TechValidate Research on iovation

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 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.

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%