PORTLAND, Ore. – May 8, 2012 – iovation, the Device Reputation Authority™, today announced that it will be part of a panel discussion entitled, “Fraud Protection: Have We Won?” at the upcoming EGR (eGaming Review) Subscribers Forum. iovation is also a finalist for EGR B2B awards in the category of Fraud and Compliance Solution of the Year. Both the conference and awards banquet will take place in the Great Hall at Wembley Stadium in London on May 10th.
In light of the UK Cards Association announcement this March that credit card, debt card and online banking fraud losses dropped nearly 45 percent in three years, Chris Thomas of iovation, Marc Wood of Experian, and payments advisor Sarah Francis will discuss why this has occurred and debate whether or not this means the war against online gambling fraud is being won. They will also share the latest methods that cybercriminals are using in the online gambling space.
“Although online fraud losses have plummeted, cybercriminals have not given up. Gaming operators are simply getting better at early detection of high-risk activity,” said Chris Thomas from iovation. “In fact, from January to March 2012, of all transactions protected by iovation in the online gambling industry, 8.6 percent were flagged as fraudulent and those losses were prevented.”
Nearly 50 million fraudulent online transactions in the online gambling industry have been stopped by iovation. These fraudulent transactions include credit card fraud, identity theft, bonus abuse, account takeovers and more. The company works with more than 50 major international online gambling operators to combat fraudulent transactions through device association. Its ReputationManager 360 solution can identify if devices have committed fraud on a particular gambling site, or websites in a wide range of other industries for that matter, and determine whether or not a transaction should be trusted.
iovation protects online businesses and their end users against fraud and abuse through our industry-leading combination of shared device reputation and real-time risk evaluation. 2,000 fraud managers around the globe leverage iovation’s database of Internet devices and relationships between them to determine the level of risk associated with any type of online transaction. Retail, financial services, social network, gaming and other companies make real-time queries to iovation’s knowledge base of 925 million devices from every country in the world. Every day, iovation stops over 150,000 fraud attempts. For more information, visit www.iovation.com.