Ghana beats Nigeria to top online fraud transactions list worldwide

Device Reputation Authority, iovation, which protects online businesses from fraud and abuse has announced January 31, 2012 that transactions originating from Ghana are most likely to correlate to fraud.

The transactions are said to be in online financial services, retail, gaming, social communities among others.

This was after the US-based company released its key findings on online fraud for the year 2011.

According to the findings on the source of online fraud during 2011, Ghana was first on the top five countries globally, followed by Nigeria, the Philippines, China and Israel.

“Although Ghana topped our list, online fraud is a global problem,” said founder and CEO of iovation, Greg Pierson in a statement.

“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,” Pierson added.

Overall, the company said it stopped 50 million fraud attempts in 2011, and is at a “current pace of 150,000 fraudulent transactions” per day.

According to iovation, it also detected a 400% increase in fraud via mobile devices last year. Although these devices represent only 4% of the overall fraud total, this dramatic increase mirrors general growth trends for mobile usage, and indicates that recognizing and stopping fraud will only become more challenging, the company added.

But the company says it has been able to track some of these fraud attempts with the help of more than 2,000 fraud analysts report as well as the sharing of fraud experiences through it’s database of internet devices and relationships.

“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,” it said.

By Ekow Quandzie