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Leading Online Gaming Companies Choose Iovation to Decrease Fraud and Increase Operational Value; Absolute Poker, Bodog, PointBet and Nine.Com Join Growing Roster of Gaming Companies Combating Online Fraud

Posted on: Monday, 7 November 2005, 09:00 CST

iovation, the first online fraud detection solution that tracks the reputation of devices, announced it is providing fraud management solutions to leading online gaming sites worldwide -- effectively minimizing their risk of fraud and increasing the value of their operations. iovation inc. has signed Absolute Poker, Bodog, PointBet and Nine.com -- four progressive online gambling Web sites -- each with millions of transactions a year.

Increased competition, growing M&A activity, and a focus on operational excellence have all elevated the importance of fraud prevention in the market. Developed to address industries with a high-volume of online transactions, iovation's ieSnare(TM) system is a back-end fraud protection system that matches distinct device-identifiers to online accounts. A database matching system, called the Device Reputation Authority(TM) (DRA), links devices and accounts allowing merchants to identify and flag fraudsters without revealing personal information.

"Every dollar of fraud has a direct relationship to valuation," said Greg Pierson, president and CEO of iovation. "As the gaming industry capitalizes on consumer enthusiasm, iovation is decreasing fraud and increasing our value to existing and future clients through the growth of the DRA."

Once these devices are identified, forensic analysis can be shared with all organizational networks protected by ieSnare. This allows subscribed networks to make business decisions about individual connections, and allow, limit, or prevent access based on the reputation of the devices involved.

Absolute Poker

A stallion of online poker, Absolute Poker, chose iovation to help enrich its current offering to players and to provide them with a safer place to play poker. While Absolute Poker has successfully managed fraud and client account security with effective tools that are currently in place, they believe that iovation's product will act as an even stronger complement to its existing practices. "While fraudsters continue to evolve and devise new ways to exploit our competitors, it is our belief that by continuously improving our 'fraud tool kit' that we can provide the safest place to play poker online," said Brent Beckley, director of client services at Absolute Poker.

Bodog

In a highly-competitive market, Bodog, an online gambling Web site, realized that the way to achieve competitive advantage was to heighten the confidence-level to its existing and future players. Bodog selected the ieSnare system that not only provided a safe environment for players, but reduced its chargeback rates and allowed Bodog to expand its operations while keeping costs down.

"We now have the ability to grow our company while not having to increase head count. We can manage fraud with ieSnare with ease," said Pilar Catala, director of eCommerce at Bodog.

PointBet

When Asian sportsbook PointBet signed with iovation to expand its business, PointBet owner, Mr. Ong Ongko Wiyono, was successful at growing his business through mail-in deposits. However, now he realizes he needs to accept credit cards to expand his business further. "I have been hesitant to accept credit cards for fear of large fraud losses," Wiyono said. "With iovation I am a step ahead with fraudster information shared by other online gaming companies, and I can contribute to the DRA with research from our site."

Nine.com

Nine.com, an 8-year-old Costa Rica-based online sportsbook, casino and poker Web site, was invited to view an iovation demo while in Costa Rica. Nine.com is presently using Las Vegas From Home's poker software, protected by the ieSnare system, and wanted to expand its fraud protection across its other networks. With many years of experience in the gaming industry, Nine.com, and its sister companies Betcom.com and Mybookie.com, decided to extend its security to the sportsbook and the casino channels. "We wanted to provide a safe environment for our other popular sites," said AJ Green, VP of operations at Nine.com. "iovation has a proven record of decreasing fraud and stopping crime rings from forming and coming back resulting in a much more secure environment for ourselves and our clients"

About iovation

iovation, based in Portland, Oregon, develops fraud-management systems for companies besieged by significant online fraud issues, particularly stolen credit cards, chargebacks and cyber-crime rings. The company has pioneered a unique online fraud-detection technology that links users and their accounts with physical devices, and shares the reputation of those devices with other subscribers. iovation currently manages the reputation of more than 2 million devices in the gaming industry.

Legal Notice: All rights reserved. iovation is either a trademark or registered trademark and the iovation logo is a service mark of iovation. Other product or service names mentioned herein are the trademarks of their respective owners.

Source: Business Wire

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