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Ikano Bank U.K. Significantly Reduces Impersonation Fraud with Device Intelligence

Challenge:

Ikano Bank sought to protect customers from romance fraudsters without having to sacrifice the simplicity of their service offering, which is a major value proposition and point of competitive differentiation.

Solution:

Ikano Bank implemented IDVision with iovation device intelligence. By identifying every device visiting their loan application page, Ikano can assess each device’s reputation and association with other devices.

Result:

Within six months of implementation, IDVision with iovation stopped almost every instance of the impersonation-based fraud Ikano Bank was suffering, yielding an 850% ROI over that timeframe.

“We implemented IDVision with iovation in Q4. Results appeared immediately, and by the end of the quarter, we reduced our fraud losses from impersonation by 72%. By the end of the following quarter, we stopped almost all impersonation attempts.”“We implemented IDVision with iovation in Q4. Results appeared immediately, and by the end of the quarter, we reduced our fraud losses from impersonation by 72%. By the end of the following quarter, we stopped almost all impersonation attempts.”

– Eddie Vaughan, U.K. Fraud & Financial Crime Manager

 

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