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iovation Awarded Patent for Network Security and Fraud Detection Technology
Tuesday, December 04, 2007
Device Reputation a Critical Component in Preventing Online Fraud and Abuse
Portland, OR -- iovation, the device reputation authority for the Internet, today announced it has been awarded a patent by the U.S. Patent and Trademark Office (USPTO) entitled Network Security and Fraud Detection System and Method, U.S. Patent No. 7,272,728. The subject matter of the ‘728 is part of the core elements of iovation’s innovative device identification technology and reputation management platform, which uniquely identifies Internet-enabled devices connecting to a network and shares the reputation of millions of devices across multiple networks to protect online businesses from all forms of fraud and abuse.
"This patent underscores the uniqueness of our solution and we will continue to develop innovative tools that leverage device reputation to significantly enhance the fraud detection capabilities of our customers," said Greg Pierson, CEO of iovation. "The rapid growth of online fraud and abuse has created unprecedented demand among businesses struggling to identify fraudulent devices that are often hidden behind multiple identities and accounts. The ability to proactively expose and share device reputation information in order to stop fraudsters before they can strike is a clear competitive differentiator in the online marketplace."
The core elements of iovation’s Device Reputation Authority (DRA) including device identification techniques, the use of device identification to understand the relationship between accounts and devices on a network, and the sharing of device reputation within and between networks. iovation focuses on the physical device, not the individual user, to transparently screen for fraudulent transactions and abusive behavior. Today, the DRA maintains the reputations of more than 16 million devices and supports iovation’s ReputationManager™ and AccessManager™, products that enable online businesses to make better informed decisions to reduce fraud and abuse, improve operational efficiencies, and increase revenue through more precise risk management.
"This patent furthers iovation’s leadership position in device reputation detection," said Robert Rueckert, senior investment manager of Intel Capital, which recently invested $10 million in iovation. "iovation’s landmark technology is paving the way for stronger device-based fraud management solutions that prevent online fraud and abuse, and the irreversible damages they can cause to online businesses and their valued customers."
About iovation
iovation, headquartered in Portland, Oregon pioneered the use of device reputation for managing online fraud, abusive behavior and multi-factor authentication. Today, iovation manages the reputation of millions of Internet-enabled devices worldwide, allowing its customers to control online fraud and abuse while benefiting from sharing device reputation intelligence. For more information on iovation and the company’s products, visit www.iovation.com.
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