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iovation, whose software is used for online fraud detection, in January hired Weston to spearhead GDPR efforts and tap his expertise as a privacy expert based in the United Kingdom. The company has a working group of managers tackling GDPR. So far, Weston said the company hasn’t introduced any major product changes but other elements of the business have been impacted. “Behaviorally, the way the data is handled — who it’s shared with and how long it’s kept — all that has come under scrutiny,” he said. “It’s good practice for anyone. I have been fortunate the executive team realized the challenges and opportunities ahead.”
Ahhhhh, summer. It’s officially here. The sun is shining, the birds are chirping and would-be fraudsters are eager to launch their latest cyberattacks against relaxed, unsuspecting vacationers. Their newest tools can compromise your identity faster than your email can send an “Out of Office” response. Whether you’re hitting the same old beach town or taking a cycling tour of Provence, follow these Top Five steps to stay cyber secure while soaking up the sun.
– HelpNet Security
Most of the organizations I speak with are talking about cyber-risk these days, and for good reason. Unfortunately, many of them are doing a lot more talking than actually doing. Some of this is human nature – threats are “somebody else’s” problem until they hit close to home, and it’s no different in cybersecurity. Often, the risk only starts to feel real once it’s too late.
The best way to combat the shortcomings of SMS based 2FA isn’t to just move where that authentication code is received—some 2FA alternatives provide codes generated standalone apps, which would require compromising a device itself to access—but to change how login attempts are authenticated. "The world that we're going into is going to require multiple factors,” Thelander said. “It's going to require layers of authentication that can be delivered at a point and time based on the level of risk of what a user is trying to do and the level of risk that is detected."
– International Business Times
In fact, the number of debit and credit cards that were exposed to hacking efforts at U.S. ATMs and stores jumped 70% in 2016, according to a report from data analytics and credit scoring company, Fair Isaac Corporation (FICO). In addition, what’s known as “card-not-present” fraud — fraudulent transactions that occur when the card isn’t physically present — is expected to cost merchants and retailers $7.2 billion by 2020, according to a report by iovation, a provider of digital intelligence for fraud prevention.
iovation, the leading provider of device-based consumer authentication and fraud prevention solutions, today announced that it has entered into a partnership with Ping Identity, the Identity Security Company. iovation has been invited to join the company’s Technology Alliance Program alongside a thriving community of security industry stalwarts. The partnership combines the power of iovation’s fraud intelligence network to detect unauthorized access with Ping’s seamless and secure customer identity and access management (CIAM) offering. PingFederate customers are able to leverage iovation’s consortium of 4,000 fraud experts who work together in real-time to both combat fraud at log-in and enhance trust for the customer single sign-on experience.
“The partnership between Ping and iovation extends Ping’s CIAM solutions to protect customers at the most vulnerable point of the user experience,” said Andre Durand, CEO and Founder, Ping Identity. “The combination of iovation’s device intelligence along with PingFederate’s API can provide greater assurance for consumers using unmanaged and third-party devices.”
According to the 2017 Verizon Data Breach Incident Report, the fastest growing cause of cybercrime today is due to compromised credentials. Considering nearly three billion credentials were compromised and made available on the Dark Web in the last 18 months alone, it’s clear that traditional authentication methods, like user names and passwords are no longer a sufficient guarantee to protect enterprise applications against data breaches. While the threat environment grows more ominous by the day, businesses are racing to bolster their security approach and improve their customers’ web experience.
iovation’s ClearKey device-based authentication and FraudForce solutions integrate with PingFederate, a secure federation server that provides single sign-on and API security for provisioning customer identity and access management. ClearKey works in conjunction with PingFederate to provide contextual, adaptive and risk-aware insights. The combined solution enables PingFederate to detect unauthorized access and prevent account takeover attempts by dynamically providing choices for multi-factor authentication while enhancing the consumer authentication experience.
“Enterprises today are struggling with managing the complexity of third-party and unmanaged devices where they lack visibility and control. iovation’s solutions enhance PingFederate single sign-on to take advantage of iovation’s unique fraud and risk insight that provides context-aware intelligence to thwart account take over at log-in,” said Greg Pierson, CEO of iovation. “To this end, we’re excited that this partnership with Ping Identity will help enterprises protect their customers and provide a frictionless yet strong authentication experience for the customer, especially while protecting access to applications via PingFederate.”
ClearKey and FraudForce seamlessly integrate with PingFederate to enhance the customer identity and access management experience.
For more information about iovation’s authentication and fraud prevention solutions, visit www.iovation.com.
In this guest post to CSO Online, iovation's VP of Product, Dwayne Melancon, explores the intrinsic insecurity of two-factor authentication and how a range of 'modern authentication solutions are emerging that provide the balanced approach we’ve been looking for - robust and context-aware security strong enough to protect a business and its customers, while also delivering an authentication experience that people will actually want to use'.
– CSO Online
Findings from the report, Combating False Declines Through Customer Engagement, show that a large contingent of connected consumers are unforgiving of the inconvenience of a false decline. More than 42 percent of respondents said that a false decline would motivate them to leave their banking institution altogether.
– Retail Customer Experience
“False declines have a material impact on an issuer’s business. While lost transaction revenue is painful, damage to the issuer’s relationship with their customer is of far greater concern,” said Michael Thelander, director of authentication products for iovation. “Banking and financial institutions need to balance security levels with user experiences. Consumers are open to a range of authentication methods as long as they are easy-to-use. Dynamic multifactor authentication does just this by balancing security and user experience by adding flexibility to authentication.”
– Payment Week
iovation, the leading provider of device-based consumer authentication and fraud prevention solutions, today released findings from its newest consumer preference report, "Combating False Declines Through Customer Engagement." The survey, conducted in partnership with global research and advisory firm Aite Group, polled nearly 1,100 consumers across four generations to better understand the impact of false declines on the customer experience. Findings from the report show a large contingent of connected consumers are unforgiving of the inconvenience of a false decline, with more than 42% of respondents reporting that a false decline would motivate them to leave their banking institution altogether.
False declines occur when a valid transaction by the authorized cardholder is erroneously declined. Last year in the U.S. market, approximately $264 billion in card transactions were lost due to false declines from suspicion of fraud in 2016 and is projected to grow to $331 billion by 2018.
Millennials Willing to Sever Relationships with Financial Institutions
The report, which surveyed millennials (35%), Gen Xers (26%), Baby Boomers (32%) and seniors (7%), found that consumers' willingness to leave their bank over a false decline was directly correlated to their age, with 59% of millennials, or "digital nomads", admitting to being very or somewhat likely to leave their financial institution due to a credit card false decline. In contrast, just 21% of seniors would be inclined to leave their issuer over a false decline, suggesting that millennials are far less forgiving of the aggravation than older generations. Gen Xers and Baby Boomers fell somewhere in the middle, with 39% and 32% willing to leave their banks due to a false decline event, respectively.
Another deciding factor in whether consumers stayed with their banks was income level. Forty-four percent of consumers with income over $100,000 per year and 48% of consumers with income between $75,000 and $99,999 per year say they are very likely or somewhat likely to leave their financial institution due to a mistakenly declined credit card transaction.
"False declines have a material impact on an issuer's business. While lost transaction revenue is painful, damage to the issuer's relationship with their customer is of far greater concern," said Michael Thelander, director of authentication products for iovation. "Banking and financial institutions need to balance security levels with user experiences. Consumers are open to a range of authentication methods as long as they are easy-to-use. Dynamic multifactor authentication does just this by balancing security and user experience by adding flexibility to authentication."
All Demographics Open to Dynamic Multifactor Authentication
When it comes to transactional security, however, consumers have shown that the process does not always have to be completely transparent. Despite showing impatience with their issuer following a false decline, the majority of consumers across all age groups are open to an additional prompt for identity verification if there is suspicion of fraud, in the hopes of preventing a false decline from ever happening -- nearly 60% of consumers, in fact.
Sixty-five percent of seniors and boomers indicate that it's acceptable for their issuer to request proof of identity if there is suspicion of fraud, while 59% of Gen Xers and 54% of millennials agree.
"As the survey indicates, online banking customers growing openness to engagement represents new opportunities for banks as they look to reduce false declines" said Julie Conroy, research director for Aite Group's Retail Banking & Payments practice and author of the report. "The path to change will happen over time. But, the ubiquity of mobile devices is already driving progress by enabling a variety of new ways to harvest contextual and authenticating data, which informs institutions' authorization decisions and, ultimately, improves all user experiences."
To access iovation's full "Combating False Declines Through Customer Engagement" report, please visit: https://www.iovation.com/resources/reports/combating-false-declines-through-customer-engagement. This report follows a companion March 2017 report, "Moving Beyond the Password: Consumers' Views on Authentication" which examined the same group of banking consumers and their attitudes toward various authentication mechanisms used online today.https://www.iovation.com/fraud-prevention
Last week iovation announced that Dwayne Melancon was leaving Tripwire after 17 years and joining the company as the new Vice President of Product, so we decided to get in touch and see what are his future plans.“My experience at Tripwire ran the gamut – I served in a range of roles, from CTO to product management to head of R&D – but my ultimate goal was to create products that offered both a streamlined user experience and market-leading security protection,” he told us.
– HelpNet Security
As applications like Uber and Venmo are eliminating the need to physically carry cash or a credit card, our smartphones are quickly becoming the go to replacement for our wallets. To meet consumers where they are (on their phones), financial institutions like Chase and Wells Fargo will widely introduce card-free ATM options later this year in the hopes of delivering a more convenient consumer banking experience. But as with any new technology, mobile ATM access raises a new set of security challenges.
– Payments Source
This new movement, known as Bring Your Own Authentication (BYOA), holds the same promise of reimagining the way we think of authentication, putting the consumer (and device) front and center in the interaction, and relegating passwords to the background or eliminating them completely. But there are challenges to overcome in order for mass adoption.
– Network World
Portland, Ore., April 19, 2017 – iovation, the leading provider of device-based consumer authentication and fraud prevention solutions, today announced it has appointed Dwayne Melancon to the role of vice president of product. Dwayne brings world-class product expertise following 17 years leading product development at Tripwire, where he brought a number of cutting edge cybersecurity solutions to market. In his new role, Dwayne will be responsible for all aspects of product innovation as iovation aggressively expands its portfolio of cloud-based security solutions to meet customer needs at the growing intersection of fraud and authentication.
This appointment comes on the heels of several key milestones for iovation, including the general availability of LaunchKey, an advanced multifactor authentication (MFA) solution that broadened the company’s capabilities in contextual authentication well as the launch of its SureScore service, a machine-learning algorithm that analyzes millions of patterns of device, transaction, and account attributes to detect the subtle patterns that indicate fraud.
“There is a convergence happening now within the fraud and infosecurity landscape as enterprise CISO’s adopt a more holistic approach to their security posture. With Dwayne leading our product strategy, we have a proven leader who can deliver on our vision of frictionless fraud prevention and authentication,” said Greg Pierson, CEO and co-founder for iovation. “For more than two decades, Dwayne has been at the forefront of cybersecurity, embracing the customer experience to create dozens of market-leading security products. We are extremely fortunate to have someone of Dwayne’s caliber bring his unique talents to bear at iovation.”
Dwayne held many executive management positions during his 17-year tenure at Tripwire, including chief technology officer, product management VP and head of research and development. Prior to Tripwire, Dwayne spent six years at Symantec in a variety of management roles, including director of corporate internet services. As a cybersecurity expert and published author, Dwayne has been featured regularly on the BBC, Forbes and The Guardian and also coaches Fortune 500 CISOs and CIOs on how to effectively communicate cybersecurity risks to the board room and the C-Suite.
“Ultimately, fraud occurs when authentication fails. Yet so many organizations continue to treat the domains of fraud and infosecurity as disconnected silos,” said Dwayne Melancon, iovation’s vice president of product. “iovation is one of the few technology companies I’ve seen that really understands the value of connecting these two functions and can deliver it in a truly integrated and on-demand fashion. I’m looking forward to helping CISOs navigate this convergence.”
Passwords have been keeping sensitive computer data safe since 1961, when computer scientist Fernando Corbató first introduced the industry standard in online authentication to what was then a very small digital community. Almost six decades later, and too many consumer data hacks to count, now 87-year-old Corbató can attest that password usage has become a bit of a “nightmare.”
– ITSP Magazine
But a recent survey by Aite Group and ivation suggests this strategy may not work across other areas of banking — the survey looks at authentication methods and customers’ willingness to try new ones — or at least, it won’t work for everyone. “Customers can be bought,” according to the survey, but it must be the right offer at the right time to the right customer. 51% of participants in the survey of about 1,000 bank customers would be willing to try new authentication methods with no incentives at all. 25% would not be swayed by any incentive the bank was willing to offer. 15% were swayed by an offer of $10, and a further 9% held out for $25.
– Bank Innovation