|Portland-based Iovation, a developer of online fraud and abuse management solutions, has announced that it has helped to stop more than one million deceptive activities for clients since January.|
Iovation stated that it would process more than one billion device reputation queries this year and reported that it helped customers block over 900,000 fraudulent and abusive activities coming from 230 different countries and providences in the first quarter alone.
'As e-commerce continues to grow at a rapid pace, Iovation is seeing similar growth trends in the amount of online fraud and abuse that is occurring across multiple industries,' said Scott Olson, Vice-President of Marketing for Iovation.
'During the first quarter, we saw consistent geographic devices and accounts targeting specific verticals. Along with these findings we are very pleased to report the impact Iovation is having in helping customers stop online fraud and abuse.'
The American firm protects online businesses from abuse by identifying physical Internet-enabled devices and accounts with histories of fraud. It then shares this information with its network of over 60 million unique device reputations across multiple networks.
The firm performed more than 100 million reputation checks on devices coming from the United States over the first quarter of 2008. It revealed that the US topped the list of countries with the most reputation queries followed by Canada and the United Kingdom while Israel finished first in terms of the number of denied transactions at 15 percent. The Philippines at eight percent and Belgium at seven percent rounded out the top three countries with the highest online fraud rates.