Meanwhile, PayPal acquires mobile payments firm Paydient.
Companies can use iovation TrustScore immediately—helping reduce operational expense, accelerate revenue and improve the experience for trusted customers.
PORTLAND, Ore. – March 5, 2013 – iovation, the leading provider of device reputation protecting businesses against online fraud, today announced the launch of its TrustScore service. TrustScore identifies website visitors that are most likely to be trustworthy—even if they’ve never visited the site before. It accomplishes this by analyzing a consumer’s online activity from their collective devices and assigning a rating to those devices based on historical behavior. This score is generated without collecting a customer’s personally identifiable information (PII). Companies can use iovation TrustScore immediately—helping reduce operational expense, accelerate revenue and improve the experience for trusted customers.
By leveraging iovation reputation data to identify good customers even when they are new to a website, companies save time by reducing the number of manual reviews, minimize the cost of handling reviews and eliminate delays for good customers. This unique data also allows businesses to immediately identify which new customers qualify for special offers or status, efforts that otherwise could require months of investigation.
“Knowing who’s good can be as valuable as knowing who’s risky for online businesses,” said iovation Vice President of Product Scott Olson. “Today is an exciting day for iovation because we are leveraging the eight years of data built on helping customers fight online fraud, and are applying sophisticated analytics to use that data to determine who’s good. Many online retailers review upward of 10 percent of online transactions of which the vast majority are ultimately approved. Enabling our customers to bypass reviews by recognizing good customers can dramatically impact their operations and the efficiency of their fraud team.”
To date, iovation has examined the behavior of more than 1.2 billion devices involved in more than nine billion transactions in order to fight fraud. By leveraging this intelligence from iovation’s ReputationManager 360 solution, iovation TrustScore determines whether or not an online activity is likely to be good. iovation TrustScore customers stand to benefit in a number of ways including:
- Reducing Review Queues—iovation can identify transactions that would have been flagged for reviews coming from customers the company deems as trustworthy. This allows fraud teams using TrustScore to focus on the riskiest transactions and eliminate unnecessary reviews. This also saves businesses money with each manual review costing businesses an average of $3 to $5, which can add up to millions of dollars annually for a company.
- Accelerating Revenue— Businesses can recognize good customers even when they are new to a site. Therefore, businesses using TrustScore can confidently provide these customers with special offers or promote them to a higher level of service or credit, accelerating revenue without the usual waiting period necessary to differentiate the most valued customers.
- Improving the Customer Experience— When a good customer experiences delays or extra steps to complete an online activity, market research shows that they are likely to go elsewhere, putting future customer sales at risk. TrustScore enables companies to reduce the steps good customers have to take to complete transactions.
To learn more about TrustScore, iovation is hosting a webinar on Wednesday, March 13 at 10:00 am PDT. To sign up, go to https://www2.gotomeeting.com/register/158226010.
iovation protects online businesses and their end users against fraud and abuse through an industry-leading combination of advanced device identification, shared device reputation and real-time risk evaluation. More than 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 more than 1.2 billion devices from every country in the world. Clients also leverage iovation's Fraud Force Community, an exclusive virtual crime-fighting network of the world's foremost security experts sharing intelligence about cybercrime and prevention techniques. Every day, iovation stops more than 150,000 fraud attempts. For more information, visit www.iovation.com.