TMCnet Feature
March 04, 2013

iovation to Reveal the Top 10 Methods for Prepaid Card Issuers to Stop Online Fraud

By Shankar Pandiath, TMCnet Contributor

A provider of device reputation solutions against online fraud, iovation (News - Alert), recently announced that it will disclose the top 10 methods for the world’s leading prepaid card companies to stop online fraud. The online fraud prevention tactics are scheduled to be unveiled by Jay Johns, during the compliance and regulation track at the Prepaid Expo in Orlando, upcoming on March 5 at 11.30 EST. He will be joined by John Morton, Chief Risk Officer at Green Dot and Jacqueline Shinfield, Partner at Blake, Cassels, and Graydon LLP.

Prepaid cards are used to access money that is paid in advance, and are typically referred as a variety of different cards. According to the Consumer Federation of America, an increasing number of complaints are involved in the use of prepaid cards for fraud and unscrupulous activities in collecting money. The customers of iovation are troubleshooting online prepaid card fraud by leveraging simple and specific ways.

ReputationManager 360, offered by iovation, is based on the simple philosophy of identifying the device that is being used to commit the fraud so as to root out the fraud. Device reputation is a new addition to iovation’s fight against fraud, and adds a new level of defense that empowers the system of device identification. It is the only solution available in the market today that has an in-depth approach for the device, with detailed information on when it is being used online, thus, creating a fantastic reputation score. The key features of ReputationManager 360 are:

  • Set rules for assessing risks by leveraging the geo-location, velocity, evidence, anomalies, watch list, and risk profiles
  • Analyzes the reports and trends on effectiveness, with on-demand and scheduled reports
  • Helps in unmasking the proxies to identify where the transactions are originating and where the users are actually coming from
  • Facilitates real-time response with features like Automate Accept, Review, and Deny, taking action against risks just in milliseconds
  • Helps in blocking frauds from any type of web-enabled devices such as smartphone, PC, laptops, tablets, and consoles as well
  • ReputationManager 360 combines Device Intelligence and Two-Factor Authentication for protecting the user accounts and transactions

With more than one billion devices accumulated across the network of thousands of online businesses and security professionals, prepaid card issuers can seamlessly determine whether a device is most likely to conduct fraudulent transactions. The unique and innovative capability from iovation makes it even easier to identify the devices proactively that are being associated with fraud, and prevent them before they can hit.

Edited by Brooke Neuman
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