iovation Exceeds Two Billion Fraud Checks
Device Reputation Service Provides Significant Uplift For Fraud and Abuse Prevention
PORTLAND, Ore.--(AllPayNews.com)--iovation, provider of the world’s first device reputation service for preventing online fraud and abuse, today announced that it has provided over two billion reputation checks for its online business customers. iovation uses device fingerprinting to identify unique devices and establish device reputations that are based on each device’s history of fraud or abuse. iovation customers reach out to iovation’s global fraud database, the Device Reputation Authority (DRA), in real-time to determine whether or not they have seen a given device before and if that device has a history of fraud or abuse at any site that uses the service. These checks have resulted in the identification of over 140 million unique device reputations, an impressive growth of nearly 500% from just one year ago.
The increase in the size and scope of iovation’s customer base allows the company to provide unique insight into devices visiting its customers’ online businesses. Not only does iovation maintain a large and growing database of device reputations that reflect actual online fraud—e.g. a credit card chargeback—the growth of that database has allowed the company to create a device-based risk service that complements and provides significant uplift to existing identity-based fraud management tools.
“One of the things we hear from our customers time and again is the unique uplift they get from our service, which is based entirely on device reputation data and is independent of personally identifiable information,” says Greg Pierson, CEO of iovation. “Identity-based systems are an established and important part of the fraud prevention process. Adding device fingerprinting, and more importantly the shared knowledge of the reputation of the actual computer used in an online transaction, will catch and prevent problems that would otherwise be missed. We help our customers dramatically reduce fraud and abuse while reducing false positives and manual reviews to ultimately provide an amazing return on investment.”
The ability to assign histories of past fraud and abuse to a unique device is invaluable to online fraud management; the ability to share these reputations without compromising any sensitive personal information is a service offered only by iovation. Because our customers know with certainty when a device has already committed fraud on their site, or on the site of one of their peers, they can block that device in real-time, reducing the effort of reviewing large numbers of risky transactions.
In addition to establishing the reputation of unique devices, iovation’s DRA exposes previously hidden relationships between accounts and devices in our customers’ systems. Our customers will know if one applicant has applied for credit ten times in the past hour, or created ten new accounts. Exposing these relationships is essential in catching fraud rings and money laundering rings, where the associations between devices and individuals aren’t apparent with standard fraud management systems.
“The subscriber evidence is crucial to my group, in that it acts as an early warning service, and the vast majority of alerts that we get are new accounts that have not yet had an opportunity to commit fraud in our system,” says John Kothanek, Director of Risk Operations at Obopay. “The bad guys are sharing information with each other, and iovation has found an excellent way for the good guys to share information on fraud schemes before they have a chance to do harm. iovation ReputationManager quickly became one of the favorite tools that we have in our asset protection toolbox.”
iovation, headquartered in Portland, Oregon, pioneered the use of device reputation for managing online fraud and abusive behavior. iovation unlocks the power of device identification by sharing the reputations of 140 million unique devices, allowing businesses to reduce more online fraud and abuse while benefiting from sharing device reputation intelligence. Today, iovation performs more than three million daily fraud checks for its customers and stops over 20,000 fraudulent activities every 24 hours. For more information on iovation and the company's products, visit www.iovation.com.
Connie Gougler, 503-943-6748