Chicago,
31
October
2023
|
07:00 AM
America/Chicago

TransUnion Introduces TruEmpower™ Scam Blocker to Help Insurers Protect Policyholders from Cyber Threats

Leading edge solution creates safer online experiences for individuals, families, and small businesses

While companies utilize several layers of security to help protect their businesses and employees against cyber attacks, consumers typically only have cyber incident support that deals with the consequences of a data breach or identity theft after it happens. For this reason, TransUnion (NYSE: TRU) today unveiled its TruEmpower™ Scam Blocker—a preventative solution guarding against a wide variety of sophisticated digital scams—now available for individuals, families, and small businesses, delivered through insurers.

As our devices have become better at combatting cyber threats, fraudsters and hackers are now targeting people with social engineering scams. Many individuals are tricked into clicking the wrong link, sharing too much information, and, ultimately, losing large sums of money. Scam Blocker is a game changing market opportunity for insurers to expand beyond their reactive cyber insurance offerings by preventing victimization in the first place.

Matt Cullina, head of TransUnion’s global cyber insurance business

Insurers who offer Scam Blocker to their policyholders can provide a safer online experience against cyber attacks, which in turn can reduce cyber claim costs of carriers by blocking fraudulent websites, phishing attempts, and other cyber threats on mobile devices and laptops. When combined with TransUnion’s award-winning expert cyber services and solutions, Scam Blocker helps to provide policyholders with a strong perimeter defense that proactively prevents most fraudulent cyber activity.

The Scam Blocker solution is leading edge and provided through a partnership between TransUnion and the NCC Group, a global expert in cyber security and risk mitigation. By combining the NCC Group’s world-class, technical expertise and TransUnion’s insights and ecosystem, TruEmpower™ Scam Blocker will help insurers prevent and mitigate the harms of cyber fraud for its policyholders.

“As our devices have become better at combatting cyber threats, fraudsters and hackers are now targeting people with social engineering scams. Many individuals are tricked into clicking the wrong link, sharing too much information, and, ultimately, losing large sums of money,” said Matt Cullina, head of TransUnion’s global cyber insurance business. “Scam Blocker is a game changing market opportunity for insurers to expand beyond their reactive cyber insurance offerings by preventing victimization in the first place.”

Quantifying the ever-growing cyber risk, a TransUnion internal analysis found an 80% increase in social engineering scam claims in the previous eighteen (18) months. In addition, nearly 77,000 URLs are created daily on the internet’s open Domain Name System—and 86% of those are fraudulent. However, users are 90% less likely to acquire malware when a cyber-fraud, prevention solution, such as Scam Blocker, is enabled.

The full report findings are available in the quick guide, Why Concerns About Consumer Cyber Attacks Present an Opportunity for Insurers.

“In addition to offering much needed cyber insurance coverage and crisis management support after policyholders experience a cyber event, insurers now have a preventative offering in their cyber tool kit,” said Mark McElroy, executive vice president and head of TransUnion’s insurance business. “Scam Blocker not only helps protect people from the consequences of bad digital decisions, it also educates along the way to make policyholders safer in their future online engagement.”

NCC Group Chief Operating Officer, Kevin Brown comments: “Technology solutions that offer cyber protection against the most notorious online fraud methods do exist but have long been unaffordable and inaccessible for individuals - NCC Group, working with TransUnion, and TransUnion’s insurance partners, is changing that. This is an example of meaningful collaboration with real impact across the industry ecosystem, and a solution that has huge potential to prevent harm at scale in the future.”

For more information about TruEmpower Scam Blocker, click here .

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 12,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

About NCC Group

NCC Group is a people-powered, tech enabled global cyber security and software escrow business. Driven by a collective purpose to create a more secure digital future, c2,000 colleagues across Europe, North America and Asia Pacific harness their collective insight, intelligence and innovation to deliver cyber resilience for over 14,000 clients across the public and private sector. With decades of experience and a rich heritage, NCC Group is committed to developing sustainable solutions that continue to meet clients’ current and future cyber security challenges.