TechValidate Research on iovation

These pages present data that TechValidate has sourced via direct research with verified customers and users of iovation. TechValidate stands behind the authenticity of all published data. Learn more »



419 Customers Surveyed

2,894 Data Points Collected

60 Published TechFacts

25 Published Charts

7 Published Case Studies



Selected Research Highlights


iovation Customer Statistic

After implementing iovation, 85% of retail customers who experienced New Account Fraud saw an ROI within 3 months.

85%

iovation FraudForce Case Study

Small Business Insurance Company

Introduction

This case study of a small business insurance company is based on a June 2018 survey of iovation FraudForce customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“We have been able to identify organized fraud activity in a way we were unable to before. We can not only stop unwanted devices from taking out quotes, but we can also ensure those known fraudsters are unable to access their online documents.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select iovation FraudForce:

  • Solved the following challenges after implementing iovation:
    • Ghost brokering fraud
    • Payment fraud
  • Evaluated the following fraud prevention tools prior to selecting iovation:
    • ThreatMetrix
    • 41st Parameter

Use Case

The key features and functionalities of iovation FraudForce that the surveyed company uses:

  • Chose iovation over competitors because:
    • It has cross subscriber device recognition and account linkage
    • Collaboration with peers in the iovation Community
    • It has flexible and configurable business rules
    • It has dedicated Customer Support Managers
    • It provides a significant reduction in time spent manually reviewing fraudulent transactions
    • It stops fraud from devices that others have confirmed as fraudulent
  • Utilized iovation for the following:
    • Easily identified patterns that indicate fraud through device anomalies, risky location, IP, ISP, and evasion techniques
    • Utilized FraudForce within a larger fraud protection platform
    • Placed evidence on fraudulent devices allowing other customers to catch fraud before it starts
    • Uncovered unknown fraud due to FraudForce
    • Identified and stopped fraud rings

Results

The surveyed company achieved the following results with iovation FraudForce:

  • Saw ROI 1 month after implementing iovation.
  • Has seen the following improvements since implementation:
    • Reduced fraud: 31-40%
    • Reduced manual fraud review: 41-50%
    • Increased fraud catch: 41-50%
    • Reduced account takeover (ATO): 21-30%
    • Reduced the number of false declines for good customers: 21-30%

iovation Customer Research

Fraud Challenges Experienced by Financial Services Industry Customers Before Implementing iovation

What types of fraud challenges were you experiencing before implementing iovation?

Credit/Loan Application Fraud
56%
New Account Fraud
56%
Fraud from Synthetic or Stolen Identities
48%
Account takeover (ATO)
31%
Payment Fraud
31%
Chargebacks
25%
Promotion or Bonus Abuse
8%
Call Center Fraud
4%

iovation Customer Research

Top 5 iovation features that financial services customers say give them “confidence their business is being protected against fraud”.

What features of iovation give you the confidence that you’re protecting your business against fraud?

Access to a collection of over 6 billion known devices
83%
Business rules editor that is flexible and scalable
83%
Business rules that are specific to my business and industry
78%
Support from my customer success team whom I view as trusted advisors
50%
Smart tools, machine learning and crowdsourcing intelligence which helps our organization evolve with new fraud trends
33%

iovation FraudForce Case Study

Small Business Gaming Company

Introduction

This case study of a small business gaming company is based on a July 2018 survey of iovation FraudForce customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Since using iovation, we are able to set a lower threshold for payment acceptance and have confidence that fraud transactions are still being caught.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select iovation FraudForce:

  • Evaluated the following fraud prevention tools prior to selecting iovation:
    • No other fraud prevention tools (because iovation was their preferred solution)
  • Solved the following challenges after implementing iovation:
    • Chargebacks
    • New account fraud
    • Payment fraud

Use Case

The key features and functionalities of iovation FraudForce that the surveyed company uses:

  • Likes working with iovation because:
    • Of the support they receive from their Customer Success Manager (CSM)
    • They can stop fraud using device reputation (evidence) placed by others in my company
    • They can stop fraud using device reputation (evidence) placed by other companies
    • iovation has a flexible and configurable business rules editor
    • iovation has a guaranteed uptime of 99.9% “always on enterprise level infrastructure"
    • It provides a significant reduction in time spent manually reviewing fraudulent transactions

Results

The surveyed company achieved the following results with iovation FraudForce:

  • Utilized iovation for the following:
    • Easily identified patterns that indicate fraud through device anomalies, risky location, IP, ISP, and evasion techniques
    • Identified and stopped fraud rings
  • Saw ROI 3 months after implementing iovation.
  • Has seen the following improvements since implementation:
    • Reduced fraud: 61% or more
    • Reduced manual fraud review: 61% or more
    • Increased fraud catch: 41-50%
    • Reduced the number of false declines for good customers: 41-50%

iovation Customer Testimonial

Since implementing iovation, the most significant improvement is the percentage of fraud loss reduction. In addition, the ability to act preemptively against accounts or devices with a fraudulent reputation has proved to be one of the key advancements.

Information that iovation provides enables our security team to be more effective in detecting fraud rings.

Security Manager, Medium Enterprise Media & Entertainment Company



More to Explore



About iovation

iovation, a TransUnion company, provides a real-time service that exposes online fraudsters, as well as multifactor authentication services to detect fraud before it occurs. Our SaaS solution exposes the reputation of devices (computer, tablet or mobile phone) connecting to online businesses. We manage the reputations of billions of devices that have touched our customers from all over the world.

iovation Website   iovation Website