IdentityMind's latest Version to Mitigate Suspicious and Fraudulent Activities

By Banking CIO Outlook | Friday, November 30, 2018

PALO ALTO, CA: To clamp down on bank related fraud cases- IdentityMind, a provider of risk management solution for digital commerce released version 1.20 of its patented Fraud Prevention and Risk Management platform. The solution addresses fundamental and operational burdens of Anti-Money Laundering Compliance, allowing banking institutions to effectively manage suspicious activities while reducing errors.

The platform provides tools to streamline the decision process while keeping automated records and reports to comply with regulators. It supports all these processes by allowing institutions to effectively manage the investigation and decision process.

The latest update expands the platform’s detection processes by enriching the anti money laundering rules both in scope and granularity. It extends support for Merchant Know Your Customer (KYC) and Enhanced Due Diligence (EDD).It strengthens the scope of sanctions screening across both users and merchants. The upldated version further integrates the risk prevention rule system with a customizable scoring mechanism at a fundamental level.

“The cost of operationalizing compliance is hindering the industry’s ability to realize the full potential of new digital commerce business models. This release strikes at the core of the issue. We are providing important features that cohesively tackle risk from detection, to investigation, to reporting” says Garrett Gafke,President & CEO,IdentityMind.

The enhanced features are seamlessly embedded into IdentityMind’s existing entity link and reputation system, vetting detected activity against transactional data, historic activity and analysts’ past decisions. In addition its deep investigation combines KYC, Transaction Monitoring, AML Policies and real time fraud analysis.

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