SOURCE: iovation

iovation

March 05, 2014 08:15 ET

iovation and FRISS Partner to Combat Insurance Fraud

iovation's Device Reputation Intelligence Adds Defense Layer to FRISS Solutions

PORTLAND, OR and UTRECHT, THE NETHERLANDS--(Marketwired - Mar 5, 2014) - iovation, stopping Internet fraud and identifying good online customers by leveraging the world's largest device reputation database, today announced that FRISS selected iovation's ReputationManager 360 service to be integrated into its dedicated insurance fraud prevention platform. With the exclusive partnership, FRISS customers will be able to leverage device reputation intelligence to better assess whether or not an insurance transaction is potentially fraudulent based on the current and past behavior of the device from which it originates.

"FRISS solutions currently tackle fraud on a foundation of identity-based data," said Jeroen Morrenhof, CEO at FRISS. "The device intelligence and device reputation analysis added by ReputationManager 360 forms a two-tier defense, dramatically strengthening our clients' ability to control risk and fight insurance fraud with no impact to the customer experience."

FRISS solutions work across the insurance lifecycle, mitigating risk during quotation, underwriting, policy amendment and claims handling. The premier insurance fraud detection and risk management solution in continental Europe, FRISS helps insurers combat fraud and risk through the use of third-party data, expert rules, profiles and predictive models, adding forensics capability to analyze and visualize screened and investigated cases.

"FRISS has extensive domain experience helping insurers fight fraud and manage risk," said Steve Hanson, iovation's Director of Business Development. "Already proven by major insurers to be an extremely effective fraud prevention service, ReputationManager 360 provides a perfect complement across all customer touch points, adding the strength of device intelligence to the fraud prevention equation."

With its ReputationManager 360 solution, iovation monitors the reputation of devices that have been used in more than 11 billion transactions from around the world, uniquely identifying everything from desktops to laptops, mobile phones to tablets, and gaming consoles to smart TVs. By utilizing the intelligence gathered across iovation's network of hundreds of customers and thousands of security professionals, within the insurance sector and beyond, businesses can determine whether any device has been, or is likely to be, a source of fraudulent transactions. Highly trustworthy customers can also be recognized more quickly with iovation TrustScore. ReputationManager 360's global intelligence network is used to stop more than 200,000 fraud attempts daily, proactively identifying devices that are associated with abuse and stopping fraudsters before they can strike.

About FRISS
FRISS is the leading software company specialized exclusively in fraud detection and risk mitigation for the insurance industry, helping insurers manage fraud, risk and compliance across all lines of business. FRISS solutions improve the combined ratio of insurers by identifying high risks and fraud at quotation, underwriting and claim handling. Through a strong combination of state-of-the-art indicators, profiles, link analyses, predictive models, text mining and external data sources, the platform supports straight-through processing, dynamic pricing and lower reinsurance premiums. The FRISS solutions are flexible and can be used in various lines of business and processes. For more information, visit www.friss.eu.

About iovation
iovation protects online businesses and their end users against fraud and abuse through a combination of advanced device identification, shared device reputation and real-time risk evaluation. More than 2,300 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation's database of Internet devices and the relationships between them to determine the level of risk associated with online transactions. The company's device reputation database is the world's largest, used to protect more than 10 million transactions and stop an average of 200,000 fraudulent activities every day. The world's foremost fraud experts share intelligence, cybercrime tips and online fraud prevention techniques in iovation's Fraud Force Community, an exclusive virtual crime-fighting network. For more information, visit www.iovation.com.

Contact Information

Multimedia