Mindanao Times

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”.

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