PORTLAND, Ore.--(BUSINESS WIRE)--iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced that it has been selected as a finalist for Red Herring’s 2011 Top 100 Global Award, a prestigious recognition honoring the year’s most audacious and far-reaching private technology companies and entrepreneurs from across the globe.
iovation’s device-oriented approach to online fraud protection has produced extremely positive results and is worthy of this award, offering high returns on investment at the world’s largest credit issuers, commercial and retail banks, online retailers, ticketing and travel businesses, gaming publishers and online communities.
Organized crime is a serious and growing problem for online businesses. Criminals are stealing from online businesses using stolen identity and credit information, hijacking consumer accounts, selling stolen goods on auction and classified sites—all hurting business profits and the reputation of major brands, and significantly hindering operational efficiencies.
iovation provides a collaborative approach in the fight against cybercrime and offers businesses the ability to proactively detect online fraud through shared device intelligence. Once the iovation service has been deployed, hidden associations between criminal transactions are exposed, and any history of fraud or abuse experienced throughout the iovation network can be shared in real time.
“While other businesses provide a device identification or device recognition service, that is merely one component of our rich device reputation service,” says Scott Waddell, VP of Technology at iovation. “ReputationManager 360 includes all of our defense-in-depth components working together to help our clients effectively fight fraud and optimize their risk mitigation processes and teams.”
For the 2011 Global Award, the Red Herring editorial team selected companies demonstrating the most innovative technologies and business models originating from over 1,000 companies from over 40 nations. These companies, representing past Red Herring Asia, Europe and North America awards, are judged on a range of qualitative and quantitative metrics, including, but not limited to, technology innovation, financial performance, growth criterion, management’s execution standards, potential globalization of the strategy and market share improvement.
The Red Herring Global forum takes place in Los Angeles from December 5-7, 2011. Greg Pierson, iovation’s CEO and co-founder, will present iovation’s winning strategies on December 6 and will also be speaking at the Security Roundtable, highlighting iovation’s milestone of stopping more than 50 million online fraud attempts for its clients this year. The Top 100 winners will be announced at a special awards ceremony on December 7 at the event.
“Technology companies are becoming the bright spot in the economic outlook based on their increasing role within macro-economic environments,” stated Alex Vieux, Chairman of Red Herring. “2011 has confirmed the sector’s vibrant activity and its resilience to widespread economic problems. An unprecedented number of entrepreneurs are attempting to jump ahead of the competition and aspire to make a difference. Breakthroughs obsolete each other faster than ever before. iovation has performed exceptionally in its fraud protection field and strongly deserves to be singled out as one of the Red Herring Global Finalists. At this stage, we are left with the daunting task to select the best qualified companies for the 2011 Top 100 Global Award.”
About iovation
iovation protects online businesses and their end users against fraud and abuse through our industry-leading combination of shared device reputation and real-time risk evaluation. 2,000 fraud managers around the globe leverage iovation’s database of Internet devices and relationships between them to determine the level of risk associated with any type of online transaction. Retail, financial services, social network, gaming and other companies make real-time queries to iovation’s knowledge base of 750 million devices from every country in the world. Every day, iovation stops over 150,000 fraud attempts. For more information, visit www.iovation.com.