Enhanced Fraud Suite Unifies Personal and Digital Identities
TransUnion announces IDVision with iovation, enabling businesses and consumers to safely and seamlessly transact in a digital world
TransUnion (NYSE: TRU) together with iovation, a TransUnion company, today announced at Money20/20 the launch of IDVision with iovation, an enhanced suite of identity management, authentication and fraud prevention solutions that protect businesses from fraud while enabling great experiences for their online users.
IDVision with iovation brings together a combination of TransUnion’s extensive personal data with iovation’s digital data. This results in a global network effect of fraud and risk insights that allow businesses to quickly and accurately determine good customers from fraudulent ones. In addition to other capabilities, iovation’s marquee FraudForce Device-based Reputation product has been integrated into the enhanced suite of solutions.
“Ensuring top-notch security with an excellent customer experience is fundamental for businesses to effectively grow and thrive in a digital world,” said Geoff Miller, head of global fraud and identity solutions for TransUnion. “As more consumers move online, data compromises and fraud threats continue to rise. This has magnified the need for robust identity verification and fraud detection tools that do not hinder the customer experience. IDVision with iovation combines TransUnion’s collection of one billion consumer records with iovation’s five billion digital devices into a seamless solution that allows businesses to build a defined identity strategy.”
IDVision’s fraud identification and mitigation capabilities will work together with iovation’s longstanding fraud prevention solutions – which have identified or prevented nearly 145,000 fraud attacks daily and have protected up to 7 billion transactions since January 1, 2018. Additionally, iovation’s database contains over five billion identified devices to date.
Underscoring the need for this type of solution, a recent study conducted by Forrester Consulting, uncovered that approximately 70% of financial services firms reported their customers prefer to use digital channels over other channels. Furthermore, 64% of financial institutions indicated that the growth of online interactions has increased fraud and identity theft risk.
IDVision with iovation quickly deploys a holistic strategy to fight and detect fraud by:
- Establishing Identity: Identity is verified against a broad set of personal and digital data for greater identity confidence.
- Authenticating Customers: IDVision with iovation validates the customer’s claimed identity to confirm they are who they say they are. It employs methods that match the risk level by utilizing authentication at specific touchpoints.
- Preventing Fraud: Fraud risk of online transactions or identities is assessed to identify potentially fraudulent actions or behaviors. Suspicious behavior is investigated to identify inconsistent data elements.
TransUnion and iovation will be showcasing IDVision with iovation at Money20/20 USA October 21-24, 2018 in Las Vegas. More information can be found at the TransUnion booth #2121 or at the following website.
TransUnion is a leading global risk and information solutions provider to businesses and consumers. The company provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. Businesses embed its solutions into their process workflows to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud. Consumers use its solutions to view their credit profiles and access analytical tools that help them understand and manage their personal information and take precautions against identity theft. www.transunion.com
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iovation, a TransUnion company, was founded with a simple guiding mission: to make the Internet a safer place for people to conduct business. Since 2004, the company has been delivering against that goal, helping brands protect and engage their customers, and keeping them secure in the complex digital world. Armed with the world’s largest and most precise database of reputation insights and cryptographically secure multi-factor authentication methods, iovation safeguards tens of millions of digital transactions each day.