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The following was written by Garrett Gafke, CEO of BGV II portfolio company IdentityMind Global, for Forbes magazine, December 7 2017.

If the digital economy takes our analog products and services and transforms them for the digital channel, the shared economy takes our analog experiences and removes the burden and expense of ownership. Many have taken the shared economy’s taxi cab alternative and maybe even stayed in a hotel alternative. The shared economy is like a modern timeshare without the time requirement or the awkward marketing pitch. However, like all new areas, the transition into it is still built on analog models.

Just as web browser encryption in the early days of the web was treated as a munition by regulators until a more appropriate way to classify or treat it was created, the shared economy often relies on physical identification that represents only a single piece of the risk management puzzle — and one that can’t keep up with our multi-channel world. For instance, the terrorist who recently perpetrated a large scale act of violence in New York had a valid drivers license, which was enough identification for him to rent the van he used in the attack.

 
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On a daily basis, this same type of information is used to identify the people who deliver the packages ordered through major online retailers, drive for ride-sharing services, run errands for on-demand task services and more. As it turns out, companies today are far too reliant on drivers licenses, passports, birth certificates and even a basic background check. These old methods can’t track relationships and are not very informative of a person’s trustworthiness or reputation. The old methods can’t keep pace with a new generation of criminal and fraudster and, typically, are not very secure.

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A poor link in the security chain or a bad decision can open the door for personal information to be discovered. Then the floodgates to a wide variety of fraud types are open. And, while network security and personal security habits can be improved, hackers are savvy and can often gain access to most systems given enough time.

With all the recent data breaches, it is safe to assume that essentially all physical data has been stolen or generally compromised. While physical or static identity data has value, there is too much at risk to solely rely on it. Online activity provides a digital footprint — a footprint that can be analyzed to help better understand users and their relationships. It is this footprint, in combination with physical information, that becomes fundamental to assessing the risk of an individual.

 

Digital identities combine the digital and physical attributes of an individual. The resulting identity can be an evolving asset that enables better identity proofing and risk assessment. A digital identity can update at the speed of digital transactions to capture the dynamic nature of online behaviors, and those behaviors, in turn, can be used to assess the true identity and the intent of the individual. More importantly, a digital identity can ensure that we can distinguish between the real user behind an identity and a fraudster who has stolen it.

When we started building our platform and patented Electronic DNA (eDNA™) technology, it was the only commercial technology focused on and speaking about how to connect the digital and physical aspects of an identity to perform a better risk assessment. Fast forward a few years and digital identity is a term that the market is starting to accept as fundamental in identifying the risk of dealing with online users and in establishing trust online.

Ultimately, digital identities can become assets that can be monitored for changes in behaviors. That is how one can detect compromised accounts and identity theft. You definitely want to know that the person you originally vetted is really the person you continue to deal with, and you want to know that the data that is being presented to you by a user actually belongs to that user and hasn’t been stolen.

Back to shared economies, we would all certainly feel safer if we knew that the driver we were riding with, the guests in our shared house or our food delivery person had been properly vetted by the service we were using. The growing economy around these services could be severely damaged if it chooses to ignore the risks of dealing with poorly validated members — both as providers and consumers of these services. As pointed out earlier, it only takes a quick review of the New York incident or Colorado’s nearly $9 million dollar fine on Uber to begin seeing the risk these services face. The shared economy is not going away. Nor is the need to vet people at a digital identity level.

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Garret Gafke, President and CEO of IdentityMind Global, a BGV portfolio company, and member of the Forbes Finance Council, shared his insight to the current state of cybersecurity in Forbes magazine. The most recent Equifax data breach exposed the confidential and private information of some 143 million U.S. consumers to hackers and other nefarious users. This information includes consumer’s names, Social Security numbers, birth dates, addresses and, in some cases, driver’s license and credit card numbers. Essentially, this means that practically every adult consumer in the United States had their information stolen. While identity theft monitoring and insurance services can help to identify when your identity is being abused, this doesn’t solve the actual problem. The information taken was more than enough for identity theft (someone to impersonate you), to create synthetic identities (fake identities made using pieces of your real information) and to enable account takeovers (where fraudsters have your credentials and take over your online accounts). Given the breadth of the breach and the attack vectors, a credit freeze offered by credit bureaus will not fully protect anyone whose information has been compromised in the breach. And, when combined with the still-unwinding Yahoo breach and the long line of others, our data is increasingly exposed. The real solution to this problem starts by not relying only on the static identity data held by credit bureaus and most other identity data sources as means for verification of an identity. Static information is the most frequently used method for identifying someone and ostensibly providing security. Most every financial company or merchant where you have an account uses static information to verify your identity. Static information was thought to provide security because that information was supposedly outside of the hands of criminals and not guessable. This information might be your social security number, driver’s license, mother’s maiden name or other special security questions, generally referred to as knowledge-based authentication (KBA). However, identity verification databases that use static data don’t update very often. And, the longer data is out there, the more likely it is to become compromised. All it requires is one slip up with one of the multitudes of companies that hold your data, and your information is compromised. For Equifax, this may have been as simple as not installing a security update. However, the bottom line is that static information by itself was never a fit for the digital world, where information is easily shareable and readily accessible through normal or nefarious means. There is another fundamental problem with identity databases. They store our identity information in ways that can be utilized for identity fraud when they are compromised. Most identity databases have an unfortunate dual purpose; they are used for identity verification, but mostly, and by far more lucrative, they are used for marketing. Marketing applications require these databases to store lots of searchable user data. The more data they store, the more valuable they are in the marketing world. However, identity verification doesn’t need to store users’ data in a way that can be reused. Cryptographic technologies provide several mechanisms to match and compare data without the need for storing the actual identity data. The digital world can be rough on the old way of doing things, and it demands stronger solutions than the old static credit bureaus can provide. Digital identities are a stronger and more relevant solution for our ever-growing digital world. Digital identities are dynamic in nature. They merge the physical and the online aspects of a user’s identity. While digital identities do include some static elements (e.g., name and address, mobile device number, national ID, biometrics, etc.), they also include dynamic elements. They are fueled by alternative data sources that represent an individual’s behavior in the digital world. A digital identity is constantly updated based on the information available from each digital transaction. In addition, digital identities require a trusted method of authentication to enable authoritative identity proofing. These methods can’t easily be spoofed or subverted. And, with the right analytics, digital identities can be scored to determine the risk that they pose to your business. This analysis looks at the correlations of the data inside and outside of the identity to establish whether the data goes together, whether it is connected with known risky people, whether there have been issues in the past and more. The use of digital identities solves two fundamental problems: static data and identity data storage. The adoption of digital identities results in a secure way of understanding who you are doing business with and the elimination of massive data repositories that put us all at risk. This breach has put the old way of understanding identity on notice. And, ultimately, it exposes us all to a better way that fits the needs of online users and online businesses. The consequences of identity fraud are frustrating, terrifying and costly to all. Stolen identities end up being used in the world financial system to fund terrorism, human trafficking, drug cartels and money laundering. This is no joke. It’s time to move beyond the credit bureau static information approach to digital identities.
Source: https://www.forbes.com/sites/forbesfinancecouncil/2017/10/10/moving-from-static-identity-to-digital-identity/2/#4c1b34c15a3f
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IdentityMind Global, pioneer of Trusted Digital Identities, today doubled down on enabling customers to quickly launch and manage their risk and compliance processes through new additions to its Client Success program. Updated APIs and services allow IdentityMind customers to reduce the time required to get integrated, and to more quickly launch their digital businesses.

IdentityMind’s Client Success program was designed for rapid technology deployment, greater compliance efficiency and reduced fraud, all without sacrificing user experience. As part of this program, IdentityMind has consistently invested in standards-based Rest API technologies to better cater to companies looking to get to market more quickly and to more nimbly adjust to regulatory and business changes. Companies from banks to virtual currency exchanges to cross-border remitters to digital gaming companies can use these APIs and services to automate compliance and risk management across their use-cases and customer risk-levels. IdentityMind provides a dedicated customer support manager and integration engineer to ensure integration happens correctly, the first time.

“Enabling our clients to leverage our Trusted Digital Identities database across our fraud prevention and anti-money laundering platform is paramount. Our API and services help them quickly configure and operate our RegTech platform to their specifications,” said Garrett Gafke, IdentityMind Global CEO. “We want our clients to be successful and we are devoted to making sure each of our client achieves success at internet speed.”

Earlier this year, as part of the Client Success program, IdentityMind created CORE (Client Oriented Results and Execution) to work with client on the integration and automation process.

“Automating the safe onboarding of online identities, may involve looking outside our own database” said Neal Reiter, Director of CORE. “We want our clients to be able to automate as much as possible, and most of our clients operate worldwide which complicates the requirements. Many times, this includes coordinating multiple activities in real time: document validation, knowledge based authentication, social network analysis, sanctions screening, enhanced due-diligence, etc. Each one of these activities may require additional data, and careful understanding of the API. Our job is to ensure keeping these in sync doesn’t become overwhelming.”

At the same time, IdentityMind has advanced its API and increased infrastructure investments to make integration easier for developers. API documentation is available through Swagger, GitHub and, later this year, through a developer portal.

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 potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit: http://www.identitymindglobal.com


Source: http://www.prweb.com/releases/2017/08/prweb14621292.htm

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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


Source: http://www.prweb.com/releases/2017/08/prweb14579646.htm

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IdentityMind Global and Confirm.io, today announced a partnership that combines IdentityMind’s risk management and compliance platform with Confirm’s ID authentication APIs and SDKs. The partnership exclusively offers Confirm’s advanced document authentication technologies for US driver’s licenses and IDs within IdentityMind’s RegTech platform.

Javelin Strategy and Research’s “2017 Identity Fraud Study”, found that $16 billion was stolen from 15.4 million U.S. consumers in 2016, up from $15.3 billion the prior year and amounting to $107 billion over the past six years.

The partnership strengthens regulatory and compliance automation with fully integrated, real-time mobile identity authentication services in support of Know Your Customer (KYC), Sanctions and PEP screening and Fraud Prevention. For instance, account opening and customer onboarding processes require verification that the information being presented is real and can be used by the entity providing it. Confirm.io enhances IdentityMind’s Platform coverage of identity document validation, and specifically with Confirm.io’s strong support for US state driver’s licenses and state identification.

“Trusted Digital Identities requires strong validation of the underlying identity attributes,” said Garrett Gafke, CEO of IdentityMind Global. “Confirm.io provides best in class identity document validation for the United States, especially for the very difficult to validate state IDs that are very common with our Millennial generation. The Confirm.io partnership also delivers on the promise of a frictionless user experience that provides the ability to understand and guard against risk while also keeping customers happy.”

Confirm.io enables secure transactions between businesses and consumers by authenticating Government issued ID documents with easy-to-use mobile SDKs and RESTful APIs. Through remote identity proofing, its solution aids customers in solving the ‘Know Your Customer’ problem that exists in highly regulated industries such as banking, insurance, and healthcare.

“Confirm’s ability to tie credible data to a trusted document at account origination strengthens downstream authentication checks and services. This adds tremendous value to any KYC process requiring remote identity proofing,” said Confirm’s CEO and co-founder, Bob Geiman. “The partnership provides IdentityMind Global with fast and accurate identity document data for it’s RegTech platform.”

About Confirm

Confirm provides APIs and SDKs that help organizations rapidly validate customer identity from a driver’s license or ID. The solutions utilize proprietary machine learning and computer vision technologies to conveniently and accurately capture, extract, classify and authenticate consumer identity document data for downstream authentication.

Follow Confirm: Twitter: https://twitter.com/confirmio Blog: http://www.confirm.io/blog/ LinkedIn: https://www.linkedin.com/company/confirmio

About IdentityMind Global

IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS Platform for online risk management and compliance automation. IdentityMind continuously validates and risk scores online identities worldwide through its eDNA to ensure global business safety and compliance at customer onboarding and throughout their lifecycle. It securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) to build payment reputations, and allows companies to identity and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. The Identity Bureau is a registered trademark of IdentityMind Global.

For more information, visit: http://www.identitymindglobal.com


Source: http://www.prweb.com/releases/2017/05/prweb14351941.htm

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