Web Fraud Detection Delivers a Proven
Return on Investment
As outlined in the Magic Quadrant report for Web Fraud Detection* by Gartner, Inc., web fraud detection applies to three main use cases:
- Account takeover: When a fraudster takes over an existing user account, typically to steal money or information
- New account fraud: When a fraudster sets up a new account using a stolen or fictitious identity
- Use of a stolen financial account: Using a stolen credit card when making a purchase
Cybercrime has come a long way. To protect your business you need real-time solutions that detect suspicious activity while bad actors are interacting with your site—setting up accounts, logging in, depositing money or checking out. You need sophisticated detection tools that do not disrupt to the user experience, and preferably run in the background.
A Solid Investment that Returns an ROI
When it comes to security tools, web fraud detection is unique in that it can deliver a hard return on investment. Many of iovation's clients have seen an 80-90% reduction in fraud and in one case, a two-year 321% ROI was realized. In the case of a Fortune 100 credit issuer, iovation's ReputationManager 360 web fraud detection solution identified 43,000 fraudulent credit applications and saved the firm $8 million dollars.
Maintain Your Positive Brand Reputation
Many businesses, including dating sites, online communities and online gaming, work hard to maintain their positive brand image, provide excellent customer support, and make their customers' experiences as positive as possible. When bad actors join and start abusing the system, by violating the terms of service, filling up the chat streams with spam, abusing first-time promotions, and even bullying other customers, this reflects very badly on the business.
Tap Into the Largest Network of Device-Based Intelligence
Taking a proactive approach to identifying bad actors and keeping them out, is what iovation's global, shared network—of over 1.5 billion devices, 2 billion relationships between devices, and over 10 million records of fraud and abuse shared across geographies and industries—enables.
*Gartner, Inc., Magic Quadrant for Web Fraud Detection, Avivah Litan, May 29, 2012.