Using Device Intelligence to Combat Insurance Fraud
Tristan Prince, Strategic Sales Director for iovation, discusses the ever evolving way insurance fraudsters are obtaining and using stolen data, and explains the way insurers can protect themselves and their customers
Retail Fraud Online Actually Went Down For Black Friday
Here’s a nice change of pace going into the weekend: It looks like online fraud did something unsual for Black Friday this year.It went down.For the first time in several years, credit card fraud (the most common fraud form factor for retailers online) fell to 42 percent of total fraud during the holiday shopping weekend. Last year, the same weekend saw credit card fraud at 59 percent of all fraud, according to data from authentication and fraud prevention provider iovation.
Online retail card fraud drops during Black Friday weekend
Online retailers — and consumers — have something new to be thankful for this holiday season: a decrease in online fraud. For the first time in recent years, credit card fraud — which remains the highest fraud type for online retailers — has dropped to 42% of total fraud during the holiday weekend (Nov. 24 – 27, 2017). This level was 59% of total fraud for the same period in 2016, according to data from device intelligence for authentication and fraud prevention provider Iovation. Overall, this decrease demonstrates that online retailers are making strides in their ability to identify and prevent card-not-present (CNP) fraud which has been on the rise since brick-and-mortar retailers have increased their adoption of EMV card technologies, the study reported.
iovation’s Eddie Glenn: Using device intelligence to identify self-excluded players in real-time
Eddie Glenn is the Product Marketing Manager for iovation, a provider of online fraud prevention and authentication solutions, and the company behind ‘Identifying Self-Excluded Players in Real Time’, a new webinar for the gambling industry (Tuesday, December 5th). He spoke to TotallyGaming.com about iovation playing its part in safeguarding the sports betting industry, going the extra mile to recognise self-excluded players, and placing a greater emphasis on device intelligence to prevent the onboarding of problem gamblers.
Machine learning seen as key to fighting fraud by financial services firms
A majority of North American financial institutions plan to invest in machine learning analytics to help combat fraud, according to a new report by global research and advisory firm Aite Group and authentication and fraud prevention technology provider iovation. It’s clear that the threat environment continues to escalate, the report said, and effective fraud prevention is an increasingly competitive issue for financial institutions. The study was compiled from interviews with 28 senior fraud and data analytics executives at 20 North American financial institutions.
Enabling machine learning to help combat fraud
The combination of trained fraud experts and machine learning promise a best way forward for financial institutions in the battle against fraud, in today's omni-channel experience. Findings from a new report by iovation showed that while 68% of financial institutions (FIs) cite ML analytics as a high priority investment over the next few years the path to adoption will not be without its challenges. iovation and Aite Group will be hosting a webinar at 10AM PST on November 9th to discuss the results of this survey.
The time for convergence Is now
Until today, anti-fraud, security and authentication activities in organizations have operated as largely-separate domains, with IT Ops even more separated, in most cases. This is due, in part, to the "silo mentality" in enterprises, where it's more convenient to have a bunch of teams running their own disciplines. After all, collaboration and synchronization increase the degree of difficulty. Politics, momentum, status quo, and decentralized operations that use third-party providers are also contributing to the current operational division. Given the escalating threat environment and evolving data protection requirements, I think it's high time we began converging these siloed efforts.
How Fraud Fits Into The Bigger Picture
New fraud prevention tools such as device fingerprinting have the potential to shift the function of fraud teams away from being simply cost centres towards becoming an integral part of operators’ sales and marketing effort, says iovation’s Eddie Glenn. Download the PDF and go to page 106 to read the entire article.
How to protect yourself after the Equifax data breach
Fraud Protection expert Dwayne Melancon is the VP of Product at iovation. He says it’s a good idea to freeze your credit immediately. “Regardless of whether you’re affected or not, I recommend freezing your credit report. So you can either go to each of the three credit bureaus individually, or you can go to a aggregator. There are a lot of services like Lifelock or Identity Guard that will do that work for you. They’ll work with all three credit bureaus and freeze your credit.”
Identity Verification Becomes Trickier in Wake of Equifax Breach
While financial firms and other companies targeted by cyber-criminals and fraudsters have begun moving away from using such “knowledge-based factors” to verify their customers, most companies are not so sophisticated, Dwayne Melancon, vice president of product for fraud-prevention firm iovation, told eWEEK. “Companies that are relying on knowledge-based assessments—they may need to add additional factors,” he said. “They need extra safeguards— some which will be burdensome, such as proof using documentation—others could use some sort of device-based check.”