Austin-based Mozido joins in mezzanine funding for IdentityMind Global, a risk management platform for e-commerce and regulatory compliance. The investment will also integrate IdentityMind’s technology into Mozido’s MoTEAF platform, a cloud-based mobile payments ecosystem.
Mozido is creating a global footprint of consumer transactions that will benefit from the IdentityMind investment with increased capabilities to combat international payment fraud from the world’s banked and unbanked consumers. Mozido merchants and issuers will have a global, fraud prevention and evaluation system that ensures user identification, transaction authenticity, and mobile device security using a robust analytics platform consisting of dozens of data sources recognizing and validating identities around the world.
Because unbanked consumers don’t traditionally have the credit and transaction history that banked consumers typically have, Mozido’s partnership with IdentityMind will create a unique risk-managed ecosystem for authenticating unbanked user identities. The partnership will give merchants the ability to ensure within every transaction:
• Recognition: Merchants will initially be able to recognize the user and device
• Identification: The user is compared across dozens of data sources to verify identity
• Authentication: Once the user is identified, the transaction is authenticated across Mozido’s MoTEAF platform
• Security: The transactions are completed in a highly secure environment, whether the user is requesting the payment token through a smartphone or a basic SMS-enabled mobile phone
IdentityMind Global provides solutions for risk management and regulatory compliance for the e-commerce ecosystem. The Fraud Prevention and Risk Management Platform offers Financial Institutions and Online Merchants with real-time capabilities for effectively addressing the operational challenges of conducting financial and payment transactions online. The Platform delivers integrated Fraud Prevention, Anti Money Laundering (AML), Know Your Customer (KYC), Merchant Underwriting and Transaction Monitoring.
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