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Research and Markets has announced the addition of the "Card-Not-Present Fraud: The Merchant Empire Strikes Back" report to their offering. The author's most recent research report, Card-Not-Present Fraud: The Merchant Empire Strikes Back, examines the current state of CNP fraud in the U.S. market and frames the market landscape for both online merchants and the fraud solution vendors that serve them.
– Digital Journal
Kurk Spendlove, Director of Engineering at iovation, shares how the leading SaaS provider of fraud prevention and multifactor authentication solutions switched from Vertica to Snowflake in order to load semi-structured data directly into the cloud data warehouse and analyze years of data in a matter of minutes.
– Snowflake Computing
With the increased attention on fraud and cybersecurity, companies are turning to artificial intelligence (AI) and machine learning to strengthen fraud mitigation efforts to predict the trustworthiness or riskiness of an online transaction. In an effort to achieve the same, iovation, a provider of device-based solutions for authentication and fraud prevention, launched the iovationScore machine learning fraud prevention solution.
iovation, the leading provider of device intelligence for authentication and fraud prevention, today announced it has been named “Outsourced Partner of the Year – The Best Buddy Award” in the Post Digital Insurance Awards. This is the third consecutive year Post Magazine has recognized iovation in its insurance industry awards. Judges from Post Magazine—a UK-based insurance publication founded in 1840—and Europe’s leading business advisory and startup accelerators selected the company for its device-based fraud prevention solutions successfully helping UK insurers reduce risk.
“As insurers innovate, they are moving the customer experience such as claims processing and policy issuance online. And while insurers are building 360 degree views of their customers through an omni-channel approach, it opens the doors for frausters to attack. ” said Tom Pak, Vice President of Global Sales at iovation. “We are honored to win this award and help UK insurance companies harness new technologies, while enabling them to prevent fraud and enhance the consumer experience. We’ll use this recognition as motivation to continue building upon and delivering our robust fraud-prevention technologies.”
“Our partnership with iovation has enabled us to offer a fraud detection and prevention solutions which benefit our whole panel of car and van insurance partners,” said Dan Cassell of UK insurance aggregator Gocompare.com. “We can also provide even further value to our partners who also use iovation, giving them more control over the quotes we send them. The abilities that iovation give us to identify and block fraud at the earliest step in the quote process are extremely powerful in the fight against fraud.”
By leveraging iovation's intelligence about billions of internet devices, insurers can identify and stop fraud at point-of-sale, claim, mid-term adjustment, renewal or even at post-sale detection. The device insights help insurance companies identify risky transactions from devices already associated with fraud and abuse at other businesses—dramatically increasing operational efficiency while enhancing the online experience for “known good” customers.
Post Magazine recognized iovation during an award ceremony held on Nov. 18, 2016 in London. The publication similarly named iovation the “Outsourced Partner of the Year” last year, and the “Claims Technology Partner of the Year” in 2014.
More than 700 of the region's most influential companies, CEOs and executive teams will be at the Oregon's Most Admired Companies luncheon on Tuesday, January 10th at the Hilton Hotel. This can’t miss awards luncheon is a celebration of the very best of Oregon business and what corporate community brings to the state. iovation is an Honoree in the Technology category, just a few votes short of making the top ten 10 list.
– Portland Business Journal
In the book extract below, Dr Rado Kotorov, chief innovation officer of business intelligence and data analytics pioneer at Information Builders shares the common criteria for creating successful InfoApps, drawing from two of the nine case studies included in his book, “Organisational Intelligence – how smart companies use information to become more competitive and profitable,” which he co-authored with Information Builders’ CEO and president, Gerald Cohen.
– Information Age
Learning how to monetize your data is one of the major themes of a new book by Gerry Cohen and Rado Kotorov titled "Organizational Intelligence: How Smart Companies Use Information to Become More Competitive and Profitable." iovation is pleased to be profiled in the case studies section, and our fraud prevention service represents one of the primary data monetization use cases.
– Information Builders
iovation, the leading provider of device intelligence for authentication and fraud prevention, today announced it will host a webinar entitled “Creating a Winning Player Experience While Battling Online Fraud” on Dec. 13 at 7am and 10am PST. The webinar will provide online gambling operators a roadmap of how to combine device intelligence, authentication, and predictive and adaptive machine learning to stop fraud—while attracting new players and retaining existing ones by improving the user experience. iovation Product Marketing Manager Eddie Glenn will lead the webinar.
“Putting up a wall to stop the bad guys may help eliminate fraud but it can be bad for business,” said Glenn. “By combining different transaction analysis tools, not only can gambling sites stop fraud but they can also gain valuable insight into good customers in order to offer incentives, provide expedited service and reduce transactional friction.
The webinar will specifically address how gambling sites can:
For more details and to register for the webinar, go to http://bit.ly/2ggbsYg.
The holidays are here and while it brings out the shoppers, it also brings out the crooks. Big money will change hands. Based on early estimates from the NRF, the trade group expects retail sales excluding gas, autos and restaurants in November and December to increase 3.6% to $655.8 billion. That’s significantly higher than the 10-year average of 2.5% and above the seven-year average of 3.4% since the economy began recovering from the Great Recession in 2009.
– Dark Reading
iovation released new data that shows card-not-present fraud increased significantly from Black Friday to Cyber Monday 2016 when compared to the same period in past years. Research shows a 20 percent increase in online retail credit card fraud during the 2016 holiday shopping weekend when compared to the same period in 2015, and a 34 percent increase in online credit card fraud from Black Friday to Cyber Monday 2014 to 2016.
– Help Net Security
In the face of EMV chips, criminals turned online to commit card-not-present fraud this Black Friday and Cyber Monday. Online retail credit card fraud between Black Friday to Cyber Monday was 20% higher in 2016 than 2015, according to a new study by iovation. Online fraud this holiday weekend was a 34% jump over 2014.
– Dark Reading
It was a record-setting holiday shopping weekend. Cyber Monday turned out to be the biggest day in e-commerce history, with $3.4 billion spent. But along with those record setting dollars, experts say it was also a time for record-setting fraud. Portland based anti-fraud company iovation tracked tens of millions of online transaction and said the numbers are staggering.
– KGW News
Results of research published by iovation, a provider of device intelligence for authentication and fraud prevention, show online retail credit card fraud jumps by 20 percent over the post-Thanksgiving shopping weekend, while more than half of all online transactions were enacted from mobile devices.
– Bankless Times
Fraudulent transactions where a credit card is not physically presented to a merchant—increased significantly from Black Friday to Cyber Monday 2016 when compared to the same period in past years. iovation research shows a 20-percent increase in online retail credit card fraud during the 2016 holiday shopping weekend when compared to the same period in 2015, and a 34-percent increase in online credit card fraud from Black Friday to Cyber Monday 2014 to 2016.
– Security Magazine
Credit cards were implicated in 59% of all fraudulent online transactions for the period stretching from Black Friday through Cyber Monday, up from 49% for the same period last year and from 44% in 2014, according to data from iovation, a device-authentication company. Still, fraudulent traffic overall for the period dropped to 0.38% of online transactions from 1.16% last year and 2.34% in 2014.
– Digital Transactions
iovation, the leading provider of device intelligence for authentication and fraud prevention, today released new data that shows card-not-present fraud—fraudulent transactions where a credit card is not physically presented to a merchant—increased significantly from Black Friday to Cyber Monday 2016 when compared to the same period in past years.
iovation research shows a 20 percent increase in online retail credit card fraud during the 2016 holiday shopping weekend when compared to the same period in 2015, and a 34 percent increase in online credit card fraud from Black Friday to Cyber Monday 2014 to 2016. In addition, iovation disclosed:
The percent of all online retail fraudulent transactions from Black Friday to Cyber Monday that involved credit card fraud
The percent of all online retail fraudulent transactions in 2014, 2015 and 2016 that involved credit card fraud
The percent of online retail transactions from Black Friday to Cyber Monday that were fraudulent
The percent of online retail transactions in 2014, 2015 and 2016 that were fraudulent
iovation attributes the rise in online credit card fraud to the recent shift from consumers using traditional credit and debit cards with magnetic strips to EMV (Europay, MasterCard, and Visa) chipped cards. While the new chip cards have proven to do a great job of stopping card-present fraud, it is now clear that fraudsters are turning online.
“The shift from in-person card fraud to card-not-present fraud shows that cybercriminals are quick to shift the focus of their scams," said iovation CTO Scott Waddell. “Much like EMV became a major weapon for in-person merchants, new authentication approaches will be the antidote to curb this new trend.”
Based on past research iovation conducted, the company recently predicted the rise in card-not-present fraud over the holiday shopping weekend.
Mobile Shopping Preferred Over Desktops and Laptops
iovation also found that consumers conducted 55 percent of their retail online transactions from this Black Friday to Cyber Monday using mobile phones and tablets compared to 49 percent the rest of 2016. This continues an ongoing mobile retail transaction increase over the holidays and year-to-year. Last year during that same period that percentage was 47 percent compared to 44 percent the rest of the year, in 2014 that was 37 percent compared to 32 percent the rest of the year and in 2013 that was 31 percent compared to 20 percent the rest of the year.
For the holiday shopping weekend, mobile retail transactions compared to all retail online transactions were:
“The mobile drop-off on Cyber Monday highlights the extent to which showrooming among consumers is increasingly popular,” said Julie Conroy, research director at Aite Group. “More and more consumers are combining m-commerce with their brick-and-mortar shopping trips in an effort to get the best price. On Cyber Monday, once consumers are back at work, buying patterns revert to the computer, whose larger size still provides a more user-friendly shopping experience.”
In addition, iovation found the top operating systems for retail online purchases from Black Friday to Cyber Monday were iOS (40 percent), followed by Windows (31 percent) and Android (15 percent).
Cyber Monday and Black Friday Share the Title of Cyber King
Despite the widespread talk of Cyber Monday being dead, iovation found that somewhat untrue. iovation research revealed that during the holiday weekend, 29 percent of all online retail transactions during that period were made on both Black Friday and Cyber Monday, Nov. 25 and 28. For the 2015 holiday shopping weekend, 29 percent of all online retail transactions were made on Black Friday and 31 percent on Cyber Monday, and in 2014 32 percent of all online retail transactions were made on Black Friday and 29 percent on Cyber Monday.
“We now have concrete evidence that the flattening popularity of Cyber Monday is somewhat true as evidenced by Black Friday online transactions growing 29 percent year-to-year compared to Cyber Monday growing 24 percent year-to-year,” said Waddell. “Although it’s too early to say exactly, I believe this shift away from Cyber Monday being the day for retailers is because so many consumers have become comfortable using their phones to make purchases.”
iovation came to these conclusions by analyzing the tens of millions of transactions that its authentication and fraud prevention solutions process every year from Black Friday to Cyber Monday, and the billions of transactions it analyzes for fraud indicators every year. The company authenticates the trustworthiness of transactions and devices for some of the world's biggest global brands through a combination of advanced device identification, shared device reputation including 30 million client-contributed fraud reports, and real-time risk evaluation. This creates unique insight into retail and financial industry transactions—two key sectors for holiday shopping.
For more insights about iovation’s holiday online retail findings, go to https://www.iovation.com/infographics/cyber-monday-2016
Retailers need to be prepped for fraudulent activity, both online and offline. That, according to two new reports, which suggests that with delays in EMV adoption and new fraud schemes, the 2016 holidays could be fraud-filled for many merchants. First, iovation's experts predict a big bump in 'card not present' (CNP) schemes through the Thanksgiving weekend.
– Biz Report
iovation, a provider of device-based solutions for authentication and fraud prevention, has secured a patent entitled “Systems and Methods for Group Authentication.” The group authentication patent enables multiple parties in different locations to approve a transaction with their mobile devices. This can be accomplished through multiple device authentication methods like biometric fingerprint scan, verification of a PIN or pattern code, or geofencing.
– The Paypers