Firm launches solution vs fraud

MANILA – TransUnion (NYSE:TRU) today announced the launch of its fraud and identity suite of solutions, IDVision with iovation, in the Philippines. As transactions increasingly move online, IDVision with iovation enables businesses and consumers to safely and seamlessly transact through the verification and authentication of identities. Globally, IDVision with iovation contains over 1 billion consumer records and intelligence based on experience with over 6.5 billion devices providing a comprehensive picture of each person.

“While technology has made transacting digitally more convenient and instantaneous, it has also provided another channel for fraudsters with schemes like loan applications using fake documents, identity theft, money laundering and synthetic fraud,” said TransUnion Philippines President and CEO, Pia Arellano. “By combining technology and the power of information, we are

able to bring together and validate peoples’ real-world and digital identities to help combat cybercriminals while providing a frictionright experience for good consumers.”

Identity verification and fraud prevention is an increasingly important priority for businesses. A recent global study1 commissioned by TransUnion revealed the challenges faced by the financial services and insurance industries. More than a third (36%) of respondents surveyed said one of their company’s top priorities in the next 12 to 24 months was to, “Improve new customers’ or members’ account-opening and onboarding digital experience”. In addition, almost half (44%) said it was to, “Reduce the risk of fraudulent accounts being opened”.