iovation Launches Phone Verification for Two-Factor Authentication
PORTLAND, OR, Jan 29, 2013 (MARKETWIRE via COMTEX) --
iovation, the leading provider of device reputation protection
against online fraud and abuse, today announced the immediate
availability of iovation Phone Verification. The two-factor phone
authentication solution provides an additional fraud-fighting layer
from iovation that saves businesses money, time and resources. When
addressing modern malware threats such as Man-in-the-Middle (MITM)
and account takeover, strong authentication is an essential
ingredient to protect users. Pairing the iovation Phone Verification
service with ReputationManager 360 -- iovation's shared device
reputation and real-time fraud prevention service -- is the easiest
way to consolidate comprehensive fraud protection against modern
"With today's always-evolving cybercrime schemes, it is essential to
provide a layered defense against the most sophisticated attacks,"
said iovation Vice President of Product Scott Olson. "We are
introducing Phone Verification because it is a proven and
easy-to-deploy solution to deter today's highly organized network of
cybercriminals, and it also complements our existing fraud prevention
iovation Phone Verification leverages two-factor authentication from
TeleSign, adding an additional layer of security to screen for
high-risk transactions. When conducting a transaction online, Phone
Verification sends a unique verification code (one-time passcode) to
the customer's landline or mobile phone. The code can be sent via SMS
or through an automated voice call to a landline or mobile phone,
localized in native languages and dialects. The customer then enters
the code into a specific website. If the code matches, they are
authenticated and can proceed.
Security experts agree that leveraging a customer's phone as an
authentication device offers a highly reliable and customer-friendly
approach for protecting customers and businesses. "Using an
'out-of-band' communication channel significantly reduces transaction
risk because it requires a compromise to both the channel the
transaction is initiated from and the alternate channel to complete a
fraudulent transaction," said CEB TowerGroup research director Jason
Malo. "Delivering one-time passwords to a phone is a familiar process
to consumers, and with efficient communication and context can make
them feel more secure."
Specific business benefits with iovation Phone Verification include:
-- Reduce Chargebacks -- Phone Verification allows companies to ensure
their customers are who they say they are at the time of the
transaction, reducing chargebacks on fraudulent transactions.
-- Combat Common Fraud Attacks -- Phone Verification has been proven to
protect accounts against compromise, phishing and fraudulent
transactions, and is a first step in defending against account
takeover and MITM.
-- Make Decisions Faster -- Phone Verification verifies customers'
legitimacy in real time, reducing the number of orders that require
manual review. Good customers do not have to wait, saving businesses
money and time on cumbersome review queues.
-- Global Coverage and Localization -- Phone Verification sends one-time
passcodes to more than 200 countries and localized in over 87
languages and dialects.
-- Meet Compliance Guidelines -- Two-factor authentication is a common
requirement for financial and other sensitive online transactions.
Regulations such as those in FFIEC can be met in a combined iovation
ReputationManager 360/Phone Verification implementation.
To learn more about Phone Verification, iovation and partner TeleSign
are hosting a webinar on February 12 at 10:00 am PST. For more
details and to sign up for the webinar, go to
iovation protects online businesses and their end
users against fraud and abuse through an industry-leading combination
of advanced device identification, shared device reputation and
real-time risk evaluation. More than 2,000 fraud managers around the
globe leverage iovation's database of Internet devices and
relationships between them to determine the level of risk associated
with any type of online transaction. Retail, financial services,
social network, gaming and other companies make real-time queries to
iovation's knowledge base of more than 1.2 billion devices from every
country in the world. Clients also leverage iovation's Fraud Force
Community, an exclusive virtual crime-fighting network of the world's
foremost security experts sharing intelligence about cybercrime and
prevention techniques. Every day, iovation stops over 150,000 fraud
attempts. For more information, visit www.iovation.com.
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