TransUnion Launches New Division to Support Government’s Efforts Against Fraud, Data Breaches and Other Areas of Need
TransUnion (NYSE: TRU), a leading global risk and information solutions provider to businesses and consumers, announced today the launch of its Government Information Solutions division. The new group provides fraud, benefit eligibility verification, identity authentication, data breach response, investigation services, and other key solutions to federal, state and local government agencies in the U.S. TransUnion’s solutions help both private and government sector organizations manage risk and reduce costs.
“TransUnion’s comprehensive and proprietary sets of credit, criminal and public data, coupled with flexible analytics, help government agencies make informed decisions in support of increased citizen safety. TransUnion is uniquely positioned to help agencies detect and reduce fraud and cybercrimes while discovering connections between people, businesses, assets and locations.”
Collections, Fraud, and Identity Authentication Support
One specific focus area for TransUnion’s new vertical is uncovering tax fraud. According to the Internal Revenue Service, federal tax-refund fraud is expected to hit $21 billion by 2016, up from just $6.5 billion two years ago. TransUnion data and solutions help enable government agencies to better identify and differentiate between citizens and fraudsters.
“Government agencies are doing their best to battle tax fraud and to reduce the tax gap, but annual changes to tax laws and state-by-state tax exemptions only compound the problem, making it a constantly moving target,” said McDonald. “TransUnion has the right procurement vehicles, data sets, certifications and innovative solutions to help the public sector meet its mission now and in the future.”
Criminals may use cyber attacks or fraud schemes to assume an identity and pass basic knowledge-based authentication. By using a risk-based authentication approach, TransUnion’s ID Manager solution combines identity verification, device verification and identity authentication into a comprehensive platform enabling a solution that can help reduce identity-theft tax fraud while streamlining the tax refund process for the average citizen.
“The pace of federal spending has skyrocketed and agencies are making significant investments in protecting the data entrusted to them,” said McDonald. “TransUnion is well positioned to help government agencies identify potential tax fraud, detect when it is occurring, and investigate, prosecute and take precautions against it happening again.”
Easily Accessible Solutions
Access to TransUnion solutions are simple for most government agencies through TransUnion’s General Services Administration (GSA) Schedule 520/FABS/Consolidated contract (GS-00F-226CA), NASA Solutions for Enterprise-Wide Procurement (SEWP) contract and other procurement vehicles. By accessing these platforms, government agencies can leverage financial management, risk assessment, investigative and mitigation services for fast, easy-to-use procurement.
In addition to products provided through these contracts, government agencies can contact TransUnion directly for more information about the following solutions:
- Continuous evaluation and the ability to provide real-time monitoring of personnel with access to sensitive government assets in an effort to transform the security clearance reinvestigations from a deadline-driven process to a proactive, event-driven process.
- Reduction of fraud and improper payments for entitlement agencies by using identity and income estimation authentication technology and analytics.
For more on this topic, read our blog posts Personnel Security, Insider Threats and Continuous Evaluation and Sorting out Continuous Evaluation, Insider Threats and Cybersecurity or visit the TU Government blog feed.
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for Good. http://www.transunion.com/business