SOURCE: iovation

iovation

October 30, 2015 03:00 ET

iovation to Share How to Prevent Quote Manipulation, Ghost Broking and Crash for Cash Schemes at European Insurance Fraud Summit

Fraud Prevention and Authentication Firm to Discuss Strategies to Detect Organized Criminals Working in Collusion

PORTLAND, OR--(Marketwired - Oct 30, 2015) - iovation, the provider of device intelligence for trusted authentication and fraud prevention, today announced that it will be sharing fraud prevention insights at the upcoming European Insurance Fraud Summit. In the session on November 3 "Identifying and Protecting Risk Throughout the Insurance Customer Life Cycle," iovation's Business Development Manager Tristan Prince will share how iovation's device intelligence network helps prevent quote manipulation, ghost broking and fraudulent claims. By helping insurers identify which devices interacting with their sites have damaged other insurers, cybercriminals -- many of which are working together -- can be detected and stopped immediately before fraudulent claims are processed.

Prince will also showcase iovation's partnership with Gocompare.com, the first UK insurance aggregator to implement fraud prevention at the point-of-quote. The European Insurance Fraud Summit is the leading anti-fraud conference for European insurers and regulators to collaborate about how the sector can work together to combat fraud.

"Gocompare.com's anti-fraud initiative is a perfect example of how insurers and insurance aggregators can work together to help fight fraud," said Prince. "With estimates claiming at least $80 billion in fraudulent claims are made annually in the U.S. alone, it's essential that we take new steps in this battle. I'm looking forward to helping spur new ideas at the upcoming European Insurance Fraud Summit that will help the insurance industry detect criminal activity faster."

Through iovation's risk solution service, insurers are able to identify fraud and misuse at point-of-quote, point-of-purchase, claim, mid-term adjustment and renewal. The solution determines whether an insurance quote request appears to be fraudulent based on the current and past behaviour of a device; such as a smartphone, tablet or laptop. iovation's insurance clients have detected and blocked a significant volume of instances of known or suspected insurance fraud. The solution has also saved insurers significant resources that have historically been diverted to point-of-sale or even post-sale fraud detection.

The European Insurance Fraud Summit runs from November 3 to 4 at the Hotel NH Amsterdam Barbizon Palace in Amsterdam. Post Magazine, a UK-based insurance publication founded in 1840, and some of the world's most recognized insurance anti-fraud professionals, recently selected the iovation-Gocompare.com service as the "Combatting Fraud--Broking Initiative of the Year."

About iovation
iovation protects online businesses and their end users against fraud and abuse, and identifies trustworthy customers through a combination of advanced device identification, shared device reputation, device-based authentication 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 billions 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 12 million transactions and stop an average of 250,000 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