In an effort to expand its fraud and identity management offerings, global credit and information management solutions provider TransUnion closed on the $44 million acquisition of Trustev.
Ireland-based Trustev supports digital verification technology across numerous industries, and its online risk analytics will be leveraged by TransUnion to provide customers with additional support for account acquisition, account management and digital payments.
“As fraud grows in volume and sophistication, TransUnion continues to invest in building our global capabilities to help companies manage their risk,” Jim Peck, TransUnion’s president and CEO, said in a press release.
“Holistic information is a powerful tool to help our customers approve good transactions and prevent fraud, and Trustev’s innovative capabilities are at the forefront of technology in this increasingly critical field,” Peck added.
Trustev’s technology is used to evaluate online transactions in real time with machine learning, which enables customers to authorize legitimate purchases and mitigate fraudulent charges.
TransUnion said Trustev’s capabilities have already been introduced into its ID Manager product, and customers have since reported up to a 60 percent drop in fraud losses, while also experiencing a boost in approvals.
“Together, TransUnion and Trustev create a very powerful combination of software intelligence and rich data to stop online fraud. We will be able to help companies across many industries better spot bad actors online and block their efforts, while letting good customers through. With TransUnion’s large global reach and Trustev’s online technology, this is a very positive move for all of our customers,” Pat Phelan, cofounder and CEO of Trustev, explained.