Online retailers have found that in addition to selling products, letting third party vendors sell on their platform has enabled them to grow by leaps and bounds. For example, Amazon has 2 million third-party sellers and over 50% of all items sold are through them. The benefits to online retailers for having third-party vendors include:
Ever since we started working on Digital Identities in 2012, our focus has been knowing and mitigating the risk of transactions. There is the risk in:
- Financial transactions (payment, deposits, transfers) where there is movement of money
- Onboarding transactions (new customer) where you need to understand whether you should do business with an individual or an organization
- Activity transactions (logins, password changes) where mundane actions may indicate larger concerns
In version 1.24 of the IdentityMind platform, we introduced the concept of a risk and compliance dashboard. Our new dashboards were designed to help you improve operations by providing a quick overview of the operational aspects of the risk and compliance efforts that you are most focused on.
For the past year, it’s been nearly impossible to read a fraud prevention or compliance article without “RegTech” and/or “Machine Learning” in it. In this article, we are going to talk about both; specifically, how the new version of IdentityMind’s platform helps deliver on the RegTech and machine learning promise.
You can have an amazing product or service, but without customers your offering won’t survive. In order to have access to your offering, new customers must be onboarded.