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Buyer's Guide

Download the Fraud Detection and Prevention Buyer's Guide including reviews and more. Updated: September 2022

What is IdentityMind?

The balance between best experience and least fraud is tough to find. Too much risk means fraud and chargebacks that can hurt your bottomline. Too much security means fewer customers and more unhappy customers. What’s the balance for the best online fraud detection? Knowing who’s on the other end of the transaction is the best start, and IdentityMind helps you get there.

IdentityMind lets you see who’s on the other end of the transaction so you can identify the good guys you want to do business with and the bad guys that you want to avoid. And, using digital identities powered by eDNA™ technology, you can get a more accurate picture of risk to enable better customer selection and fewer rejections of good customers. eDNA leverages machine learning to build trusted digital identities and analyze identities for the most accurate reputation score (risk profile) possible. Our algorithms provide reputations for each entity tailored for the industry in which you do business. And, we enable you to modify your risk process on the fly, adding in additional checks where merited.

IdentityMind Customers
Veem, Mercari, Fundbx, Binance, Huobi, Mezu, Montual
IdentityMind Video

IdentityMind Pricing Advice

What users are saying about IdentityMind pricing:
"The SaaS model that we pay is what I know the cost for, and it's reasonable. It's about just under $1,000 or something per month. There is a certain number of users that you get free."

IdentityMind Reviews

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Dhiraj Bhat - PeerSpot reviewer
Senior Product Manager at a tech services company with 11-50 employees
Real User
Top 10Leaderboard
Great third-party integrations, very stable and easy to set up
Pros and Cons
  • "They have a very wide variety of rules that allow you to integrate well."
  • "Some of the language around rules and integration can certainly be improved."

What is our primary use case?

I was working for a startup that was building a stablecoin product, which is basically a  gold-backed stablecoin (G-Coin) . For that, we needed to do identity validation for retail as well as business to business consumers. We didn't have a lot of B2B consumers, so we didn't explore that use case too much. However on the consumer aspect, we were basically doing all the data collection for each user on the app [ReactNative], and sending all PII data to IdentityMind via API to check the information against databases to make sure the digital identity of the user is known, transactional patterns are understood and their ID document is genuine and to make sure that they actually reside at their physical address, face matching against the ID and so on.

How has it helped my organization?

Essentially doing all of the KYC processing for each individual consumer on a manual level would be quite cumbersome and hence automating the process of onboarding each individual reduced the account creation time to under two minutes. Once the user has submitted all of the information on the app, the account is basically in under within two minutes. That's the advantage that it offered to us automating our compliance process, along with a case management system and graph database that was influential in helping us analyze fraud patterns if any.

What is most valuable?

On IdentityMind you have an admin portal where you can do a lot of integrations with their rule engine. Essentially, you can set up your own rules of how you want the system to behave under different circumstances. They have a very wide variety of rules that allow you to integrate well. 

Along with that, they also give you a lot of third-party integrations. Different services are managed by different third parties. For example, managing the ID documentation can be done third-party. We were collecting a lot of US driver's licenses, state ID's, and things like that. Managing the ID's was done by a third party called Mytech. That's just an example, but they do have a lot of third-party integrations that help you build nice rules.

What needs improvement?

Some of the language around rules and integration can certainly be improved.

Account creation rules and account creation flows were very helpful to me and very easy to understand, however, the management of transactions on the platform is not very good. 

The integration between the management of transactions and the management of account creation is quite low. I would love it if they could combine the two and make it a little bit more robust.

Mostly the challenge that I faced is some of the limiting rules or some of the fraud-related checks or preventive measures that we were taking, if we could take that on the account creation side, the transaction side, it would not carry over. We would have to redo the same thing there. The number of rooms on the transaction side was fewer. What I want is deeper and better integration between a transaction and an actual account that's been created today.

Let's say that I opened the details for the transaction to figure out something about it. The transaction is coming from a different geography. I want to know what's going on with it. If I could do that, I would ideally like to know who is doing the transaction without separately having to go and find this account through email search or whatever. Linkage between the two is pretty low and rules as well are not very integrated between the two.

In terms of AML and transaction management use cases, they do aggregate transactions. For example, let's say over a period of one month I do five transactions. Their backend system knows how many transactions I've done, yet they don't expose that to me on the user's side. I cannot see that and report it. I have to do a calculation. If I'm the user, as in I'm the company that's using it, I have to run calculations on my side to figure out how much transaction has gone through.

Buyer's Guide
Fraud Detection and Prevention
September 2022
Find out what your peers are saying about Acuant, NICE, IBM and others in Fraud Detection and Prevention. Updated: September 2022.
633,184 professionals have used our research since 2012.

For how long have I used the solution?

My experience with IdentityMind has been over 18 to 20 months. From January 2019, all the way till October 2020.

What do I think about the stability of the solution?

The solution is fairly stable, however, as they're introducing more and more rules and more and more organizations that help them with this stuff, I think the bigger thing needs to be flexibility in creating rules. Even more than what they provide right now. That would be quite helpful.

What do I think about the scalability of the solution?

I haven't actually gotten to see any scaling as we were still in a growth space due to limited funding.  

It's still being used there on a day to day basis. Whenever someone signs up for an account creation process, their information goes through it, and we basically process their account. 

What we're trying to do now internally, is to revamp the process of account creation so that we manage the service more efficiently, as in we only send data when it's required to be sent. Earlier, we were sending data for each customer. Now we've revamped the strategy. We're allowing basic account access where you cannot do any transactions before you finish. Some of the stuff is being changed, however, by and large, anyone that's doing transactions on our platform will have to have their accounts go through this system.

How are customer service and support?

Excellent customer service throughout

Which solution did I use previously and why did I switch?

I did not personally use a different solution at the previous company. However, ever since I moved into the new company we're using a different service. We're using Jumio. The use case that we have here is quite different as Jumio is mostly handling pretty much everything. Jumio is integrating the data and sending the information for each customer to Jumio and they have a team that's actually manually approving accounts if they need to be manually approved. Automatic approval is still going through.

How was the initial setup?

I was the admin account holder there because it's a startup. I wore a variety of hats. I was the admin account holder there. And the initial integration with the API was something that I managed.

The initial setup is fairly straightforward and their support team is very good, I must say. They're usually super helpful when it's coming to set up and even later, their after set up support is quite good.

I don't think deployment took more than a couple of weeks after the documentation.

We didn't really have a rollout plan. We just had the paperwork side on the finance side. Most of our infrastructure is on the AWS. It was quite easy for us to just integrate our backend service with their service as well.

There are about two people that are administering the solution. A few months ago, we even had a team that was looking at each individual application that went into a manual review to make sure that, "Hey, why did this application go into manual review? What are the parameters that failed?" Now we have a smaller team, but yes, we do have compliance teams that handle maintenance and are looking into account approvals.

What about the implementation team?

In-house development team. 

What was our ROI?

The biggest changes that we made are mostly on our side after we used the product to make sure that we were using the software properly and we are basically making our customer experience as good as possible. That made it a good return on investment. Apart from that, we of course we were able to manage fraud patterns in some cases, looking to specific users that seemed to be fraudulent and things like that. For that alone, we had a nice ROI.

What's my experience with pricing, setup cost, and licensing?

The SaaS model that we pay is what I know the cost for, and it's reasonable. It's about just under $1,000 or something per month. There is a certain number of users that you get free. You can go over the billing and then they'll let you pay the overcharges. Either that or you stay within the user limits. 

We were still in a growth phase so we were still in the SaaS model.

Which other solutions did I evaluate?

By the time I came into the company, the decision had been made to go with IdentityMind. The biggest reasoning for that is some of our technology team had worked with them in the past and they were really happy with them. 

The other bit is the case management system that the product has. It is a big reason why we went towards it. I would say there's still a number of things that could be improved and optimized on the case management system now. 

It also had integrations into the FinCEN for filing suspicious activity reports and things like that. That's something that was big during my association with ID Mind, so that's a good feature.

What other advice do I have?

We were initially using a cloud version of it. Later, we moved to SaaS as our users came down a little bit. We were using the SaaS version of the solution.

I would basically say that any potential new users should do some trial. You'll need to figure out some of the aspects ahead of time, such as how can you build anti-money laundering rules into the system. New users should take the required amount of information about the AML policy and the AML rules from IdentityMind before they make the decision on going for it. 

In terms of account creation and account blockage and all of that stuff, it works really, really well. It's a very mature solution at this time. However, managing anti-money laundering limits, managing individual customer limits, doing things like reporting on their side, downloading reports on users, et cetera, is not something you can do right now. That's something that I would keep in mind.

The pros are definitely the integration to FinCEN. The original FinCEN website to do suspicious activity report filing is quite old and very difficult to use. It's one of the older government websites. However, the integration that they have provided makes it easier on their UI to basically provide all the information and they basically do a batch of processing. 

The biggest con on their side is the AML role management, each individual consumer, et cetera. If you want to set rules around, "Hey, I want the transactions to stop at $5,000 for each individual customer when it adds up." Something like that is not possible. They do transaction aggregation on their backend, however, they do not expose that functionality to the user.

Overall, I would rate the solution eight out of ten. If the AML piece was stringer, I might rate it higher.

Which deployment model are you using for this solution?

Private Cloud

If public cloud, private cloud, or hybrid cloud, which cloud provider do you use?

Amazon Web Services (AWS)
Disclosure: I am a real user, and this review is based on my own experience and opinions.
PeerSpot user
Sr. Fraud Analyst at a tech services company with 51-200 employees
Real User
Top 10
Scalable with good security checks and a nice automation process
Pros and Cons
  • "The automated checks are excellent."
  • "The UI at first felt like it wasn't the easiest interface to interact with."

What is our primary use case?

We would do initial merchant applications and ongoing merchant reviews. What we would essentially do was plug all the information into IdentityMind, and we were using it essentially as an ongoing sanctions check platform. What IdentityMind carried out were daily or weekly checks with the sanctions with the multiple functions across multiple jurisdictions. If there were issues, we would be alerted; if there was any issue regarding, for example, if somebody appeared on a sanctions list. Once we get the alert we can investigate, ask, and follow up with the appropriate action. 

How has it helped my organization?

The solution automated the processes, which helped the organization immensely. There also wasn't a global reach previously. It's like it saved us a ton of time with regards to the identity verification with Mitek. I have 17 years of experience and to have a third party, as it were, to be there to say "yep, this looks okay "or "this looks a bit dodgy" is a great help. It allows us to go deeper on checks and to verify more effectively. 

What is most valuable?

The solution has some good plug-ins. We use one that is able to scan ID when it is provided and sends it to Mitek which was integrated with the solution. The plugin was able to review and identify the ID within minutes and provides us with a short report to let us know if the ID is valid or not. It's quite a useful add-on.

The security aspect is pretty good. There were about seven or eight parameters that were tested. For example, whether the solution would actually match the ID format and if what was reported appeared genuine. It was a good security aspect we used on an ongoing basis that we've found useful.

It was something good to have available for existing merchants. It allowed the to review items for risk on top of sanction screening.

The automated checks are excellent.

There is a network of links to various individuals that we've found useful as well. It allowed us to check against false positives or to further investigate an issue is someone denies a fact or detail.

The UI is new and updated and is improved from the older versions.

What needs improvement?

The user interface at first felt like it wasn't the easiest to interact with. However, this was partly due to the amount of information provided. For example, to view results of an ID card check, I needed to go through a set of windows, and it wasn't particularly intuitive. I felt that the UI itself could have been simpler and more intuitive with a little tweaking.

What do I think about the stability of the solution?

While we had some issues earlier on, now it is good. It's very stable. We've never had any drop-offs. I haven't experienced any issues with bugs or glitches. It's been reliable.

What do I think about the scalability of the solution?

The solution can scale. We started off with a few moved to a significantly larger number of affiliates. It was not a problem. It didn't seem to slow things down. The response rates or inquiries, although they slowed a little bit, wasn't bad. When you go from 200 entries to over 10,000, there was a little bit of a slow down. That said, it's pretty scalable overall. 

There were four of us spread across North America that worked with the solution directly.

How are customer service and technical support?

I've never dealt with technical support and therefore can't really speak to their level of responsiveness.

Which solution did I use previously and why did I switch?

We haven't really used a solution that's similar to this product. It's the sole platform we use for sanctions screening.

I have some experience with Threat Metrix, however, it's my understanding that that option is more for banking.

How was the initial setup?

To the best of my knowledge, there were one or two difficulties with the initial setup. However, beyond that, everything else ran rather smoothly. 

I haven't seen too much need for any maintenance aside from a UI upgrade. That was towards the end of 2018.

What was our ROI?

While I do have a pretty good idea of how much time it would save me, I don't have an idea of what the ROI is in relation to the company. With the automation provided, the labor costs alone each month is likely saving the firm money.

What's my experience with pricing, setup cost, and licensing?

While I would likely have heard if the solution was too expensive, I don't know what the exact pricing is. If it was too expensive, our company would get rid of it. Therefore, I can only assume that the pricing is reasonable.

What other advice do I have?

We're just a customer. We don't have a business relationship with the company.

I simply use the solution online. There isn't really a deployment model. I'm using the latest version that has an updated UI.

I would recommend the solution to others. For us, it's worked rather well.

Overall, I would rate the solution nine out of ten.

Disclosure: I am a real user, and this review is based on my own experience and opinions.
PeerSpot user
Buyer's Guide
Download our free Fraud Detection and Prevention Report and find out what your peers are saying about Acuant, NICE, IBM, and more!
Updated: September 2022
Buyer's Guide
Download our free Fraud Detection and Prevention Report and find out what your peers are saying about Acuant, NICE, IBM, and more!