TruNarrative, the financial crime platform and decision engine, has announced a new partnership with iovation, a TransUnion company. iovation is the leading provider of device reputation and behavioral insights for fraud detection and consumer authentication.
With full genuine identities, and even usernames and passwords available for sale on the dark web, fraudulent applications and activities are now sometimes indistinguishable from genuine customers. Therefore, it is important to use all available data sources to combat fraud.
With traditional methods of user verification becoming increasingly compromised by fraudsters, it is crucial that organizations are able to include enhanced checks for digital attributes such as device location, and device reputation.
iovation’s technology uses previously unavailable device information to indicate the risk associated with any web-enabled device via any delivery channel such as mobile/desktop web or native/hybrid apps. The company’s unique device identification and reputation service offers the ability to tap into attributes and characteristics that can be indicative of fraud. It also has a large consortium of confirmed fraud records that gives an indication on the reputation of the device being used. The service uses deep analytics to link devices to each other which can be pivotal to detect fraud rings and organized groups.
Allowing TruNarrative customers access to the extensive iovation collaborative fraud prevention network means they can build a truly layered approach, complementing more traditional sources of verification available in the TruNarrative App Store.
The iovation network supports 36,000 global member brands across 51 countries, and has so far generated 55 million detailed fraud reports. This makes iovation the largest device intelligence database in the industry.
iovation will help TruNarrative to detect common fraud indicators, such as:
- Jailbroken / Rooted Devices
- Virtual Machines / Emulators
- Location-based Anomalies
- Device Type / OS / Screen Resolution Mismatches
- Confirmed Fraud Evidence
The integration between TruNarrative and iovation has been completed using TruNarrative’s open API technology. Customers can build custom rules around iovation data points, and incorporate this into their customer validation and anti-fraud strategies.
John Lord, CEO of TruNarrative, said: “iovation is at the forefront of device intelligence technology, which is becoming an essential part of our customers strategy to make safer commerce simple and frictionless. The ability to absorb information ignored by traditional forms of validation makes a very powerful addition to the customer journeys we can now provide to our customers.”
Ed Wu, VP of Global Partnerships at iovation said : “Businesses need a strong layer of defense to stop fraud and still ensure the best level of customer experience. At iovation, we value our partner relationship with TruNarrative, which is centered around a mutual drive to innovate in order to give our joint customers’ the ability to fight fraud”
iovation, a TransUnion company, was founded with a simple guiding mission: to make the Internet a safer place for people to conduct business. Since 2004, the company has been delivering against that goal, helping brands protect and engage their customers, and keeping them secure in the complex digital world. Armed with the world’s largest and most precise database of reputation insights and cryptographically secure multi-factor authentication methods, iovation safeguards tens of millions of digital transactions each day. www.iovation.com
Source: TruNarrative Press Release