TechValidate Research on iovation

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.

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%