SOURCE: iovation

iovation

October 17, 2012 08:15 ET

iovation Presents Mobile Banking Impact on the Financial Services Fraud Landscape

Device Identification Leader Reveals Mobile Fraud Trends Alongside Executives From Travelers Insurance, Pindrop Security and Guardian Analytics at 2012 FS-ISAC Fall Summit

PORTLAND, OR--(Marketwire - Oct 17, 2012) - iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its upcoming panel presentation discussing the increase in mobile service offerings by financial institutions and the impact that increased mobile usage is having on the fraud landscape. John Haney, Sales Executive at iovation, will share recent mobile trends based on iovation's cybercrime intelligence network, and explain how banks and other financial institutions are detecting mobile fraud early in the process. The panel, titled "Mobile, Phone and Online Fraud Detection and Prevention" held at the 2012 FS-ISAC Fall Summit, also focuses on identifying and preventing account takeover and the impact of Federal Financial Institutions Examination Council (FFIEC) guidelines.

"With more people than ever conducting banking activities from mobile devices, being able to proactively detect risk and suspicious activity in real-time is essential to protecting financial institutions and their customers," said Haney. "Although mobile banking is a powerful tool, it can also be used as a weapon for cybercrime and we want financial institutions to be prepared to fight mobile fraud. This is especially poignant given the FFIEC guidelines that established expectations for companies to adopt a layered approach to prevent cyber-attacks."

According to The State of Mobile Banking 2012 report, Forrester Research, Inc. expects the number of U.S. mobile banking users to double and reach 108 million users by 2017. As of August 2012, iovation witnessed evidence of this growing trend, reporting that 12 percent of all financial services transactions it reviews originate from mobile devices, up from two percent from a year ago.

Through its ReputationManager 360 service, iovation tracks the reputations of 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 hundreds of customers and thousands of security professionals, financial institutions can determine whether or not a device would be likely to conduct a fraudulent transaction. iovation's unique capabilities makes it possible to proactively identify devices that are associated with abuse and stop bad actors before they can strike.

Joining Haney on the panel will be Tiffany Riley, Vice President of Marketing at Guardian Analytics, and Vijay Balasubramaniyan, CEO and Co-Founder at Pindrop Security. Beth White, Second Vice President at Travelers Insurance, will moderate the fraud prevention discussion.

The panel will be held at the Lansdowne Resort & Suites in Leesburg, Virginia on October 24 at 2:30 pm Eastern.

About iovation
iovation protects online businesses and their end users against fraud and abuse through an industry-leading combination of 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.

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