PORTLAND, OR--(Marketwire - Nov 13, 2012) - iovation, the leading provider of device reputation protection against online fraud and abuse, today announced the release of its white paper entitled "Fighting Banking Fraud Without Driving Away Customers." The paper details how the financial industry can simultaneously prevent fraud while improving customer service and increasing revenue.
"With growth in online banking comes an increase in the amount of banking fraud, with losses totaling $3.5 billion in 2011 and projections to grow to $10 billion by 2015 according to The Nilson Report," said Greg Pierson, iovation's CEO and co-founder. "Financial institutions naturally seek to implement fraud prevention in response, but new security layers often come with additional customer friction and must be balanced. This paper details a highly effective approach for deploying fraud prevention while actually unifying and improving the customer experience."
In fighting fraud, different business units at financial institutions have varying fraud prevention requirements. If not properly addressed, this can lead to inconsistent customer experiences, lower levels of satisfaction, and abandonment of optional security measures. To help overcome this problem, iovation's ReputationManager 360 connects the dots between individual interactions across an entire financial organization and lets individual units customize the service's business rules to fit their fraud prevention needs. The service unifies the business silos, providing a comprehensive view of customers and identifying potential fraudsters, accounts and devices.
ReputationManager 360 has been used to analyze the behavior of more than a billion devices such as mobile phones, tablets and computers in its cybercrime intelligence network. The service uses advanced device identification to identify and report on their reputations for the likelihood of committing fraud. This protects financial institutions at new account creation, logins, mobile and credit card transactions, and more. By utilizing iovation's device reputation intelligence gathered across the thousands of risk professionals that use the service, companies improve their operational efficiencies and stop fraud before it can cause damage.
To download iovation's white paper, go to http://bit.ly/SgLIEP.
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 2,000 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 more than one 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 sharing intelligence about cybercrime prevention, device identification and more. Every day, iovation stops over 150,000 fraud attempts. For more information, visit www.iovation.com.
Contact Information:
CONTACT:
iovation Inc.
Connie Gougler
503-943-6748
