iovation, the digital reputation authority, today announced that it has won the “FinTech Forward Company to Watch” award. American Banker and the Bank Administration Institute (BAI) selected iovation for its unique approach to stopping fraud and identifying good customers, and revenues from financial institutions.
“We’re delighted to win such a prestigious award because it validates just how impactful our device-based approach to fighting fraud is for banks,” said iovation’s Chief Financial Officer, Doug Shafer. “Hundreds of financial institutions count on our risk and authentication services to protect themselves and their customers from fraud, and we take that responsibility seriously.”
American Banker and BAI selected iovation after evaluating specific examples of how financial institutions benefited from using iovation’s services.
- A financial corporation suffering from losses due to fraud rings using stolen identities to apply for credit and defraud the organization turned to iovation. After implementing iovation’s risk service, the company saw a 100 percent reduction in fraudulent credit applications, and shut down a major fraud ring in Florida.
- A leading developer of next generation financial solutions credits iovation for eliminating approximately $5 million in annual fraud losses.
- A large US-based financial services issuer of private-label credit and bank cards was experiencing higher fraud rates within its online channel. After implementing iovation’s risk service, they identified 43,000 fraudulent applications in the first year, saved $8 million in two years, and achieved a risk adjusted two-year return on investment of 321 percent.
In addition to these customer successes, iovation won the FinTech Forward award for its newly-launched solutions. This includes iovation’s new device-based authentication, which verifies whether a customer is using an authorized device—such as a laptop or mobile phone—to access an online account. Authentication happens in real-time and behind the scenes to streamline the customer experience. Another new solution is the company’s latest release of its mobile SDK that leverages iovation's device intelligence network to determine the trustworthiness of transactions conducted from iOS and Android phones and tablets.
iovation was one of 20 companies selected as one to watch. The list was released today at the BAI Retail Delivery Conference in Las Vegas, Nevada.
iovation, a TransUnion company, was founded with a simple guiding mission: to make the Internet a safer place for people to conduct business. Since 2004, the company has been delivering against that goal, helping brands protect and engage their customers, and keeping them secure in the complex digital world. Armed with the world’s largest and most precise database of reputation insights and cryptographically secure multi-factor authentication methods, iovation safeguards tens of millions of digital transactions each day.