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Iovation Finds 60% Increase in European Fraud Online
To keep pace with demand from European businesses combating this growth in fraud, iovation also announced today that it has launched its new European data center.
PORTLAND, Ore. – April 25, 2012 – iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced that the rate of fraudulent online transactions it stopped in Europe is 60 percent greater today than a year ago. The rate of fraudulent transactions originating from Europe jumped from 1.3 percent from January to March 2011 to 2.1 percent from January to March 2012 and showed upward movement every quarter in between. The top three European countries for online fraud over the last year were Romania, Lithuania and Croatia according to iovation. From April 2011 to April 2012, iovation stopped about 15 million fraudulent online transactions in Europe. To keep pace with demand from European businesses combating this growth in fraud, iovation also announced today that it has launched its new European data center.
“Since 43 percent of iovation’s business is international, with Europe leading the way, it is imperative that we do everything possible to ensure our growing overseas customer base has immediate, actionable information to stop fraudulent transactions as quickly as possible,” said Scott Waddell, Vice President of Technology at iovation. “With this state of the art data center, our European customers can harness iovation’s fraud fighting power with speed and precision that is unmatched in the industry.”
The European data center is located in Amsterdam. It is leveraged to serve content for iovation customers using iovation’s ReputationManager 360 solution, which has the unique capability of deciding what is and isn’t a trustworthy online transaction through its patented device reputation capabilities. By exposing the reputation and hidden relationships of mobile phones, tablets and computers, iovation helps businesses know who to trust online.
Although the European data center can be used to serve content to users worldwide, it will principally service iovation customers in Europe and Africa. By being located geographically closer to these customer locations, performance is optimized, enabling customers to leverage iovation for more end-user touch points with lower latency and greater precision.
There are three main technological advantages to having a European data center:
1. Optimized load times for European sites
2. Additional redundancy and geographic distribution of iovation’s Device Print® recognition technology
3. Enhanced performance of iovation’s Real IP™ proxy unmasking feature for European customers.
“European e-commerce continues to experience robust growth as more consumers adopt online purchasing of goods and services,” said David Fish, Senior Analyst in Mercator Advisory Group’s Fraud, Risk & Analytics research service. “With Europe’s migration to chip cards, fraudsters there are also focusing more on e-commerce and other card-not-present channels to make fraudulent purchases. iovation’s new data center is strategically located as these market dynamics evolve.”
For more information about the European data center, go to http://blog.iovation.com/2012/04/19/iovation-launches-amsterdam-data-center/.
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 900 million devices from every country in the world. Every day, iovation stops over 150,000 fraud attempts. For more information, visit www.iovation.com.