This week iovation announced that it changed the name of its industry-leading iovation Fraud Prevention solution to iovation FraudForce.
Much has changed in iovation’s 13-year history. We started out as a single product company when the name iovation was synonymous with online fraud prevention technology. Today, we have a comprehensive portfolio of products providing both authentication and fraud prevention solutions to better protect businesses and their users.
Other than keeping the marketing team employed, why bother with a name change? First, we believed that iovation Fraud Prevention wasn’t descriptive enough for what the product does and the value that it offers our customers. This solution is about more than just preventing fraud; it’s about predictively detecting the subtle signals of fraud by leveraging sophisticated device intelligence, machine learning, and analytics.
Secondly, one of the key aspects of our online fraud detection and prevention solution is the vast community of fraud and security analysts that actively collaborate to stop global fraud rings. These fraud rings don’t target just a single business in a single industry in a single country. They work globally and collaboratively, establishing effective fraud techniques in one industry and then applying those shared learnings to others.
To effectively stop these fraud rings, our industry also needs to be collaborative; even if that means working with your competitors and businesses from other industries and/or geographic locations. What better name for a platform that supports a group of cybercrime fighters than FraudForce?
Finally, iovation’s unique device recognition technology allows us to identify and recognize devices as they access different online businesses in different industries. When different devices access the same online accounts, we can establish a relationship between the devices without need of additional personal information. With this information, we can build complex relationships of related devices as they visit online businesses around the world even if the people behind the devices are lying about who they really are. This is a force to be reckoned with in continuing fight against anonymous cybercrime.
So even though the name of iovation’s fraud detection and prevention solution has changed to iovation FraudForce, our mission remains the same: to make the internet a safer place to conduct business.