SOURCE: iovation

iovation

March 18, 2015 03:00 ET

iovation Helps Bust Cyberfraud Ring; Saves Insurer $3.5 Million

Identifying Devices and IP Addresses Ultimately Leads to Stopping "Crash for Cash" Scheme

PORTLAND, OR--(Marketwired - Mar 18, 2015) - iovation, the trusted source for mobile and online fraud prevention, today announced its technology helped identify and bust a fraud ring using a "crash for cash" scheme perpetrated against a large UK-based insurance company. That insurer claims identifying and stopping that fraud ring saved them £2.3 million or roughly the equivalent of $3.5 million. Crash for cash incidents are where fraudsters either deliberately crash two of their own vehicles together in private or brake sharply in front of an innocent driver's car, causing that driver to rear end them.

"These fraud rings aren't isolated any more as evidenced by our insurance client claiming recently that 50 percent of their fraudulent motor injury claims were crash for cash schemes made by organized gangs," said iovation's Vice President of Global Partnerships, Max Anhoury. "Although iovation's ultimate goal is to ensure businesses don't lose money in these schemes, it's rewarding that we're busting huge crime syndicates that are putting people in harm's way."

In this scheme, four men filed false claims of whiplash. iovation's risk solutions identified devices and IP addresses used by these men, and ultimately led City of London Police to find the one specific home address where all of the claims were coming from.

This specific bust and other fraudulent insurance schemes will be discussed by iovation at two upcoming events:

iovation has been helping insurance companies for years fight ghost brokering, crash for cash, policy manipulation, and exaggerated or fictitious claims, and understand when clients simply have no intent to pay. To read more about this fraud ring bust, go to stories.iovation.com/busting-cash-for-crash-insurance-fraud.

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 3,000 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation's database of more than 2 billion 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 12 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 iovation.com.

Contact Information

  • CONTACTS:
    iovation Inc.
    Connie Gougler
    503-943-6748
    Email Contact