Device Reputation Firm Sees Surge in Mobile Transactions
Oct. 1, 2012
Antifraud technology provider iovation revealed late last week that, based on the work it is doing for its clients, financial transactions originating from mobile devices have surged 10 percent from 2011 to 2012. Portland, Ore.-based iovation fights fraud by comparing an Internet-connected device making a transaction against a database of more than a billion devices to see if it has made fraudulent transactions in the past. So far this year the company found that 12 percent of all financial transactions made via connected devices were from mobile phones or tablets compared with 2 percent of transactions in 2011.
But, said iovation Co-Founder and CEO Greg Pierson, “While financial institutions are in a race to offer consumers more mobile services, many leap before considering how to secure those transactions. We want to help industry professionals determine their mobile security and risk management strategy upfront so that protection is already in place when rolling out new mobile offerings.”