iovation has prevented over 3.5 million fraud cases in 2008

iovation, the Device Reputation Authority™ for the Internet, today announced it helped eCommerce companies stop more than 3.5 million fraudulent activities in 2008. Using innovative device reputation technology to identify computers that have been associated with fraud or abuse in the past, iovation enables online businesses to proactively block bad transactions before they happen to reduce fraudulent activities and other unwanted behavior across multiple industries. 

“Various forms of fraud and abuse create huge problems for many online businesses and communities, and these problems are getting even worse in today’s challenging business environment,” said Greg Pierson, CEO of iovation. “We are please to report that our Device Reputation Authority grew by nearly 300% in 2008. In 2009, we will process well over a billion real-time device reputation inquiries and help our customers stop even more fraud and abuse. Helping our customers prevent problems and make more money with increasing efficiency is what it’s all about.” 

iovation’s ability to help businesses stop more fraud and abuse is due in part to its rapidly expanding Device Reputation Authority™ fraud database, which today manages and shares reputations of 95 million unique computers and mobile devices from every country in the world. As new and existing customers provide more data into the global network, subscribers benefit from the system’s growing device reputation intelligence. In 2008, the number of device reputations increased by 263%, from 26 million in 2007. 

“As our global network continues to grow, so does our ability to help our customers catch more fraud and abuse,” added Pierson. “Why accept a purchase from a computer that defrauded another business ten minutes ago? Why should a social network allow a new account to be created from a computer that has a history of inappropriate behavior at other social networking sites? iovation customers literally benefit from all of the fraud management resources, tools and experiences from our customers around the world.” 

Source: iovation via Business Wire