Sr. Fraud Analyst at a tech services company with 51-200 employees
Real User
2020-12-13T22:49:08Z
Dec 13, 2020
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.
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.
What is Fraud Detection and Prevention? It wasn’t that long ago that fraud detection and prevention involved reviewing a fair bit of historical data analysis. Data scientists would be poring over tons of credit card records in order to spot fraudulent (or with luck, potentially fraudulent) activity.
Fast forward to today and we see fraud detection systems depend on catching and stopping fraud the second it’s spotted or even before it actually occurs. Automated solutions for fraud...
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.
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.