PORTLAND, Ore. – January 31, 2012 – iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced a record year in preventing online fraud, and that transactions originating from the country of Ghana are most likely to correlate to fraud. Overall, the company stopped 50 million fraud attempts in 2011, and is at a current pace of 150,000 fraudulent transactions per day. iovation identified these fraud attempts using its patented ReputationManager 360 solution, which tracks more than 800 million devices across a broad range of industries and has protected more than 6.5 billion total online transactions to date.
“Although Ghana topped our list, online fraud is a global problem,” said Greg Pierson, founder and CEO of iovation. “We see proof everyday that cyber fraud knows no boundaries—crossing borders, devices and industries at will which makes it all the more important to share data and about truly global device activity.”
According to iovation, the top five countries showing the most fraud in 2011 (as a percentage of the transactions originating in that country) were: