Founded and built on the premise of driving integrity back into the digital economy through creation and sharing of Digital Identities, IdentityMind provides real-time risk management and compliance.
After seeing that the fraud prevention solutions in the market could not handle the complexities of e-commerce transactions and the transformation to digital, IdentityMind went into action. They pioneered the concept of creating digital identities based on their digital footprints. Called eDNA™, it describes a holistic internet identity (individual or a business) by looking at attributes and how these attributes relate to each other.
IdentityMind realized that eDNA™ could answer the question of who is on the other side of the transaction and should you trust them.
Garrett Gafke, Chief Executive Officer of IdentityMind is a successful entrepreneur and Fortune 500 Executive, blending early stage action with public company knowledge. Prior to founding IdentityMind Global, Garrett served as President & CEO of Paymate, an innovative provider of payment and risk management services which was acquired by Flexigroup (FLX). Prior to Paymate, Garrett has also 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.
Garrett helped build VeriFone’s Internet Commerce Division (PAY) which was later acquired by Hewlett Packard (HP) for $1.2 billion. He has 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. Garrett is an active angel investor and Board Member of early stage companies around Silicon Valley.
While talking about the early days of IdentityMind, he shares, “We pioneered the idea of a digital identity. No one had talked about digital identity until really 2014 in this context. How do we build and complete this hypothesis of someone’s electronic DNA(eDNA™), build a reputation around that eDNA™, and then share it with customers across markets within network function? All of this to build greater integrity across the financial services marketplaces. 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.”
Services provided by IdentityMind
IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS Platform for Online Risk Management and Compliance Automation. IdentityMind continuously validates and risks scores online identities worldwide through its eDNA to ensure global business safety and compliance at customer onboarding and throughout their lifecycle. It securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) to build reputations, and allows companies to identify and reduce potential fraud, onboard accounts, perform KYC identity verification services, and identify suspicious activity for money laundering.
IdentityMind is innovative in many different ways. They started their business with innovative technology – called eDNA™ and patented it in 2016 – for creating and evaluating digital identities as the core of their risk management and automated compliance platform. They provide the ability to understand if the entity on the other end of the transaction: is a real user/business entity, is authorized to use the information they presented, is someone you should do business with, and whether they pose a risk to the business’ brand. And, to answer these questions, they apply identity graph and machine learning technology to understand correlations across large amounts of data and within digital identities to better understand the risk that each identity poses. And, all this happens before the transaction even takes place.
Culture, that is ideal
While talking about the culture of the company, Garrett says, “We have worked hard on our culture: a very flat and diverse culture devoid of the typical politics that usually distracts companies from executing. We also pride ourselves in having built direct line of communications with our clients, they have access to everyone in IdentityMind at all times. I am the greatest advocate and protector of this culture.”
Garrett says, “We are constantly innovating and building value within the platform for our customers, and while we can’t reveal too much of what we are working on, it is fair to say that it involves more advanced versions of what we already have, and faster and easier ways to apply it to the businesses that need it.”
Achieving a balance between global customer acquisition, risk assessment, and regulatory compliance, for any business, is difficult without the proper strategy and technology. This is the reason IdentityMind has created, “The Digital Identity Evaluation Guide”, which provides a framework that will help you think through your strategy with a focus on the functionality and technology that can help you achieve it.
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