IdentityMind Goes Social To Tackle False Declines

IdentityMind Sanction Screening Tool

IdentityMind announced the launch of its new solution that uses social network intelligence to help companies reduce false positives by 50 percent.

Weave, a sanctions screening tool released today (Sept. 26), enables FinTechs, financial institutions and online merchants to utilize IdentityMind’s patent-pending eDNA™ technology to check against more than 30 sanctions and 30+ sanctions lists and IdentityMind’s own Politically Exposed Person (PEP) list.

“Terrorism is a threat to us all. To stop it, we all need to do our part to cut off its lifeblood — the funding,” Reginald Hyde, executive director of University of Alabama’s Cyber Institute, explained. “IdentityMind’s Weave product more accurately identifies sanctioned individuals, organizations and their associates. Weave provides protection above traditional sanction screening processes, keeping your business in compliance, while helping us all fight terrorism.”

The solution looks for known associations via public data, social network analysis, deep/dark web and other private data sources to address some of the challenges of sanction screening, including false positives, providing the known associates of entries on PEP lists and flagging individuals who may not be on a sanction list but still have ties to illicit activities.

“Our Sanction Screening technology has produced strong results for our clients — in some cases, reducing false positives versus other industry leading providers by as much as 95 percent. And Weave is a key element in improving that success rate,” Garrett Gafke, president and CEO of IdentityMind Global, said in a statement. “Understanding an individual’s social footprint adds a new dimension to digital identities in our platform. It can further classify individuals’ associations and affinity to nefarious groups, providing extended profiles that meet regulatory requirements for PEP screening and Enhanced Due Diligence.”

IdentityMind said the Weave solution will aim to deliver companies with decreased false positives, reduced false negatives and lower operational costs.