iovation and NetSpend to Detail the Top Types of Fraud Impacting the Prepaid Card Industry

PORTLAND, OR--(Marketwire - Mar 20, 2013) - iovation, protecting business across the globe from Internet fraud and identifying good online customers with its device reputation technology, today announced it will detail the top types of online fraud affecting the prepaid card industry. These include card compromise, identity theft and social engineering. Max Anhoury, iovation's Vice President of Global Sales, will discuss these findings alongside Neil Gilbert, Fraud Manager at NetSpend, (NASDAQ: NTSP), a provider of general-purpose reloadable (GPR) prepaid debit cards and related alternative financial services to underbanked consumers in the United States, at the upcoming 2013 Merchant Risk Council (MRC) Annual e-Commerce Payments & Risk Conference in Las Vegas, Nevada. The session entitled, "Identifying and Preventing Fraud in the Prepaid Industry," is being held on March 27 at 1:30pm PDT.

"Consumers spend millions of dollars on prepaid cards at retailers, making it a highly visible target for cybercriminals," said Anhoury. "With this session we want to share how scammers exploit prepaid card issuers and their customers in order to ensure fewer fraudulent transactions slip through the cracks."

A prepaid card is used to access money paid in advance and refers to a number of different types of cards. Fraud most often occurs during prepaid card application, online account activation, and online account access and management. In the session Anhoury and Gilbert will share the top types of fraud impacting prepaid online transactions, the top methods prepaid card companies use to stop online fraud and how analyzing historical device behavior is key to mitigating such fraud.

ReputationManager 360 by iovation is leveraged by many of the world's largest prepaid and credit card issuers to stop fraudsters. The solution tracks the online behaviors of 1.2 billion devices; everything from desktops to laptops, mobile phones to tablets, and gaming consoles to smart TVs. By utilizing iovation's device reputation intelligence gathered across its network of thousands of security professionals and their online businesses, prepaid card companies can determine whether or not a device is likely to conduct a fraudulent transaction.

iovation has been a sponsor member of the MRC for the past eight years and will be exhibiting in booth 1226 at the 2013 MRC Annual e-Commerce Payments & Risk Conference.

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 1.2 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 and prevention techniques. Every day, iovation stops more than 150,000 fraud attempts. For more information, visit www.iovation.com.