|By Marketwired .||
|June 16, 2014 10:59 PM EDT||
PORTLAND, OR -- (Marketwired) -- 06/16/14 -- iovation, the trusted source for mobile and online fraud prevention to safeguard business reputation, has been named the Claims Technology Partner of the Year in the United Kingdom. Post, a U.K.-based insurance industry media company since 1840, selected iovation for the award.
"We are exceedingly proud of this honor as it validates the commitment iovation has made to helping the insurance industry stop fraudulent claims," said iovation Director of Business Development, Chris Thomas. "We understand the ongoing challenges faced by insurers to uncover and fight fraud. Our technology enables insurers to stop fraud risks that were beating traditional defenses and link fraudulent claims together in a way that they couldn't before."
With its ReputationManager 360 service, iovation shares the reputations of nearly 2 billion devices that touch its clients' sites from around the world. Within the insurance industry alone, iovation sees a 68 percent returning device rate, with 28 percent of all transactions coming in from mobile devices.
The insurance industry experiences a significant number of fraud schemes, increasingly operated by organized gangs of criminals working together. Using traditional fraud prevention tools, these fraud attempts may seem unrelated and go undetected. iovation's technology is designed to quickly and efficiently uncover these hidden associations to help break up fraud rings.
Some of the main schemes currently affecting insurers are:
- Ghost Broking -- Fraudsters selling fake or unauthorized policies to victims
- Crash for Cash -- Staged crashes in order to make injury claims for profit
- Quote Manipulation -- Falsifying variables within quote systems to obtain the lowest premium possible
"iovation recently helped stop an international criminal ring that was attacking a major insurance site, using many different devices and identities, and making it extremely hard to link fraudsters together. They were incepting new fraudulent policies online, which was creating a sizeable fraud exposure," said Thomas. "We helped the insurance company link all of the policyholders and devices working in collusion, not only across their site, but across our other insurance clients. This led to a highly active and organized fraud ring being shut down before it could cause damage to our clients businesses."
iovation protects online businesses and their end users against fraud and abuse through a combination of advanced device identification, shared device reputation and real-time risk evaluation. More than 3,000 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation's database of Internet devices and the relationships between them to determine the level of risk associated with online transactions. The company's device reputation database is the world's largest, used to protect more than 10 million transactions and stop an average of 200,000 fraudulent activities every day. The world's foremost fraud experts share intelligence, cybercrime tips and online fraud prevention techniques in iovation's Fraud Force Community, an exclusive virtual crime-fighting network. For more information, visit www.iovation.com.
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