PORTLAND, OR--(Marketwired - Aug 27, 2014) - iovation, the trusted source for mobile and online fraud prevention to safeguard businesses, has made the Inc. 5000, Inc. magazine's ranking of the nation's fastest-growing private companies. This is the fifth consecutive year Inc. magazine has selected iovation, and has ranked it number 54 in security and 46 in Oregon. The list represents the most comprehensive look at the most important segment of the economy -- America's independent entrepreneurs. Companies such as Yelp, Pandora, Timberland, Dell, Domino's Pizza, LinkedIn, Zillow, and many other well-known names gained early exposure as members of the Inc. 500|5000.
"This year marks iovation's 10th anniversary," said CEO and Founder, Greg Pierson. "We're especially proud to be recognized by Inc. magazine for five consecutive years as a healthy, profitable and growing business. Our global clients use our unique combination of device-based intelligence and client-reported fraud experiences to protect against credit card fraud, identity theft, account takeovers and other online abuses. It's extremely effective; our greater than 97 percent client retention rate over the past three years is proof of that."
The device reputation service provided by iovation, which works independent of personally identifiable information, is critical for account creation, online purchases and credit applications where identity fraud is a top concern. The combination of tagged and tagless device recognition, 18 million instances of client-reported fraud, and real-time business rules that detect risky activity, helps iovation clients stop more than 200,000 fraudulent activities every day.
"This year we've experienced significant growth in protecting international transactions in countries such as the United Kingdom, China, France, the Philippines and Australia," said CFO Doug Shafer. "We've also seen rapid adoption in the insurance industry detecting policy fraud and continue our excellent performance in the financial sector which is approaching 50 percent of our overall business. It's gratifying to see our performance recognized by Inc. magazine."
Inc. magazine calls the 2014 Inc. 5000 the most competitive crop in the list's history. The average company on the list achieved three-year growth of 516 percent and aggregate revenue of businesses on the Inc. 5000 is $211 billion, generating 505,000 jobs over the past three years.
The 2014 Inc. 5000 is ranked according to percentage revenue growth when comparing 2010 to 2013. To qualify, companies must have been founded and generating revenue by March 31, 2010. They had to be U.S.-based, privately held, for profit, and independent -- not subsidiaries or divisions of other companies -- as of December 31, 2013. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2010 is $100,000; the minimum for 2013 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.'s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/5000.
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 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.