Iovation, a fraud prevention firm, caps off first round at $15M

Iovation, a Portland, Ore., company that aims to track and prevent online fraudsters, has closed off its first round of funding at $15 million.

The basic idea behind Iovation’s product is keeping track of millions of computers to pinpoint the few that are used for fraudulent activities, a scheme the company calls “device reputation fraud management.” Iovation sells its software to online retailers, banks, social networking sites and others.

Of the funding, $10 million was closed last November, provided by Intel Capital. The additional $5 million came from SAP Ventures and European Founders Fund.

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