Since iovation is in London this week presenting at the ICEi Gaming conference, this Internet Retailing article caught my eye showing that current fraud management costs even for medium size businesses in the UK are upwards of 160,000 pounds per year.

Additionally, this call to action caught my eye, “Efforts to tackle fraud are being hampered by a lack of co-ordination from card companies and the police, and merchants are asking for a central body to co-ordinate fraud reports.”

In particular, it is the desire for online businesses to coordinate their fraud efforts that is essential to their success. This is why the Device Reputation Authority was created by iovation, so that online businesses don’t have to wait for the Government to figure out a strategy to addressing online risk, but immediately provides online customers to identify fraudsters and share that information with their peers while still protecting the privacy of their customers.

The added benefit is evident in the headline of this story in that operational costs will be dramatically reduced as companies join to work together to combat fraud in addition to reducing actual fraud losses.

This entry was posted on Wednesday, January 23rd, 2008 at 8:07 pm and is filed under Financial Services, Online Retail. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.