TransUnion Introduces IDVisionSM
Chicago, Jan. 25, 2017 – TransUnion (NYSE: TRU) today unveiled IDVisionSM, a suite of solutions providing businesses with a holistic approach to fraud and identity management. IDVision helps companies stop sophisticated and evolving fraud while also protecting and restoring their confidence in conducting business.
In 2016 alone, more than $1.6 billion was lost by companies due to credit card application fraud.* While a significant amount, it is just a fraction of the overall cost burden impacting consumers, government organizations and businesses from diverse industries such as healthcare, retail, credit card and consumer lending.
“As fraud evolves and becomes more sophisticated, the legacy systems many businesses have in place are not sufficient to detect today’s fraudsters,” said Chris Cartwright, president of TransUnion’s U.S. Information Services. “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.”
IDVision brings together robust data assets with advanced analytics technology that links, interprets and analyzes information to discover anomalies and patterns of risk. Businesses receive actionable alerts and instantly delivered scores so they can make timely decisions.
As a result, companies across various industries can identify more good consumers to enable secure, confident and convenient authentication. Additionally, they can detect more fraud patterns at origination, during transactions and by monitoring portfolios – allowing them to improve the customer experience.
IDVision Addresses Latest Fraud and Identity Theft Issues
TransUnion’s IDVision suite is comprised of multiple solutions, addressing a variety of critical issues in the fraud and identity management space. For instance, the Synthetic Fraud Model addresses the key question of whether an identity has been fabricated or manipulated. Digital Verification and Authentication solutions ensure consumers are who they say they are by examining hundreds of digital signals captured during an online or mobile transaction.
IDVision also includes the recently launched Fraud Prevention Exchange, a first to market solution designed to help both established lenders such as credit card issuers and emerging FinTech lenders combat online first party fraud by monitoring application velocity and reported fraud real-time.
“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,” said Pat Phelan, senior vice president in TransUnion’s innovative solutions group. “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.”