Experian has announced an international partnership with iovation, the Device Reputation Authority, to further enhance Experian's global fraud prevention capabilities.
iovation's advanced device recognition software, dynamic referencing and device reputation checks will increase the reach and effectiveness of Experian's identity verification and fraud prevention services. iovation brings together the world's largest repository of mobile and online devices.
It identifies one billion mobile devices globally and currently conducts nine billion device reputation checks a year. It enables clients to assess the likelihood of transactions being fraudulent based on the device from which an application is made. Its sophisticated real-time risk assessment analytics stops some 150,000 potential online fraud attempts each day.
Results from searches against iovation's device library can now be used in conjunction with Experian's fraud and identity capabilities including its ID verification tool, Prove-ID, card fraud prevention engine, Risk-ID, and account opening fraud prevention service Hunter.
Nick Mothershaw, Director of Identity & Fraud, Experian, said: "Fraud continues to represent a clear and present danger to the bottom lines of banks, insurers, financial services, lenders and e-commerce merchants. With the rise of mobile commerce, the question of device reputation is becoming increasingly important. Our agreement with iovation will provide Experian's clients with a new layer of defence against fraudsters and deliver a more comprehensive risk assessment and scoring of each transaction to identify and welcome legitimate customers."
"Collaborating with Experian means we can help our joint clients avoid fraud losses by stopping cybercriminals before they damage their business or customers. Combining iovation's power of device reputation with Experian's extensive identity-based services is game-changing," said Jon Karl' co-founder and Vice President of Corporate Development at iovation. "iovation is committed to identifying suspicious activity, exposing the size and scope of problems, and helping our customers know whom to trust online."
Working in tandem with Experian's range of identity verification and fraud prevention tools, iovation's ReputationManager 360 analyses the past and current behaviour of more than one billion devices to identify and re-recognize devices logging into an organisation's website in real time. This unique approach spots relationships between different accounts with multiple vendors and identifies all of the devices associated with an individual without needing personally identifiable data. Doing so helps businesses prevent fraudulent transactions before they happen and identifies potential fraud rings or recurring fraud activities, while protecting the privacy of consumers.