Security & Fraud

BREAKING: TransUnion Releases New Data On Identity Theft, Fraud

TransUnion IDVision

As fraud and identity theft continue to evolve and become more sophisticated threats, TransUnion announced the launch of its new suite of solutions to help businesses take a holistic approach to fighting back against cybercrime.

The IDVision offering utilizes data assets and advanced analytics technology to provide companies with the ability to more accurately discover anomalies and patterns of risk. The solution suite delivers actionable alerts and scores in real time, which allows the business to make risk decisions quickly.

“As fraud evolves and becomes more sophisticated, the legacy systems many businesses have in place are not sufficient to detect today’s fraudsters,” Chris Cartwright, president of TransUnion’s U.S. Information Services, said in a statement.

“We developed IDVision to provide greater certainty now and as fraud evolves, while still meeting the expectations of speed and uninterrupted consumer experience our customers need. The IDVision suite works to learn and predict patterns of risk to help customers more strategically anticipate tomorrow’s threats by staying ahead of fraudsters today,” Cartwright continued.

TransUnion’s research shows that, in 2016 alone, companies lost more than $1.6 billion due to credit card application fraud.

Surprisingly, that number is just a fraction of the overall cost of fraud to consumers, businesses and government organizations, TransUnion confirmed.

However, with the launch of IDVision, TransUnion is aimed at assisting companies across industries to identify more good consumers and support secure, confident and convenient authentication.

“Fraud today does not just impact businesses’ bottom lines with current customers; it also causes losses related to lost opportunities when frustrated customers walk away and also from back-office expenses incurred to manually review fraud,” Pat Phelan, SVP in TransUnion’s innovative solutions group, added. “The fact that businesses can receive all of the fraud and identity management tools necessary to prevent losses in one suite of solutions sets IDVision apart from others in this growing industry.”

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The May 2019 AML/KYC Tracker, provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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