News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

IdentityMind Taps ‘eDNA’ for New Anti-Fraud Platform – May 24, 2012

IdentityMind Taps ‘eDNA’ for New Anti-Fraud Platform 

May 24, 2012

IdentityMind, a Palo Alto, Calif.-based company whose technology enables customers to establish Internet identities, used the CNP Expo on Monday to officially launch its anti-fraud platform. The company says the basis of its IdentityMind Antifraud Platform is the concept of “electronic DNA” (eDNA)—the profile created for each Internet identity based on certain parameters observed over time during the execution of online transactions. IdentityMind combines eDNA with historical records and payment behavior to evaluate online transactions in real time for fraud.

“The Internet has always had the problem of not understanding who are the users behind Internet transactions,” says Dr. Taher Elgamal, co-founder and chief identity officer of IdentityMind. “With our eDNA we take a very important step in solving that problem, and give merchants, acquirers, PSPs, and financial institutions the ability to say with a high degree of confidence who the users are.”

Also during the CNP Expo, IdentityMind announced it has partnered with identity verification firm IDology. The integration of IDology’s ExpectID will enable the IdentityMind Antifraud Platform to verify specific identity attributes during online transactions for anti-fraud evaluation.

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Daniel Leibovitch