expand, so too does IdentityMind’s global reach. Just last year the company expanded its reach by opening offices in Mexico City and Beijing to better serve clients in South America and China. IdentityMind is not just growing geographically. The company recently went live in beta with a major new user interface to be fully released this April, and are looking to move further into biometrics, expanding the definition of what makes an identity, as well as augmenting authentication mechanisms and improving machine learning to help in back-end operations.

IdentityMind Global

Palo Alto, CA

Jose Caldera, CMO

IdentityMind enables organizations to improve their compliance and risk operations by validating and risk scoring digital identities through their patented eDNA technology, which ensures global business safety

Whitepapers of IdentityMind Global

IdentityMind Global