Iovation, stopping Internet fraud and identifying good online customers with the world's most comprehensive device reputation database, announced that its flagship fraud-fighting service, ReputationManager 360, has won The Retail Fraud Prevention Award.
ReputationManager 360 won the award in the shrink reduction category, which recognizes the solution that had the biggest impact on reducing losses. The Retail Fraud Awards is a competition run by Retailfraud, the number one retail fraud and loss prevention resource in Europe.
"This recognition is a testament to the value ReputationManager 360 and device intelligence bring to retailers, and we are honored to win this category," said Chris Thomas, iovation's Director of Business Development in Northern and Eastern Europe. "iovation is committed to staying one step ahead of cybercriminals and we are continually enhancing our services to give our customers the edge in their fight against online fraud."
Since July, iovation has launched numerous new features to ReputationManager 360, including Tor detection and compound business rules. Tor is a privacy protocol designed to help people browse the Internet anonymously, and iovation's Tor detection exposes devices leveraging Tor for transactions. With compound business rules, iovation customers can combine multiple ReputationManager 360 business rules into a single rule, resulting in more precise control and flexibility that enables businesses to adapt quickly as fraud changes.
"iovation continues to raise the bar in online fraud prevention," said Steve Thomas from Paul Smith, an international fashion retailer and iovation customer. "We chose iovation because they have the largest shared network of device reputation intelligence which will help us reduce fraud losses, improve operational efficiency through shorter manual review queues, and improve the customer experience."
With its ReputationManager 360 solution, iovation tracks the online behavior of more than 1.5 billion devices from around the world; 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 hundreds of customers and thousands of security professionals, retailers can reduce chargebacks and other online fraud, automatically denying high-risk transactions or flagging them for review. With this intelligence, iovation stops more than 200,000 fraud attempts daily, proactively identifying devices that are associated with abuse.