On-demand anti-fraud and risk management solutions provider IdentityMind Global recently introduced an online service that integrates payment services, risk management and anti-fraud services into one platform. IDMPay is designed to help high-risk online merchants lower fraud rates, reduce chargebacks and, at the same time, increase transaction conversion rates.
"Online commerce has dramatically changed the risk landscape," said Garrett Gafke, President and Chief Executive Officer of IdentityMind Global. "It just makes business sense to have payments tied to a very strong risk management platform creating a one-stop shop for the market."
According to IdentityMind, the U.S. migration to chip-and-PIN cards in response to mandates from the major card brands will protect card data only at the POS and will do nothing to protect card-not-present fraud vulnerabilities when conducting online transactions. "On the contrary, in Europe and other places where EMV has already been implemented, online fraud has in fact increased as fraudsters move to conduct fraud online," the company stated.
IDMPay is backed by IdentityMind's patent-pending Electronic DNA (eDNA) technology, which is capable of tracking all entities involved in the transaction, including consumers, merchants, wallet and alternative payment providers, among others, the company said.
Through its built-in eDNA technology clients are able to build reputations associated with individual entities which can then be deployed network-wide in evaluating the risk potential for pending merchant account applications, consumer account originations and identity verifications, for example.
Additional features of IDMPay include:
Company: IdentityMind Global Product: IDMPay Website: www.idmpay.com
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