Governance, Risk & Compliance

Governance, Risk & Compliance

March 21, 2013

iovation to Address Online Fraud Prevention at Upcoming Conference with NetSpend

Cybercrime has come a long way. To protect businesses that operate on the Web, one needs real-time solutions that can detect suspicious activity such as online fraud. Sophisticated detection tools that do not disrupt the user experience, running in the background, are the best way to keep online operations safe and running smoothly at the same time.

iovation (News - Alert), a provider of device reputation services, unveiled its plan to discuss in detail the top types of online fraud affecting the prepaid card industry.

iovation cites card compromise, identity theft and social engineering as the most abundant family of online fraud today. To expand on its position, the company is planning a presentation at the upcoming 2013 Merchant Risk Council (MRC) Annual e-Commerce Payments & Risk Conference in Las Vegas, Nevada.

The session, entitled "Identifying and Preventing Fraud in the Prepaid Industry," will be held March 27.

Max Anhoury, vice president of Global Sales at iovation, will discuss these findings alongside Neil Gilbert, Fraud Manager at NetSpend, a provider of general-purpose reloadable (GPR) prepaid debit cards and related alternative financial services, to underbanked consumers in the United States.

"Consumers spend millions of dollars on prepaid cards at retailers, making it a highly visible target for cybercriminals," Anhoury said in a statement.

"With this session we want to share how scammers exploit prepaid card issuers and their customers in order to ensure fewer fraudulent transactions slip through the cracks," added Anhoury.

In the discussion, Anhoury and Gilbert will share the top types of fraud affecting prepaid online transactions, the best methods prepaid card companies use to stop online fraud, and how analyzing historical device behavior is key to mitigating it all.

iovation’s ReputationManager 360 is leveraged by many large prepaid and credit card issuers to stop fraudsters. The solution tracks the online behaviors of 1.2 billion devices – everything from desktops to laptops, mobile phones to tablets, and gaming consoles to smart TVs. By utilizing iovation's device reputation intelligence, gathered across its network of thousands of security professionals and their online businesses, prepaid card companies can determine whether or not a device is likely to conduct a fraudulent transaction.

iovation has been a sponsor member of the MRC for the past eight years, and recently launched its TrustScore service, capable of identifying safe website visitors even if they’re first-time visitors to the site.

Edited by Braden Becker

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