50 Smartest Companies of the Year 2016

Real-Time Compliance Automation and Fraud Prevention Using Trusted Digital Identities: IdentityMind Global

Established in 2013, IdentityMind Global is a RegTech company that serves customers ranging from financial services firms, to top bitcoin marketplaces and FinTech leaders. As the pioneer of trusted digital identities for digital commerce,
IdentityMind’s on-demand platform provides identity-based risk management, fraud prevention, and anti-money laundering services for Online Lenders, Acquiring Banks, Payment Processors, Gateways, Payment Service Providers, Digital Currency Exchanges, Financial Institutions, and e-Commerce Merchants.

Digital Identities that You Can Trust
To reduce fraud and regulatory compliance risk, the IdentityMind on-demand platform builds a reputation or trusted digital identity by collecting information associated with an identity, along with its financial transaction history and behavior, geolocation, and device information, among others. Companies then can use that information to evaluate customer transactions and account applications and fundamentally answer two questions: Is the person who they say they are, and whether they are trustworthy enough to carry out business with.The IdentityMind platform leverages a three-step automated process, starting with identity and payment reputation evaluation, powered by a rules engine that can detect risky activity. Combined with integrated third party data and technology providers, IdentityMind is a broad and powerful platform for eliminating fraudulent activity and comply with regulations.

IdentityMind has created its own identity network of over 170 million trusted identities that helps FinTech organizations and merchants across the e-commerce universe prevent fraud, reduce operational costs, and expand their business into new channels.

“Working with a broad spectrum of companies around the world, our mission is concise— construct trusted digital identities and infuse integrity back into the global market of digital commerce. We continue to enhance our core technology eDNA™, capturing good and bad actors within the ecosystem in order to provide cost-effective risk management solutions while keeping the privacy of the actors,” said Garrett Gafke, CEO and President. “Together we are impacting and neutralizing some of the most pressing issues facing our society and the financial ecosystem including Money Laundering, Transactional Fraud, Terrorist Financing and boarding risk/Know Your Customer (KYC). Everyone at IdentityMind is deeply devoted to this mission,” he added.

Key Differentiating Factors
Trusted Digital Identities: This technology, called eDNA, allows customers to evaluate risk using trusted profile for the entities who are conducting the transaction. These profiles include over 50 attributes including payment, location and device information.

Comprehensive Solution: The company is one of the few solutions on the market that is able to help companies identify and reduce fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify money laundering in a single solution.

Operational Efficiencies: The platform focuses on facilitating automated and operational workflows providing the business logic, the reports, and case management to enable efficient operations from risk, compliance and financial crime analysts.

Data Access: IdentityMind works with a wide variety of vendors to provide access to data including identity validation, social networks, deep web, and public and private blacklists.

A Broad Solution
Expanding its product line, IdentityMind recently released a risk-managed, API-based transaction gateway—IDMPay. This solution provides online merchants with a full range of capabilities for managing account approval, payment processing, risk mitigation, and chargeback reporting. It also tackles the complexities of managing risk due to demands for cross border payments and provide services for under banked and unbanked demographics for explosive growth of mobile payments. In addition, the company offers Merchant Sentinel, a service for financial institutions to handle compliance and manage risk across their high-risk merchants portfolio, such as virtual currency exchanges, internet lenders and money transmitters.

Knowing the Key Executives

Garrett Gafke, CEO & President – Garrett is a successful entrepreneur and Fortune 500 Executive, blending early stage action with public company knowledge. Prior to founding IdentityMind Global, Gafke served as President & CEO of Paymate, an innovative provider of payment and risk management services which was acquired by Flexigroup (FLX). Prior to Paymate, he worked as advisor/Interim-CEO for several top tier venture firms and private equity firms. Garrett has served as President and CEO for SteelEye which was acquired by SIOS a public Japanese company, and was a member of the senior executive team that built and took CyberSource (CYBS) and Trintech(TTPA) public, the former of which Visa acquired in 2010 for $2 billion. 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. He is an active angel investor and Board Member of early stage companies around Silicon Valley.

Jose Caldera, VP of Marketing & Products – Jose has been developing and marketing products for the last 20 years. An entrepreneur at heart, his focus has always been on the Enterprise, developing products and services for Information and Payments Security, Risk Mitigation and Compliance. He started in application and network security, later moving on to payments, virtual currencies, anti-fraud, and anti-money laundering. He has developed and marketed products for a number of Silicon Valley companies including Securify, McAfee and now IdentityMind Global. Jose earned a Master’s of Science in Information Networking from Carnegie Mellon University.

Kieran Sherlock, Chief Technology Officer – Kieran has over 25 years experience developing high-availability distributed systems, with his last 15 years being spent in the security and anti-fraud space. Prior to being IdentityMind Global’s first employee, he was a founding team member at Securify, where he built a next-generation network intrusion prevention product, and co-invented the associated patent suite. After Securify’s acquisition, Kieran was a Systems Architect defining McAfee’s next generation firewall strategy. He graduated with First Class Honors in Computer Science from Trinity College, Dublin. Kieran is also a competitive cyclist with multiple California State
Champion titles.