TechValidate Research on TruValidate

Introduction

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

Challenges

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

• Solved the following challenges after implementing iovation:
  • Chargebacks
  • Fraud from synthetic or stolen identities
  • Payment fraud
• Evaluated the following fraud prevention tools prior to selecting iovation:
  • No other fraud prevention tools (because iovation was their preferred solution)

Use Case

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

• Chose iovation over competitors because:
  • They are able to collaborate with peers through user groups, the iovation community, and Fraud Force events
• Likes working with iovation because:
  • Of the education and training they receive from iovation
  • Of the collaboration with peers in the iovation Community
  • It provides access to critical data on over 5 billion devices
  • It offers products supporting both fraud prevention and customer authentication

Results

The surveyed organization achieved the following results with iovation FraudForce:

• Utilized iovation for the following:
  • Placed evidence on fraudulent devices allowing other customers to catch fraud before it starts
  • Uncovered unknown fraud due to FraudForce
  • Easily identified patterns that indicate fraud through device anomalies, risky location, IP, ISP, and evasion techniques
  • Identified and stopped fraud rings
• Has seen the following improvements since implementation:
  • Reduced fraud: 41-50%
  • Reduced manual fraud review: 41-50%
  • Increased fraud catch: 61% or more
  • Reduced the number of false declines for good customers: 51-60%

Introduction

This case study of a Medium Enterprise company is based on a March 2020 survey of iovation customers by TechValidate, a 3rd-party research service.

Challenges

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

• Faced the following fraud challenges before implementing iovation’s fraud and authentication solutions:
  • New account fraud
  • Synthetic identity fraud
  • Stolen identity fraud
  • Bonus abuse
  • Credit card fraud
  • Managing self-excluded players

Use Case

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

• iovation’s fraud and authentication solutions are helping improve the following:
  • Confidently offer incentives without the concern of bonus abuse
  • Provide customers with an extra level of assurance that their data is protected
  • Expedite onboarding to grow new accounts

Results

The surveyed company achieved the following results with iovation:

• Saw an ROI in 1-3 months.
• Saw the following levels of improvement in the following areas:
  • in fraud loss reduction: 20%-39%
  • in their reduction of manual fraud review: 40%-59%
  • in their fraud catch: 20%-39%
  • in their reduction of account takeover: 0%-19%
  • in their reduction of false declines for good customers: 40%-59%
• Have accomplished the following by using iovation’s fraud and authentication solutions:
  • Utilized device intelligence within an orchestration hub
  • Easily identified patterns that indicate fraud through device anomalies, risky location, IP, ISP, and evasion techniques
  • Immediately recognized good returning consumers, even when data elements change
  • Identified
  • Uncovered linkages across channels, accounts and devices
  • Used deep data insights to create actionable intelligence
  • Gained insight into device and account connections to uncover money laundering rings
  • Identified and stop money laundering fraud rings
  • Effectively managed self-excluded players