PORTLAND, Ore. - February 13, 2008 - iovation, the device reputation authority for the Internet, today announced it is currently helping its online customers stop more than 10,000 fraudulent activities per day using its device-based fraud management solution. The company expects that number to nearly double by the end of 2008. iovation provides a trust infrastructure for the Internet for customers in online retail, financial services, Internet gaming and online communities.
"These significant milestones reaffirm the value of stronger, more effective fraud management tools that enable online businesses to reduce the rate of fraud and abuse that occurs every twenty-four hours," said Greg Pierson, CEO of iovation. "As Internet businesses look to strengthen their arsenals to combat more sophisticated fraud schemes, iovation is the tireless watchdog that alerts customers each time a computer associated with fraud or abuse tries to make a transaction or log onto their site. Providing the device intelligence needed to stop over 10,000 fraudulent activities each day further validates the impact iovation is having in the fight against online fraud and abuse."
Using patented technology, iovation's ReputationManager™ fraud management service uniquely identifies devices that have been used for fraud and abuse, and creates a web of association that provides fraud managers with deeper insight into account and devices relationships that exist within their network and among their industry peers. iovation will perform more than one billion device reputation checks this year to help online businesses stop fraudsters and other online offenders from hiding behind multiple identities to perpetrate fraud and abuse.
"While overall fraud rates have dropped, the sophistication of fraudulent activity has risen, partly because of major weaknesses in the user authentication schemes available to online financial service and e-commerce providers," said George Peabody, director, Emerging Technologies Advisory Service at payments research firm Mercator Advisory Group. "For financial transactions to succeed within social networks, solid reputation and trust are essential. The same holds for mobile banking and payments. Device fingerprinting and the behavioral monitoring of those devices as delivered by iovation promise to keep downward pressure on fraud and abuse."
Additionally, iovation's Device Reputation Authority™ (DRA) manages the reputations of more than 30 million unique devices worldwide. Customers sharing iovation's robust fraud and abuse network are better equipped to block fraudsters from returning to their sites to repeat fraudulent activity, as well as prevent them from entering their online environments in the first place.
"By focusing on the reputation of a device, iovation provides an extra layer of defense that allows our customers to shut the revolving door on fraudsters who create multiple accounts to repeat the same undesirable activity," said Scott Olson, vice president of marketing at iovation. "By providing around-the-clock protection against accounts and devices linked to fraudulent and abusive behavior, our customers have the ability to make quicker, better informed decisions to stop fraudsters the instant they try to enter or re- enter their sites."
iovation, headquartered in Portland, Oregon pioneered the use of device reputation for managing online fraud, abusive behavior and multi-factor authentication. Today, iovation manages the reputation of millions of Internet-enabled devices worldwide, allowing its customers to control online fraud and abuse while benefiting from sharing device reputation intelligence. For more information on iovation and the company's products, visit www.iovation.com.