Leading authentication and fraud prevention provider reinforces its commitment to customer data protection and privacy with new certification
iovation, the leading provider of device-based consumer authentication and fraud prevention solutions, today announced the achievement of a new certification under the U.S. Department of Commerce’s EU-U.S. Privacy Shield Framework, effective October 3, 2017.
The EU-U.S. Privacy Shield Framework, developed by the European Commission in conjunction with the U.S. Department of Commerce, offers a regulated system for data flows between the European Union and the United States, ensuring organizations protect and process personal data to standards acceptable in the European Economic Area. Governed by the International Trade Administration (ITA) within the U.S. Department of Commerce, the framework holds certified U.S. businesses to the highest level of data privacy protection. Achievement of the EU-U.S. Privacy Shield certification reflects iovation’s pursuit of a larger security and compliance initiative, ensuring comprehensive preparation ahead of the EU General Data Protection Regulation (GDPR) legislation, which goes into effect in May 2018.
“Privacy and data protection are integral to doing business on a global scale, and certification under the Privacy Shield Framework echoes iovation’s continued effort to help our customers fight fraud without putting their user’s privacy at risk,” said Mark Weston, Compliance Manager and Data Protection Officer for iovation. “Certification under the Privacy Shield Framework is a significant step on the path to GDPR compliance and further proof that we’re diligently working to safeguard how consumer data is managed and processed.”
Now that iovation has made the public commitment to comply with the Privacy Shield Framework’s requirements, adherence to the its principles are enforceable by law. iovation continues to take measures to ensure the protection and privacy of its customers’ data, including minimising the amount of personal data collected and ensuring that it is secured according to industry accepted best practices.
iovation's solutions portfolio tackles the heightened threat environment from multiple directions, including through device-based risk detection and consumer authentication services. Highly intelligent business rules, combined with proprietary machine learning algorithms, flag anomalies around hundreds of attributes and obscure risk factors, offering the highest degree of confidence when it comes to stopping fraud and improving customer experience in the finance, insurance, ecommerce, social media, travel, ticketing, telecommunications, gaming, and gambling industries.
TransUnion Global Fraud & Identity Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.