Providing Real-Time Risk Management and Automated Compliance Through a Highly Configurable, On-Demand Platform: IdentityMind

The digital economy has changed how money works. Originally, bank deposits and retail transactions dominated. Now, online transactions over computers and mobile devices play a big part in the financial system, and are key to the digital economy. However, it became apparent that there was little innovation around the risk space and, in particular, applying technology to identifying who’s on the other end of the transaction with the goal of building trust around that relationship. This fundamental problem was addressed by IdentityMind to allow businesses of all sizes to manage their risk and compliance efforts more efficiently and effectively.

How It Began

IdentityMind was founded in 2013 by Garrett Gafke with the goal of driving integrity back into the digital economy. “We wanted to address who people really are and whether it was safe to do business with them digitally. We wanted to inject integrity back into the digital marketplace, integrity that was being eroded away,” explained Garrett Gafke.

As the digital economy grew, it became apparent that traditional models for evaluating and responding to risk could not keep up with the growing digital community. And, technology solutions that were attempting to solve fraud issues only looked at a few aspect of the entity on the other end of the transaction, leading to inaccuracies that resulted in higher fraud or abnormally high rates of rejected customers and their transactions. IdentityMind addressed these issues by building an on-demand platform for risk management and compliance with trusted digital identities and its patented eDNA technology at the center.

Products and Services

IdentityMind’s platform extends from KYC (Know Your Customer), AML (Anti-Money Laundering), Santion Screening to On boarding Fraud and Transaction fraud. The platform can be leveraged as a Saas platform or through its standards-based APIs. IdentityMind provides it solution to Banks, FinTech companies and Money Service Businesses around the world.

At its center are trusted digital identities that represent the entities at the other end of a transaction that it is safe for you to do business with. And, eDNA is IdentityMind’s patented engine that builds and continuously validates and risk scores digital identities. eDNA lets businesses 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 fraud, onboard accounts, enable identity verification services, and identify money laundering. eDNA uses machine intelligence to correlate the attributes (e.g. phone number, address, device ID) within entities and across entities to build a risk profile tailored to a company’s industry.

“We always have new products and new versions of existing products ready to go.”

IdentityMind works with customers and prospects, and researches the market to determine which issues it will address across the risk management and compliance spectrum. Most recently it released the IdentityLink API to help companies evaluate and analyze the associations within large quantities of transaction data to find the good actors that they want to do business with and the bad actors that they want to avoid. The IdentityLink API is part of IdentityMind’s overall RegTech API plan that takes all the individual pieces of its risk management and compliance platform and exposes them through standards-based APIs to allow companies to add the pieces that they need, when they need them without abandoning their current systems or processes.

Track Record of Success 

Garrett Gafke is a successful entrepreneur and Fortune 500 Executive, blending early stage action with public company knowledge. Prior to founding IdentityMind Global, Mr. Gafke served as President and CEO of Paymate, an innovative provider of payment and risk management services which was acquired by Flexigroup (FLX). He helped build VeriFone's Internet Commerce Division (PAY) which was later acquired by Hewlett Packard (HQP) for $1.2 billion, and served as the Group Vice President and General Manager for Cardinal Health's (CAH) technology division. A serial entrepreneur, Garrett has a proven track record of founding and growing great technology companies, having completed five M&A transactions, and two successful IPO's. Mr. Gafke is an active angel investor and Board Member of early stage companies around Silicon Valley.

"Our vision is to put financial services companies, FinTech companies and merchants ahead of the fraudsters and allow them to more easily meet their compliance obligations."