IdentityMind Global has upgraded its fraud prevention and risk management software to enable real-time monitoring of e-commerce fraud and money-laundering attempts at financial institutions.
A new rule engine in the IdentityMind platform builds on the company's experience with banks, payment service providers, e-commerce, money service businesses, virtual currencies and mobile payment providers.
The platform addresses the need for financial institutions and e-commerce providers to combine business policies and fraud prevention strategies across the Web, mobile and various applications. It provides separate controls for the mobile channel, the Palo Alto, Calif.-based fraud prevention provider stated in a May 26 press release.
"Digital commerce continues to progress and these businesses and financial institutions are facing an evolving spectrum of risk challenges," Garrett Gafke, CEO and president of IdentityMind Global, stated in the release.
"It is no longer just account fraud, identity theft, or fraud prevention for e-commerce," Gafke added. "Digital commerce now combines money transfers, account creation for digital wallets, alternative payment methods, provisioning and remittances, to name just a few."
IdentityMind Global validates users registering accounts for digital wallets by using presented data, fraud histories, past transactions, sanctions list status and other factors in single application interface.
Banks supporting Apple Pay have encountered some problems with registrations of fraudulent cards onto Apple Pay, leading to a call from partners and security vendors to take a deeper risk management approach to the process.
In addition, banks and merchants are increasingly working to keep their anti-fraud strategies in pace with an ever-changing criminal landscape.