iovation and Enova International to Disclose Latest Subprime Lending Fraud Trends
Companies Selected to Present About Trends and Ways to Prevent Fraud at Credit Acquisition at Upcoming SUSA 2015
PORTLAND, OR–(Marketwired – Jun 2, 2015) – iovation, preventing fraud, identifying trustworthy customers and authenticating devices online and on mobile, will outline the latest subprime lending fraud trends and prevention strategies at the 2015 Subprime and Underbanked Summit for Analytics (SUSA 2015). Jay Johns, Business Development Representative at iovation, will reveal ways lenders can prevent fraud without impacting the online customer experience in a presentation titled “Fighting Online Fraud — Don’t Bring a Knife to a Gunfight” taking place on Monday, June 8 at the Brice Hotel in Savannah, Georgia. Presenting alongside iovation will be Michael Failor, Head of Risk Analytics at online lending technology and analytics company Enova International (NYSE: ENVA).
“Today, lenders are facing increasingly sophisticated fraud attacks as result of recent large-scale data thefts from global retailers and other companies,” said Mike Failor, head of analytics at Enova International. “Due to the breaches, fraudsters can use stolen identities to fraudulently apply for loans and steal money. We will talk about the ways businesses can use device-level intelligence to reduce credit application fraud, while moving trusted customers through the application process more quickly.”
Last year, Javelin Strategy & Research reported in its “2014 Identity Fraud Study” that 13.1 million U.S. consumers were the victims of identity fraud in 2013 or a new one every two seconds. And in the online lending space, iovation found that of the transactions it protects 4.3 percent were denied or flagged for review for being potentially fraudulent in 2014.
“Despite fraudsters looking to target online lenders, businesses can’t just decide to deny or manually review every transaction in order to avoid becoming a victim,” said Johns. “Instead, they need to employ the right level of fraud controls at each customer touch point, or risk losing a significant number of good customers.”
Many of the top online lending companies leverage iovation’s device reputation services, and contribute millions of fraud and abuse reports back to iovation. With this intelligence and transactional data from billions of devices in other industries like financial services, retail and insurance, iovation assesses the level of risk associated with each transaction so businesses can reduce review queues and improve the experience for trusted customers. Johns will leverage this intelligence in his SUSA 2015 presentation.
In addition to detailing the latest fraud trends and prevention strategies, Johns and Failor will cover how to reduce fraud without adding friction to the online experience, ways to use device intelligence to identify risky acquisition patterns, device anomalies and location masking. They will also discuss iovation’s Trust service and other new tools coming to market that are helping companies like Enova identify good customers.
iovation protects online businesses and their end users against fraud and abuse, and identifies trustworthy customers through a combination of advanced device identification, shared device reputation, device-based authentication and real-time risk evaluation. More than 3,000 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation’s database of more than 2.5 billion Internet devices and the relationships between them to determine the level of risk associated with online transactions. The company’s device reputation database is the world’s largest, used to protect 12 million transactions and stop an average of 200,000 fraudulent activities every day. The world’s foremost fraud experts share intelligence, cybercrime tips and online fraud prevention techniques in iovation’s Fraud Force Community, an exclusive virtual crime-fighting network. For more information, visit iovation.com.