SOURCE: iovation

iovation

March 08, 2016 08:15 ET

Top 10 US Bank Attributes Significant Account Booking Increase and Fraud Loss Reduction to iovation

Incorporating iovation as the First Line of Defense Eliminates the Worst Offenders and Creates a Better Experience for Good Customers

PORTLAND, OR--(Marketwired - Mar 8, 2016) - iovation, the provider of device intelligence for authentication and fraud prevention, today announced the availability of a banking case study about how iovation significantly reduced fraud loss and improved the customer experience at account application for one of the 10 largest financial institutions in the United States. The bank, which operates thousands of physical branches across the U.S., says iovation helped them more than double online account bookings and reduced customers' friction in the application process by half.

"Incorporating device reputation right up front as the first line of defense really made a difference. iovation helped us eliminate the worst of the worst, serve honest customers faster, and reduce the number of questionable applications sent to review," said the Vice President with the Omnichannel Group at the bank.

Every time a device submits a new account application to the bank, iovation evaluates that device's reputation and riskiness based on the business rules selected and weighted according to the bank's needs and appetite for risk. Unrecognized devices are assessed for patterns associated with fraud, including evasion techniques, device anomalies and other factors associated with risky behavior. Applications from devices deemed as trustworthy continue through the real-time process. High-risk devices may be denied instantly. The rest get flagged for manual review.

"Right now, most of our applicants receive a real-time decision," said the bank's vice president. "As we fine tune our process, we expect to put more reliance on iovation and reduce our review queue even more. In the same time period, account bookings improved two-fold over the original process. Because iovation helps reduction friction, more customers can confidently be approved in real-time. That's huge."

iovation will be sharing how it helped this top 10 U.S. bank reduce fraud at booth 201 at the BAI Payments Connect Conference, which runs until March 9 at the San Diego Convention Center.

To read the entire banking case study, go to http://bit.ly/1nk4xgf.

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 3,500 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 15 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