iovation exists to make the internet a safer place. We help businesses prevent online fraud and abuse and protect their good customers. Our services have assisted companies and their end-users to identify many millions of potentially fraudulent online transactions, and have led to the successful conviction of fraudsters and organized fraud rings by national law enforcement bodies -- as well as huge reductions in online credit card theft, identity theft, phishing, and ticketing fraud.
Protecting Businesses and Consumers Globally
iovation protects globally-recognized brands -- more than 1500 global online businesses across industries including financial services, insurance, travel, social media, retail, government agencies, online gaming, and online gambling trust iovation to help stop over 300,000 fraudulent transactions a day. Over the past 13 years we have protected more than 30 billion transactions and have stopped millions of fraudulent transactions.
iovation’s fraud detection software is effective at identifying online fraud like account takeover, credit card fraud, identity theft, payment fraud, insurance fraud, loan application fraud, and specific fraud and other illegal behaviors.
How Device-based Intelligence Helps Stop Fraud
Device-based intelligence looks for patterns and trends that could indicate that the device is involved, or has been involved, in fraudulent behavior. For example, if a fraudster is using stolen identities from a single device to create thousands of credit card applications, that is an indicator of potentially fraudulent behavior as a normal consumer does not usually create thousands of credit applications.
Device intelligence collects basic information about the device such as device type, operating system, location of the device, and other attributes. As with other companies in the device-based intelligence industry, our software writes cookies and/or tokens - very small pieces of data - to the device to assist us in being able to recognize the device in the future. Insight on the types of patterns are sent to our customer, typically an online business, for their consideration and disposition. The software returns risk insights to the online business. iovation does not make the decision as to what is considered fraud or not, we only provide the risk indicators back to our customers to enable them to make that decision. Customers make the fraud determination, usually after consulting with other anti-fraud services such as credit card and address verification checks. If that business suspects that a user is acting in some manner that violates their terms of service, they can suspend the user or take other action. Device intelligence only comes into play again if the user comes back under a different identity.
Through this process, iovation does not collect a person’s name, date of birth, national identification numbers, nor does it track end user’s legal betting behavior, how many times they have won or lost an online game, or their web browser history.
Frictionless Experience for Good Customers
One of the basic tenets of online commerce is that it needs to be as frictionless as possible; consumers want convenience. They don’t want to jump through lots of hoops just to to pay an online bill, make a retail purchase, apply for credit, place a sports bet, or play an online game.
Because of this, iovation has worked hard to ensure that our fraud detection technology does not interfere with the day-to-day online behavior of good and honest consumers. Remember, businesses only rely on device-based fraud intelligence when an end user is trying to hide or assume another identity. It also bears repeating: iovation does not collect a person’s name, dates of birth, national identification numbers, nor does it track any content of any transaction between our customer and their end user (what their betting behavior is, how many times they have won or loss an online game, etc.).
iovation Takes Privacy Seriously
Our corporate vision is to make the internet a safer place to visit so we are especially sensitive to all issues regarding online privacy and security. As such, we continuously work to understand and keep pace with the evolving regulatory requirements. Across the world, the trend is moving to protect an individual's data and iovation implement data minimisation solutions to stay in step with these trends and embed “Privacy by Design”. We insist that all of our customers comply with the regulations that relate to where they collect data and the terms and conditions of our service agreement require them to provide appropriate levels of transparency and notice in compliance with those regulations.
That said, we understand consumers may have questions about how these types of fraud technologies work at a given business and how it impacts their privacy. We encourage each user of online services to consult the terms of service and privacy policies on the respective sites they visit for more information.