Scott Waddell, Chief Technology Officer, explains how iovation empowers our customers to prevent bad actors who have committed fraud from returning or moving to other businesses.
iovation enables our customers to flag accounts and devices with dozens of types of fraud and abuse reports. Via our powerful device intelligence consortium, our subscribers can then monitor for incoming transactions that are implicated in just the types of activity that they care about. This allows you to shut down fraud in real-time, without driving up false positives.
See https://www.iovation.com/fraudforce-fraud-detection-prevention to learn all about the iovation consortium and schedule a demo today.
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I'm Scott Waddell, CTO, here at Iovation. A core principle of our systems is getting feedback from our customers and leveraging the power of the community to really understand the behavior of end-user devices to the aim of understanding transaction risk and trustworthiness.
A lot of our competitors will flag things as good or bad. It's kind of binary, kind of black and white. We focus on really refining the language that our customers use to tell us about transaction outcomes into very granular categories that we call evidence. These categories sometimes are very industry-specific. Hey, here's profile misrepresentation on a dating site or gold farming in an MMO game, maybe even ghost broking in the insurance industry. Some of them are universal, credit card frauds, synthetic identity theft, account takeover. All of our customers are giving this granular feedback on millions of transactions that we process every day, and that feeds into our system as truth values where you've got actual human-in-the-loop verified fraud.
Now we can use those to really bolster both the rules-based approach that we take with our FraudForce solution where our customers define very granular rules that can extract those particular categories of evidence that their team has placed, place different weightings on the same categories or others that other people who are participating in the consortium have placed and really dial that in, in concert with the other classes of business rules to optimize their fraud mitigation strategy. A huge advantage that gives us is now we've got this immense dataset covering billions of devices, tens of billions of transactions that allow us to take machine learning and apply it to all that training data with unique insights evolving from that, that no other competitor can match.