Thousands of virtual crime fighters combine to clobber fraud
Posted 2/1/11 : Thousands of virtual crime fighters combine to clobber fraud
Online businesses collaborating with each other by using Iovation's device reputation service stopped 35,000,000 fraud attempts in 2010 – the company’s most successful year in helping make the Internet a safer place to interact and conduct business.
Highlights for the year included:
* Total unique devices, including computers, tablets and mobile phones, in Iovation's shared database grew by 113 percent, bringing the total number of unique devices to 500 million.
* Total fraud and abuse experiences reported, such as financial fraud, identity theft, scams, code hacking and account takeovers, grew by 76 percent, totaling more than 4 million events associated with devices and accounts.
* Daily device reputation checks processed increased by 59 percent, to over 6 million daily requests.
* Industry crossover continues to provide uplift for customers. 33 percent of fraudulent activities detected in 2010 were influenced by the experiences of other Iovation customers.
* In the online gambling industry, over 65 percent of risky transactions were flagged due to prior knowledge of financial fraud in other verticals such as financial services, retail and social networks.
* Countries showing the largest percentage of transactions denied in 2010 included Ghana, Nigeria, Romania, Korea and Israel. Other countries near the top included Cote d’Ivoire, Columbia, Argentina, Philippines and Malaysia.
