Use your customers' devices as a second factor of authentication.
It’s always exciting to launch a new service that we know will have a big impact on a company’s fight against online fraud, especially when it comes to stopping account takeover. This month we’re taking our strong device recognition capabilities, and no one has more experience than iovation in recognition, into the authentication market.
According to Gartner1 a, “Contextual, adaptive approach can increase trust beyond that provided by, for example, a password, without requiring users to use a ‘traditional’ higher-trust authentication method, unless and until elevated risk is indicated.” iovation’s device-based authentication gives businesses the ability to register customers’ known devices—such as a laptop or mobile phone—to their accounts as a frictionless, second-factor of authentication.
We consistently see account takeover and identity theft attempts across industries especially in finance. Device-based authentication provides an additional, strong layer of protection for businesses and their customers.
The cost of account takeover extends beyond monetary losses and includes:
- Fraud operations resources
- Customer service time
- Customer dissatisfaction and friction
- Loss of customer confidence in a brand
The total cost of account takeover and identity theft is considerable. Businesses understand the issues they face and are looking for cost effective authentication that:
- Reduces unnecessary challenge questions at login
- Strengthens authentication for every login attempt, not just high risk activities
- Is frictionless for their customers
- Complements or substitutes for other step-up authentication
iovation’s device-based authentication addresses all of these needs. Our device recognition technology is strong, reliable, works independent of cookies and is not tied to a single IP address. Device-based authentication can be used on its own, or combined with iovation’s risk service, to strengthen authentication and stop sophisticated account takeover attempts. When these services are combined, our business rules let you check both risk and registration status at once. For example, you can take action if a device is not registered or if a device is registered but there has been a suspicious degree of change since the device was registered. The registration status of a device can also be added to your risk assessments engine.
Here’s how it works with our risk service:
Use device-based authentication to register your customers’ devices to your accounts as a powerful second factor of authentication that you can trust.
1 Gartner Inc., Magic Quadrant for User Authentication. Ant Allan, Amol Singh and Eric Ahlm, December 1, 2014.