Mozido, the Austin-based global mobile commerce solutions provider, today announced it has participated in the Series B financing of IdentityMind Global, a risk management platform for e-commerce and regulatory compliance.
As a part of this investment, Mozido and IdentityMind have formed a strategic partnership to expand safe, secure mobile commerce around the world.
"Mozido serves customers around the world that require specialized products and services to help them manage risk and ensure compliance," said Mike Love, president of Mozido. "Our investment in IdentityMind increases our capabilities in this critical area."
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. Mozido has integrated IdentityMind's technology into its MoTEAFTM platform - a cloud-based mobile ecosystem for payments, engagement, and rewards - and will be accumulating data from all transactions running on the MoTEAF platform.
"Fraud prevention in e-Commerce and online transactions is most effective when the identity of the consumer or entity is known," said Garrett Gafke, president and CEO of IdentityMind. "Our platform recognizes individuals based on a combination of attributes and helps validate how these attributes correlate against each other both online and offline. This is particularly important in mobile commerce where online merchants sacrifice collecting information for reducing friction in the mobile payment/registration process, and mobile adoption is larger within underbanked and unbanked demographics."
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