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%