TechValidate Research on iovation

9 Case Studies


iovation Case Study

Old Mutual Finance improves their fraud loss reduction by over 80%

Introduction

This case study of Old Mutual Finance (Pty) Ltd 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:
    • Application fraud
    • Stolen identity fraud

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:
    • Helping to create a seamless experience through transparent, real-time fraud checks

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: 80% or more
    • in their reduction of manual fraud review: 60%-79%
    • in their fraud catch: 80% or more
    • in their reduction of account takeover: 60%-79%
    • 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
    • Identified fraudsters trying to mask their devices
    • Used deep data insights to create actionable intelligence

iovation Case Study

Medium enterprise gambling company saw ROI within 3 months

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

iovation FraudForce Case Study

Confused.com

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
  • Evaluated the following fraud prevention tools prior to selecting iovation:
    • 41st Parameter
    • Chose iovation over competitors because:
      • It stops fraud from devices that others have confirmed as fraudulent
      • They can help others stop fraud by reporting when they have found a device fraudulent
      • They are able to collaborate with peers through user groups, the iovation community, and Fraud Force events
  • 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

    iovation FraudForce Case Study

    Online Communities Company

    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.

    “Chargebacks were very common before we started using iovation the decrease in chargeback activity allows us to realize more positive financial returns.”

    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%

    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 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 FraudForce Case Study

    goeasy a Large Enterprise Financial Services Company

    Introduction

    This case study of Goeasy Inc is based on a June 2018 survey of iovation FraudForce customers by TechValidate, a 3rd-party research service.

    “We are more productive now that our employees are not wasting time working apps that are fraudulent. More productivity equals more money.”

    Challenges

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

    • Solved the following challenges after implementing iovation:
      • New account fraud
      • Fraud from synthetic or stolen identities
    • Evaluated the following fraud prevention tools prior to selecting iovation:
      • An in-house built solution

    Use Case

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

    • goeasy chose iovation over competitors because:
      • It has cross subscriber device recognition and account linkage
      • It has guaranteed uptime of 99.9% “always on enterprise level infrastructure"
      • It has dedicated Customer Support Managers
      • Within the Financial Services industry iovation is the leader in fraud prevention
      • It stops fraud from devices that others have confirmed as fraudulent
      • goeasy can help others stop fraud by reporting when they have found a device fraudulent
    • Utilized iovation for the following:
      • 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

    Results

    The surveyed company achieved the following results with iovation FraudForce:

    • Saw ROI 1 month after implementing FraudForce.
    • Has seen the following improvements since implementation:
      • Reduced fraud: 61% or more
      • Reduced manual fraud review: 61% or more
      • Increased fraud catch: 61% or more
      • Reduced account takeover (ATO): 61% or more
      • Reduced the number of false declines for good customers: 61% or more

    iovation Case Study

    Medium Enterprise Ticketing and eCommerce Company

    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.

    “iovation gives us cross-database visibility, which is typically a challenge for us to achieve due to the way we operate.”

    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%

    iovation Case Study

    Medium Enterprise Financial Services Company

    Introduction

    This case study of a medium enterprise financial services company is based on a June 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.

    “iovation’s FraudForce gives us the flexibility and ability to secure our online and mobile channels more precisely than normal IP reporting and monitoring.”

    Challenges

    Fraud challenges experienced by the profiled company to evaluate and ultimately select iovation:

    • Account takeover (ATO)
    • Credit/loan application fraud
    • New account fraud

    Use Case

    The key features and functionalities of iovation that led surveyed company to implement FraudForce over competitors:

    • Cross subscriber device recognition and account linkage
    • Flexible and configurable business rules
    • Guaranteed uptime of 99.9% “always on enterprise level infrastructure"
    • Subscribers help others stop fraud by reporting when they have found a device fraudulent

    Profiled company utilizes iovation for the following:

    • Utilizes FraudForce within a larger fraud protection platform
    • Places evidence on fraudulent devices allowing other customers to catch fraud before it starts
    • Uncovered unknown fraud due to FraudForce
    • Easily identifies patterns that indicate fraud through device anomalies, risky location, IP, ISP, and evasion techniques
    • Identifies and stopped fraud rings

    Results

    The surveyed company achieved the following results with iovation:

    • Saw ROI within 1 month after implementing iovation.
    • Has seen the following improvements since implementation:
      • reduced fraud: 31-40%
      • reduced manual fraud review: 51-60%
      • increased fraud catch: 31-40%
      • reduced account takeover (ATO): 31-40%
      • reduced the number of false declines for good customers: 21-30%



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