iovation Leads Know Your Customer Initiative
Partnerships with 192.com, Authentify and Quova Form Foundation for Removing Anonymity Online and Simplifying Management of Customer Verification Data
PORTLAND, ORE. – May 17, 2006 – iovation, the device reputation authority for online authentication and fraud management, announced today that it has formed an initial group of identity solution providers to enable online gaming, eCommerce and financial services organizations to verify their customers’ identities to prevent fraud in online transactions. The Know Your Customer initiative is the result of industry demand for a simplified approach to organizing customer verification data that eliminates anonymity in online transactions.
“We are building partnerships with leaders in age, address, identity and geolocation verification to provide eMerchants a streamlined approach to managing critical customer identity data,” said Greg Pierson, president and CEO of iovation. “By working together, online businesses will have access to powerful information that will reduce fraud and allow eCommerce to reach its full potential.”
Initial program participants include 192.com Business Services, the market leader in the provision of global online identity and age verification solutions; Authentify, the leading provider of out-of-band telephonic authentication solutions; Quova, the leading provider of IP Intelligence and Internet geolocation data and services; and iovation, the device reputation authority for the Internet. Collectively, these organizations will work together to deliver identity verification services to customers in online gaming, eCommerce and financial services.
192 Business Services specializes in providing comprehensive global age and identity verification data. According to Ian Green, director of Fraud Solutions at 192.com Business Services, “The key to understanding the online transaction is knowing the identity of the individual and, in the case of fraud prevention, challenging the fraudster with more information than they have available. The Know Your Customer initiative creates significant hurdles for fraudsters, such as asking for name, address and date of birth, without rejecting good customers –- and this will help grow online businesses around the world.”
Authentify Inc. has developed a patented process that enables Web sites or other network access points to invoke an automated telephone call engaging the person attempting an online transaction in an exchange only the person in simultaneous control of both the computer and telephone can complete. The service provides a legally-recognized audit trail that binds the transaction. “Internet fraud has been on the rise for a number of years. It’s become obvious that the existing security and authentication practices are vulnerable to organized fraudsters,” said Peter Tapling, president and CEO of Authentify. “That realization is the impetus for a multi-vendor layered approach that will be much harder to circumvent.”
Quova's patented IP Intelligence and Internet geolocation technologies provide the geographic location and connection data of Web site visitors in real time. Leveraging an online customer's IP address, Quova analyzes and determines a visitor’s identifying data elements, including the time and location where a transaction is initiated. “Geolocation technology has become a must-have in the eCommerce, financial services and online gaming industries, as a required element in their customer authentication systems,” said Gary Jackson, COO of Quova. “The integration of Quova’s expertise into iovation’s Know Your Customer initiative will serve to further demonstrate the power of geolocation to help online enterprises protect themselves from fraud.”
Organizations interested in participating in the Know Your Customer initiative are invited to contact Rich Orcutt at rich.orcutt@iovation.com.
About iovation
iovation is the device reputation authority for secure online business. The company provides proven strong authentication and anti-fraud solutions that allow businesses to protect customers, reduce fraud and meet compliance requirements online. The solution links physical devices (PCs) and online accounts and can facilitate the sharing of device reputations among subscribers. In production environments for more than four years, iovation currently manages the reputation of millions of devices and protects more than 100 million transactions for customers every year.
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