TechValidate Research on iovation

Introduction

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

Challenges

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

• Solved the following challenges after implementing iovation:
  • Chargebacks
  • Promotion or bonus abuse
  • New account fraud
  • Payment fraud

• Evaluated the following fraud prevention tools prior to selecting iovation:
  • No other fraud prevention tools were evaluated because iovation was their preferred solution

Use Case

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

• Chose iovation over competitors because:
  • Cross subscriber device recognition and account linkage
  • Provides a significant reduction in time spent manually reviewing fraudulent transactions
  • Easily identifies patterns that indicate fraud through device anomalies, risky location, IP, ISP, and evasion techniques
  • Identified and stopped fraud rings

Results

The surveyed company achieved the following results with iovation:

• Has seen the following improvements since implementation:
  • reduced the number of false declines for good customers: 41-50%
  • reduced manual fraud review: 31-40%
  • increased fraud catch: 21-30%

Introduction

This case study of Confused.com is based on a July 2018 survey of iovation FraudForce customers by TechValidate, a 3rd-party research service.

Challenges

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

• Ghost brokering fraud

Use Case

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

• Utilized iovation for the following:
  • Placed evidence on fraudulent devices allowing other customers to catch fraud before it starts
  • Easily identified patterns that indicate fraud through device anomalies, risky location, IP, ISP, and evasion techniques
  • Identified and stopped fraud rings

• Likes working with iovation because:
  • Of the support they receive from their Customer Success Manager (CSM)
  • Of the collaboration with peers in the iovation Community
  • They can stop fraud using device reputation (evidence) placed by others in my company
  • It has a flexible and configurable business rules editor

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: 61% or more
  • increased fraud catch: 61% or more
• Solved the following challenges after implementing iovation:
  • Ghost brokering fraud