At iovation, we understood early on that you can’t successfully fight evolving online fraud and abuse alone. It takes ongoing collaboration. In other words, authentication and security providers working together to achieve a common goal – to prevent and stop fraud. That’s been our approach from day one, and it continues today.

To expand our fraud preventative services to organizations in southern Europe, we’ve partnered with AliasLab, a leading professional services, consultancy and system integrator specializing in digital signature solutions and secure data transfer. Through this partnership, AliasLab will offer iovation’s device identification service, ReputationManager 360, along with its sophisticated Out of Band (OOB) authentication solution, SecureCall Suite, which offers strong authentication, mobile payment digital signature and mobile VAS services to banking, insurance and telcos in Italy and Southern Europe.

It goes without saying that we are very proud to be partnering with an industry leader like AliasLab. This partnership is a key for iovation’s growth largely because our companies’ authentication and device reputation solutions are extremely complimentary to each other. Together, we provide a highly effective next-generation solution for authentication and fraud management. (more…)

The Federal Financial Institutions Examination Council recently released a supplement to the guide it issued in 2005, on authentication in an Internet banking environment. One of the FFIEC’s key recommendations for eliminating fraud is consumer awareness and education.

At some level, you may be aware that financial institutions have a layered security approach in place. Those layers include multi-authentication, which may mean requiring users to punch in a second security code or carry a key fob, as well as due diligence in identifying customers as real people whose identities haven’t been stolen, and consumer education.

Consumers are largely oblivious to the multiple layers of security put in place by financial institutions in order to protect them and their bank accounts. All consumers really care about are ease and convenience. However, a better understanding of what goes on behind the scenes can help consumers adapt to new technologies that affect their lives. (more…)

Who is responsible for financial losses due to fraud? The bank, or the customers whose accounts have been drained?

One Michigan judge recently decided in favor of Comerica Bank customers, holding the bank responsible for approximately $560,000 out of a total of nearly $2 million in unrecovered losses. A copy of the bench decision is available from Pierce Atwood LLP, and the firm also outlines significant highlights and observations regarding this case. (more…)