E-commerce retailers looking to separate the good customers from those with a less than stellar online shopping past (say, a history of fraudulent transactions) are getting some help from Iovation.
The Portland, Or.-based vendor has launched its TrustScore service. TrustScore identifies web site visitors that are most likely to be trustworthy by analyzing a consumer’s online activity from their collective devices and assigning a rating to those devices based on historical behavior.
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The vendor insists the score is generated without collecting a customer’s personally identifiable information, and will help companies save time by requiring fewer manual reviews to weed out potential fraud, as well as have the opportunity to reward potentially valuable new customers that are highly trusted.
“Knowing who’s good can be as valuable as knowing who’s risky for online businesses,” said iovation vice-president of product, Scott Olson, in a statement. “Today is an exciting day for iovation because we are leveraging the eight years of data built on helping customers fight online fraud, and are applying sophisticated analytics to use that data to determine who’s good. Many online retailers review upward of 10 percent of online transactions of which the vast majority are ultimately approved. Enabling our customers to bypass reviews by recognizing good customers can dramatically impact their operations and the efficiency of their fraud team.”