IdentityMind Global Strengthens AML and Risk Management Services

Today, version 1.15 of IdentityMind Global’s Anti-Fraud and Risk Management Platform was announced. Enhancements to the platform include document and SMS text verification, the addition of rules and updates to AML analytics, and incorporating multiple geo-location related anti-fraud rules.

IdentityMind Global

The company’s CEO and president, Garret Gafke, stated:

“We are innovating across our entire platform. We are growing rapidly in all applications. By listening to our customers, we’re carefully building and expanding on the features that make them operationally efficient and successful, while keeping track of our innovation goals.”

The updated platform’s features include Transaction Monitoring for Money Service Businesses and Money Transmitters. This was specifically created for the realm of bitcoin businesss, where rules for incoming and outgoing funds have been improved. The update allows search filters that let users focus more on set dollar amounts and percentages.

Another feature allows for an Automated Review Engine, which adds rules to reduce manual reviews. Customers are given specific analysis of disparate geo-locations from billing addresses and issuing countries. They will also have the ability to exclude re-bills from anti-fraud scrub.

The third feature that comes from version 1.15 is Document Verification through Jumio. Documents can now be verified for Know Your Customer ans Anti-Money Laundering  services. With Jumio, smart devices become ID scanning terminals. ID’s from driver’s licenses to passports can be scanned from over 100 different countries.

Lastly, the new update allows for Visual Analysis. Updated Entity Graph enhances the manual review process by highlighting key findings from the analysis of the entities’ key relationships and attributes that may have been identified as fraudulent.

Clients will have access to version 1.15 immediately, and can contact IdentityMind Global for further information.

Jumio

Jumio is an on-demand anti-fraud and risk management platform. It partnered up with IdentityMind back in April, and will work in conjunction with it to offer Ecommerce retailers, financial institutions, and payment service providers a solution to reduce fraudulent risks and activity.

The partnership will enhance identity verification technologies and databases available to IdentityMind clients. Government-issued documents can be verified through the service, insuring that forgeries do not sneak through the cracks. Essentially, this will also make bitcoin transactions safer.

Jumio was founded in 2010 by CEO John Mattes, and was backed by investors such as Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin.

Image via IdentityMind