February 11, 2016
iovation shares next generation of mobile payment authentication
PORTLAND, OR -- iovation, the provider of device intelligence for authentication and fraud prevention, has announced it will participate in a panel discussion about the latest mobile payments trends and the next generation of consumer authentication at the 9th Annual Mobile Payment Innovations Summit. Max Anhoury, iovation's vice president of global partnerships, will present to and participate with financial industry professionals in the session entitled "Balancing Fraud and Prevention with Functionality: The Ongoing Mission." Leading financial institutions and payment processors attending the summit include MasterCard, American Express, U.S. Bank, Wells Fargo, PayPal, Citibank, Capital One and more.
"There's been a recent mobile payments explosion and this is just the beginning," said Anhoury. "Over the next five years, it's been predicted that the number of payments coming from mobile devices will grow by 175 percent. Coinciding with this, we anticipate a sharp rise in the amount of mobile fraud. I'll detail in the session trends around mobile proximity and e-wallet payments, while outlining how to use device-based authentication to simultaneously reduce incidences of fraud and improve the mobile experience."
iovation's data shows that more than 41 percent of consumers make purchases using a mobile device. Industry data shows that despite the rapid adoption, commonly used authentication methods cause friction resulting in a 97 percent mobile commerce cart abandonment. In the session, Anhoury will detail how the next generation of mobile authentication will minimize this friction and how improving upon passcode security will play a vital role in this. He will also discuss evolving mobile fraud trends based on the analysis of the 15 million transactions iovation protects every day.
Many of the world's largest mobile payment systems, financial institutions and remittance companies leverage iovation's fraud prevention and authentication services, and contribute millions of fraud and abuse reports back into its global device intelligence network. This intelligence, including 30 million fraud reports on nearly 3 billion devices, helps financial fraud analysts determine the propensity for a transaction to be fraudulent and to quickly identify trusted customers.