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The Green Sheet Online Edition

April 28, 2014 • Issue 14:04:02

New Products

Protection for online merchants

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:

  • Full visibility and control of anti-fraud rules, data analysis and blacklist updates
  • Automatic refunding of risky transactions as determined in post data analysis
  • Chargeback report consolidation in a single user interface
  • Affiliate traffic monitoring to identify and prevent affiliate fraud
According to IdentityMind, with this offering the company is able to now combine payment processing services with over a decade's experience as a proven global platform provider to the top 20 banks in the United States and Europe. IDMPay's target market includes payment service providers, payment processors, acquiring banks, gateway providers and online merchants who are involved in high-risk transactions. end of article

Company: IdentityMind Global Product: IDMPay Website: www.idmpay.com

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