PORTLAND, Ore.--(BUSINESS WIRE)--iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced that in 2010 it has stopped 35 million fraud attempts and has protected 4.5 billion total transactions to date for online businesses.
Financial services, retail, travel, dating, social network and gaming companies make real-time queries to iovation’s knowledge base of half a billion devices to prevent fraud loss and protect their customers. Combating online fraud and abuse is no easy task and iovation doesn’t do it alone; 2,000 fraud analysts report and share fraud experiences through iovation’s database of Internet devices and relationships.
2010 was iovation’s most successful year in helping make the Internet a safer place to interact and conduct business.
- Total unique devices, including computers, tablets and mobile phones, in iovation’s shared database grew by 113%, bringing the total number of unique devices to 500 million.
- Total fraud and abuse experiences reported, such as financial fraud, identity theft, scams, code hacking and account takeovers, grew by 76%, totaling more than 4 million events associated with devices and accounts.
- Daily device reputation checks processed have increased by 59%, to over 6 million daily requests.
- Industry crossover continues to provide uplift for customers. 33% of fraudulent activities stopped in 2010 were influenced by the experiences of other iovation customers.
- In the online gambling industry, over 65% of risky transactions were flagged due to prior knowledge of financial fraud in other verticals, such as financial services, retail and social networks.
- Countries showing the largest percentage of transactions denied in 2010 included Ghana, Nigeria, Romania, Korea and Israel. Other countries near the top included Cote D’Ivoire, Columbia, Argentina, Philippines and Malaysia.
- iovation expanded its presence in Japan, complementing existing clients in China, Korea, Malaysia and the Philippines.
- iovation received recognition through industry and technology awards, including Best New Technology (Internet Dating Awards), Best in Internet Security (Network Products Guide), OnDemand Top 100 (AlwaysOn), and iovation ranked #38 in security companies for the Inc. 5000 Fastest-Growing Private Companies.
“I am happy to announce that once again, iovation has exceeded our shareholders’ expectations for customer retention, new customer acquisition and revenue growth,” said Greg Pierson, Founder and CEO of iovation. “I’m equally proud of the positive feedback our team receives from customers who see iovation as a valuable partner in the fight against online fraud and abuse. As great as 2010 was, we have even higher expectations for 2011.”
iovation protects online businesses and their end users against fraud and abuse through our industry-leading combination of shared device reputation and real-time risk evaluation. 2,000 fraud managers around the globe leverage iovation’s database of Internet devices and relationships between them to determine the level of risk associated with any type of online transaction. Retail, financial services, social network, gaming and other companies make real-time queries to iovation’s knowledge base of 500 million devices from every country in the world. Every day, iovation protects more than 6 million transactions and stops over 100,000 fraud attempts. For more information, visit www.iovation.com.