MORE DEALS FOR IOVATION ONLINE FRAUD MANAGEMENT

28 September 2007

Eight new companies join anti-fraud network


Online gambling operators are increasingly using next generation device-based fraud management programs to shut down fraudsters, and one company that appears to be benefiting from the trend is Portland, Oregan-based Iovation.

The online fraud management and authentication specialist announced this week that eight new clients were recently signed up for its Reputation Manager service and supporting anti-fraud network. The new customers, representing a broad range of international online gaming companies, software developers and transaction processors, have taken the step to stop collusion, chargeback fraud, account takeover and deposit fraud.

Sportsbook.com, the world's largest sports book and casino, selected Iovation to decrease chargebacks and increase deposit acquisition. According to Keith Jones of Sportsbook.com: "Iovation is the only solution that provides a network for sharing information with other subscribers. As more subscribers use and share fraud information, we all benefit from that information and collectively block the fraudsters from hitting our sites."

A spokesman for BetOnline.com says his company uses Iovation technology to catch fraudsters in sports betting. "Fraudsters are clever at hiding behind different identities. Previously we lacked the ability to uniquely recognize a device and associate previous fraudulent behavior with it, making for a tough time pinpointing the fraudsters and shutting them down. Now we can block the devices and keep them out."

"One of the reasons why we, as the first mover in online gaming, are still in business after almost 12 years is that we have always had a strong focus on fraud and risk management," said Michl Posch, head of marketing of Intertops.com. "The integration of Iovation with our internal fraud management system will now enable us to serve our customers even better for at least another 12 years. The more fraudulent customers we are able to exclude from our service as soon as they start cheating, the better the offers we can give to our serious customers."

The Reputation Manager product exposes hidden associations among fraudsters' devices and accounts, facilitating the following actions:

* Stop fraud and shut down repeat offenders regardless of their fictitious identities
* Uncover fraud based on hidden associations among the fraudsters' devices and accounts
* Uncover large organised fraud rings that make coordinated efforts to defraud online companies
* Share fraud information among other subscribers to stop known fraudsters from victimising other sites
* Protect players' privacy by not using any Personally Identifiable Information

"Online businesses are rapidly acknowledging that device-based fraud management is not only a key missing element in their fraud management strategies, but the single most effective technology at discovering and preventing organised fraud," says Greg Pierson, CEO of Iovation. "The growth of the Iovation fraud network is evidence that online companies are realising immediate and measurable benefits of sharing fraud evidence. By working together, we can limit the effectiveness of online criminals."

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