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iovation and CEB TowerGroup to Detail Security Implications Around the Rapid Rise in Mobile Banking

20 Percent of Online Transactions with Financial Institutions Now Conducted from Mobile Devices

PORTLAND, Ore. – August 13, 2013 – iovation, stopping Internet fraud and identifying good online customers with the world’s most comprehensive device reputation database, today announced that it and CEB TowerGroup will detail the unique security risks that accompany the rapid adoption of mobile banking in an upcoming webinar. Max Anhoury, iovation’s Vice President of Global Sales, and Jason Malo, Research Director at CEB TowerGroup, will host the webinar entitled “Mobile Banking Security: Risks and Consequences“ on Wednesday, August 21, 2013, at 10 a.m. Pacific Daylight Time.

Recently, iovation documented a significant shift toward mobile device use for banking transactions. The company found that 20 percent of all online financial services transactions in July 2013 originated from a mobile device such as a smartphone or tablet based on its analysis of 1.5 billion devices. This is up from 18 percent from between January and July of 2013 and 11 percent in 2012.

“Banks are aggressively innovating for their mobile apps right now, competing for market share and customer retention” said Anhoury. “With this rapid innovation, we found that financial institutions are not able to integrate security protocols as quickly as they would like since the 'old' security measures may not be well suited for the 'new' mobile world. This means that mobile transactions can be like the Wild West for fraudsters.”

The webinar will specifically address:

  • The challenges financial institutions face in securing mobile service offerings
  • How the concept of an online identity has evolved, partially due to mobile devices

  • How compliance and Federal Financial Institutions Examination Council (FFIEC) strategies will impact mobile banking

  • The role that “device” plays in defending against mobile risk

  • How upcoming mobile changes impact financial institutions

With its ReputationManager 360 service, iovation tracks the online behavior of everything from desktops to laptops, mobile phones to tablets, and gaming consoles to smart TVs. By utilizing iovation’s device reputation intelligence gathered across its network of hundreds of customers and thousands of security professionals, financial institutions can determine whether a device has been, or is likely to be, a source of fraudulent transactions. With this intelligence, iovation stops more than 200,000 fraud attempts daily, proactively identifying devices that are associated with abuse and stopping bad actors before they can strike.

For more information and to register for this webinar, go here.

About iovation

iovation protects online businesses and their end users against fraud and abuse through an industry-leading combination of advanced device identification, shared device reputation and real-time risk evaluation. More than 2,300 fraud managers around the globe leverage iovation’s database of Internet devices and the relationships between them to determine the level of risk associated with any type of online transaction. Retail, financial services, insurance, social network, gaming and other companies make real-time queries to iovation’s knowledge base of more than 1.5 billion devices from every country in the world. Clients also leverage iovation's Fraud Force Community, an exclusive virtual crime-fighting network of the world's foremost security experts, to share intelligence about cybercrime and prevention techniques. Every day, iovation stops more than 200,000 fraud attempts. For more information, visit www.iovation.com.