London, January 9, 2020: PassFort, transforming customer onboarding journeys, today announced that it has formed a strategic partnership with iovation, a TransUnion company.
iovation’s device intelligence product can now be integrated with PassFort through its Integration Hub to deliver businesses a fast, efficient way to run device fraud checks during customer onboarding.
The checks protect businesses and customers from online fraud and abuse.
How the integration works
For companies that integrate and run the device fraud detection check, when an end user's device interacts with their website or app, iovation recognizes the device and evaluates associated accounts and devices, past device history and suspicious behaviours. These results are fed back into the PassFort portal where compliance and onboarding teams manage all aspects of customer due diligence and monitor risk.
iovation identifies risky device behaviour and returns a recommendation for the device transaction (allow, deny, or review) based on customisable business rules. The recommendation, along with any device details iovation has uncovered, are imported into the check results in PassFort where they can be reviewed and progressed as necessary.
Benefits of the partnership
Operating these device fraud detection checks saves businesses money and protects reputations. It also doesn’t prevent genuine applications from being progressed swiftly.
iovation’s intelligence about the behaviour of 6.5 billion devices and over 76 million confirmed fraud records through its network of 35,000 brands can be instantly leveraged. While PassFort is helping onboard an average of 250,000 of its clients’ customers each month.
“iovation helps businesses fight fraud while providing a friction-right consumer experience,” said iovation Vice President of Global Partnerships, Ed Wu. “With PassFort’s similar approach, this partnership made perfect sense. Together we will expand our global footprint to enable financial institutions to minimize risk while maximizing the consumer experience.”
“We are excited about the partnership with iovation and about introducing this solution to our clients.” Said Henry Irish, CTO and Co-Founder of PassFort. “iovation is a real innovator in the fraud detection space, and as fraud is both a huge concern and a cost to the regulated businesses PassFort serves, we know this is going to add value to our offering.”
iovation, a TransUnion company, was founded with a simple guiding mission: to make the Internet a safer place for people to conduct business. Since 2004, the company has been delivering against that goal, helping brands protect and engage their customers, and keeping them secure in the complex digital world. Armed with the world’s largest and most precise database of reputation insights and cryptographically secure multifactor authentication methods, iovation safeguards tens of millions of digital transactions each day.
PassFort helps financial institutions transform their customer onboarding journeys to arrive at a perfect balance between compliance and customer experience. Founded in 2015 by Donald Gillies and Henry Irish, PassFort is now headquartered in London and has supported clients in onboarding customers in more than 165 countries worldwide.