Business rules are the lifeblood of customized online fraud prevention for specific business environments. Is your company using the right ones?

Earlier this week, iovation announced the addition of two new business rules to its already deep pool of more than 50 business rules, giving companies even more ways to enhance their online fraud detection and prevention techniques.

Here are the highlights:

  • The Transaction Details Watch List rule enables you to watch for numerous device and transaction details that are not available from other Watch List rules, such as screen resolution, operating system, site ID, SKU, and many more.
  • When comparing geolocation to timezone, the Enhanced Timezone / Geolocation Mismatch rule now considers native geolocation data collected using the iovation mobile SDK.
Why Rules Matter

Having a wide range of business rules at your disposal is critical to preventing online fraud. That's why they are a big part of iovation’s Fraud Prevention. If a device that comes to your online site is not recognized, iovation assesses it for unique behavioral patterns associated with risk and provides a recommendation based on the business rules you specify.

When a device triggers a rule, the rule’s weight contributes to the overall transaction score. Devices with higher scores are deemed more trustworthy and may be allowed to proceed. Those with lower scores may be automatically denied, flagged for manual review, or presented with authentication challenges, depending on defined preferences.

Business Rule Categories

With more than 50 individual business rules, tailoring your protection to meet your specific fraud management needs is easier than you might think. Here are some of the main categories of business rules you have at your disposal with iovation's Fraud Prevention.

  • Evidence: An account or device is associated with evidence of fraud or abuse. Different weights can be assigned to specific evidence types, whether submitted by your company or other iovation clients.
  • Velocity: Set thresholds for the volume or frequency of a given activity within a specified time period. Apply thresholds to one or more of your customer interaction points. You can score based on local velocity, considering only traffic at your own site, as well as global velocity, leveraging the combined experience of other iovation clients.
  • Geolocation: Determine whether the transaction originates from a high-risk location, an anonymous proxy, or a masked IP address. These rules may be applied to country, region or city.
  • Anomaly: Anomalies such as geolocation and IP address mismatches, time zone mismatches, and other inconsistent characteristics are revealed to trigger a check for suspicious activity or attempts to evade detection.
  • Risk Profile: Risk profile rules indicate when a device has characteristics similar to other groups of risky devices. Risk profile rules factor risk score for devices into rule weights by multiplying the rule weight by the risk score. The resulting rule weight can influence the overall transaction score.
  • Watchlist /Compare: The device or other transaction elements are associated with a list you’re watching. You can set up positive or negative lists, and compare different values to expose risk.
  • Age-based: Understand the time period over which an account and device have been associated. New devices may be set to trigger alerts when the minimum age of the account/device relationship is not met.

To learn more about iovation Fraud Prevention and how business rules play an integral role in your ability to combat online fraud, download our new Fraud Prevention brochure.

Better yet, request a demo to see how it works with your own eyes.