IdentityMind Global releases IDMPay payment service for online merchant accounts

Friday 28 March 2014 06:48 CET | News

IdentityMind Global, an on-demand platform tracking internet identities and providing anti-fraud services, has introduced the IDMPay payment service for online merchant accounts.

The newly launched IDMPay integrates payment services, risk management and anti-fraud services into one platform.

IDMPay supports a variety of payment methods and enables online merchants to:
• Build payments models that are in tune with their consumer base;
• Maintain a good relationship with banks and card brands (keeping chargeback strategy to comply with regulations);
• Apply risk management strategy (being able to detect and mitigate fraud).

Analysts estimate the size of the high-risk market at almost USD 850 billion in annual sales, with 90% of respondents reporting losses, according to a recent Federal Reserve Survey. Recent security breaches at major retailers have spurred the introduction of chip & PIN cards in response to EMV requirements, which protect the card data at the Point-of-Sale. However, this does not protect online merchants, or prevent card-not-present (CNP) fraud. 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.

IdentityMind Global is an ecommerce company offering an on-demand platform servicing payments, risk management, anti-fraud and anti-money laundering services for acquiring banks, payment processors and gateways, payment service providers (PSP/ISO/MSP,IPSP), digital currency exchanges, financial institutions (banks, money service businesses (MSBs), money transmitters) and online merchants.

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Keywords: IdentityMind Global, IDMPay, payments , online merchants, online fraud, risk, anti-fraud, US
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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