TechValidate Research on iovation


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%




About This Data

This data was sourced directly from verified users of iovation by TechValidate.

TechValidate verifies the identity and organizational affiliation of all participants that contribute to published research data. When research participants so desire, we also guarantee their anonymity so that they may share information honestly and freely.


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