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Fraud Protection Service Brings Increased Revenue to iovation

Iovation : 28 January, 2010  (Company News)
Beating Cyber Crime has proven profitable for global fraud prevention experts at iovation with revenue growth for the company in 2009
Iovation has announced monthly recurring revenues are up 50 percent over the beginning of 2009. The company closed 2009 with impressive results in revenue growth, new customer acquisition and exponential expansion of its globally shared database of device reputations. Since inception, iovation has performed over 2.7 billion reputation checks on behalf of customers, processing nearly double in 2009 over 2008, and actively stopping more than 30,000 fraudulent activities per day on the Internet.

iovation's revenue growth reflects the growing adoption of device reputation monitoring as a core component of fraud prevention and detection strategies. Businesses in industries ranging from retail to online communities are using iovation's device reputation solution to identify and shut down fraud schemes and organized criminal rings.

"In 2009, we exceeded our shareholder's expectations in terms of new customers and revenue growth, while finding ways to operate more efficiently in a tough economic environment," said Greg Pierson, CEO of iovation. "Our results speak to the momentum gained from increased awareness of device reputation as a best practice in fighting online fraud and our continued leadership in the market."

In addition to revenue growth, the iovation customer base grew in near triple digits. While iovation gained new customers in all of its key markets, the company expanded its presence most notably in online retail, finance and services, adding to its well-established leadership in online gaming and online communities.

The result of iovation's continued success is the world's largest device-based fraud database, which continues to expand exponentially. The number of incidents of fraud shared by iovation customers has grown 105 percent since the start of 2009. iovation now actively tracks the reputations of over 225 million devices, more than double the number at the outset of 2009.

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