03/31/2012 : IOVATION HELPS TO NAIL ID THIEVES
Popular online gambling fraud prevention system zeros in on credit card thieves
A sophisticated online device reputation tracking software widely used in the online gambling industry was a key factor in hunting down and nailing prolific ID thieves in Washington state recently, according to Portland's KGW8 News.
The Iovation software was able to connect otherwise unrelated identity theft cases together to bust a retail fraud ring that had stolen credit cards from the mail boxes of consumers and used them fraudulently to set up accounts and target 20 major retailers.
The case was an interesting mix of online and offline crime that involved over a hundred thousand dollars of fraudulent activity and ended in tears for the perpetrators with a nine count federal indictment that included bank fraud and aggravated identity theft, with tens of thousands of dollars in fraudulent card charges.
The thieves would steal credit cards from mailboxes, forge false supporting ID documents and then open up online and offline accounts to buy goods, which were then sold or returned for cash.
Iovation's global database now shares the reputations of 900 million devices with which its clients have interacted, and these clients have identified 8 million instances of fraud and abuse that helps them stop known fraudsters or suspicious transactions.