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Fraud protection on anonymous internet transactions

Iovation : 18 September, 2013  (New Product)
Iovation releases add-on for reputationManager to reduce fraud on anonymous proxy servers which have shown to be 30 times risker than transactions that are not performed anonymously
Fraud protection on anonymous internet transactions
iovation has announced 30.2 percent of transactions conducted from Tor (the onion router) in August were fraudulent. This compared with an overall fraud rate of 1 percent for all online transactions in August. The company also announced the general availability of a new capability for its flagship fraud-fighting Reputation Manager 360 service that enables online businesses to expose devices making use of Tor for transactions. Tor is a privacy protocol that is intended to help people to browse the Internet anonymously. It does so by redirecting web traffic along hard-to-follow routes and assigning web users a random IP address that can change at any time. This helps to mask users’ true geolocations and the IP addresses of their Internet-connected devices. According to Tor metrics, more than 1.5 million people use Tor every day as of early September 2013, up from 500,000 a day in early August 2013. “Cybercriminals are always looking for ways to fly under the radar,” said Scott Waddell, Chief Technology Officer at iovation. “While Tor on its surface appears to be for the greater good, it is disproportionately used for fraudulent and abusive transactions. Of note, Tor use more than doubled in August, likely due to a massive botnet leveraging Tor for command and control communications.” The fraud findings were produced by iovation by analyzing  240 million transactions conducted in August 2013 originating from the 1.5 billion devices it has in its device reputation database. Transactions utilizing Tor were identified by iovation by leveraging technology it developed to correlate transactions to IP addresses that are part of Tor. The same technology iovation made use of to measure Tor-related fraud will be generally available to iovation customers starting today. By identifying high-risk devices and transactions specifically using Tor, iovation customers gain an additional level of insight that can have significant uplift in the battle to reduce fraudulent activity. This new feature is available free of charge for customers of iovation’s ReputationManager 360. The service makes use of current and past device behavior intelligence to stop fraud. With this intelligence, iovation stops more than 200,000 fraud attempts daily, proactively identifying devices that are associated with abuse and stopping bad actors before they can strike.
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