TransUnion Launches TruValidate Device Risk with Behavioral Analytics to Help Businesses Reduce Billions of Dollars in Fraud Losses from False Positives
27 September 2022 - 2:00PM
To help limit the more than $100 billion1 of global sales revenue
lost to false positives during the fraud detection process,
TransUnion (NYSE: TRU) announced today the launch of TruValidate
Device Risk with Behavioral Analytics. The solution is newly
fortified by NeuroID’s behavioral analytics and aims to help
businesses stop fraud – not good customers – based on device
recognition, context, device and user behavior.
The solution builds trusted connections by allowing users to
join a global network of 6,000 fraud and security analysts, over 10
billion known devices and 100 million+ detailed known fraud
reports. TransUnion’s TruValidate Device Risk with Behavioral
Analytics is configurable, enabling users to measure the risk of a
device and user by combining device intelligence and applicant
behavior signals powered by NeuroID to their unique fraud
challenges.
“Leveraging the right solutions to prevent fraud and identity
theft is paramount to any business. In today’s dynamic economy
where consumers often have many choices, it’s just as important to
prevent a false positive wherein a ‘good’ customer may be turned
away due to faulty technology or data,” said Shai Cohen, senior
vice president and head of global fraud solutions at TransUnion.
“With the addition of NeuroID behavioral analytics technology to
the TruValidate suite of solutions, our customers have access to an
array of comprehensive and integrated tools to help them improve
fraud detection while ensuring false positives are mitigated
earlier in the customer journey.”
Key elements within the solution include Behavior Insights,
powered by NeuroID and Insights Center, powered by NeuroID.
TransUnion and NeuroID first partnered in 2020 to help insurance
carriers find new ways to support customers, improve the customer
experience, and detect and prevent fraud.
This technology uses behavioral analytics to help determine
whether an applicant is genuine or risky based on how familiar the
applicant is with the data that they are entering into a digital
application. The proprietary process immediately helps enable deep
visibility into a user’s unique digital interactions without
collecting any personal data from the applicant.
“In addition to real-time scoring of individual applicant
behavior, we also aggregate all behavior observed in an application
to monitor broader behavioral trends. This aggregated data is
displayed through a near-real time dashboard to help businesses
more easily understand the behavior patterns of their risky and
genuine applicants at scale — without requiring the support of a
robust data science team,” said Jack Alton, chief executive
officer, NeuroID. “This enables customers to optimize their
applications for the different types of users they receive — adding
step-up for risky applicants and reducing friction for genuine
applicants.”
These new features work in tandem with TransUnion Device Risk’s
existing anomaly detection, location intelligence, and device
reputation and device behavior analysis to help increase fraud
capture and actionability. The combination of features will benefit
businesses across several industries, including financial services,
insurance, gaming and gambling, retail and telco, among others.
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1 Reducing the Risk of False Positives | PYMNTS.com
Industry Focus
Insurance
“Fraud continues to be a growing concern for our insurance
carriers and we are excited to expand on the partnership we first
developed with NeuroID in 2020. The new solution offers our
insurance customers increased insight at the top of the funnel in
addition to enhanced protections against fraud, without adding any
obstacles to the consumer experience. It’s a win-win.”
- Mark McElroy, executive vice president and head of insurance at
TransUnion
Financial Services
“The new solution features patented neuroscience technology
which can assess how familiar users are with the personal
information they provide to a financial institution. By analyzing
this data in real-time, these products can help provide critical
information as to whether a loan applicant’s intentions are
genuine, or deceptive, without adding any additional friction to
the process.”
- Jason Laky, executive vice president and head of financial
services at TransUnion
Other Industries
“The addition of behavioral analytics is a game changer for
competitive industries such as retail, telco and gambling where
many businesses simply cannot afford to lose legitimate customers
due to faulty technology. As well, this solution will help many
public sector organizations ensure citizens are able to access
critical government services.”
- Glen Goldstein, executive vice president and head of
diversified markets at TransUnion
For more information about TransUnion’s TruValidate Device Risk
with Behavioral Analytics solution, please click here.
About TransUnion (NYSE: TRU)TransUnion is a
global information and insights company that makes trust possible
in the modern economy. We do this by providing a comprehensive
picture of each person so they can be reliably and safely
represented in the marketplace. As a result, businesses and
consumers can transact with confidence and achieve great things. We
call this Information for Good.®
TransUnion Global Fraud Solutions unite both consumer and device
identities to detect threats across markets while ensuring
friction-right user experiences. The solutions, all part of the
TruValidate suite, fuse traditional data science with machine
learning to provide businesses unique insights about consumer
transactions, safeguarding tens of millions of transactions each
day.
A leading presence in more than 30 countries across five
continents, TransUnion provides solutions that help create economic
opportunity, great experiences, and personal empowerment for
hundreds of millions of people.
http://www.transunion.com/business
About NeuroID
NeuroID is a next generation behavior analytics company
passionate about putting humans at the center of the digital world.
Our mission is to empower our clients to build meaningful, lasting
relationships with their digital customers. With a decade of
patented scientific research, NeuroID unlocks a rich source of
pre-submit behavioral data, gathered in real-time from any device,
in any Latin-based language. This visibility provides actionable
insight that our clients need to reduce fraud while improving
customer experience.
Contact |
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Dave
Blumberg |
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TransUnion |
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E-mail |
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david.blumberg@transunion.com |
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Telephone |
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312-972-6646 |
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