Iovation catches online fraudsters

The Portland, Oregon-based Internet security company Iovation reported at the ICEi show this week that its operating statistics prove that 30 000 fraud attempts a day have been halted across its range of client sites.
The company reported monthly recurring revenues up 50 percent over the beginning of 2009, having closed last year with impressive results in revenue growth, new customer acquisitions and expansion of its globally shared database of device reputations.
The security firm released statistics showing that since inception, Iovation has performed over 2.7 billion reputation checks on behalf of customers, processing nearly double in 2009 over 2008, and actively stopping more than 30 000 fraudulent activities per day on the Internet.
Iovation’s revenue growth reflects the growing adoption of device reputation monitoring as a core component of fraud prevention and detection strategies. Businesses in industries ranging from retail to online communities are using device reputation checks to identify and shut down fraud schemes and organised criminal rings.
“In 2009, we exceeded our shareholder’s expectations in terms of new customers and revenue growth, while finding ways to operate more efficiently in a tough economic environment,” said Greg Pierson, chief executive of the firm. “Our results speak to the momentum gained from increased awareness of device reputation as a best practice in fighting online fraud.”
In addition to revenue growth, the Iovation customer base grew in near triple digits, gaining new customers in all of its key markets, adding to its well-established leadership in online gaming and online communities.
The company’s device-based fraud database, has expanded, with the number of incidents of fraud shared by customers increasing by 105 percent since the start of 2009.  Iovation now actively tracks the reputations of over 225 million devices, more than double the number at the outset of 2009.

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