TransUnion Introduces TruValidate Identity Exchange in Canada

New solution utilizes advanced fraud analytics to support friction-right customer experiences

TransUnion Canada unveiled today the launch of its TruValidate Identity Exchange solution, which builds trust between businesses and consumers by delivering the ability to assess identity risk against a broad set of data to help guard against fraudulent interactions, improve customer experiences and enable profitable growth.

Marketing Technology News: MarTech Interview with Jeff Lortz, CEO at Creator by Zmags

Leveraging TransUnion’s data assets and insights into more than 28 million Canadians’ data identities, and building on the innovative thinking behind TransUnion’s CreditVision® solutions, Identity Exchange combines diverse and trended data elements to create a comprehensive view of identity risk.

Identity Exchange leverages a newly created fraud-specific score and attributes that provide predictive real-time analytics driven by sophisticated, multi-level ensemble modeling. By mining a diverse set of data assets, including trended credit bureau data, fraud flags, as well as application and consortium fraud data, Identity Exchange produces one score that reflects a consumer’s level of identity fraud risk. This enables fraud capture among segments of consumers that are often challenging for traditional fraud mitigation products, such as new-to-credit or new-to-country consumers.

“As digital onboarding has accelerated, so too has the prevalence of identity fraud. Businesses are expected to mitigate this fraud, while simultaneously delivering trusted, friction-right experiences to customers,” said Patrick Boudreau, director, Product Management at TransUnion. “Identity Exchange addresses this challenge and helps organizations overcome traditional fraud detection limitations, enabling them to catch more fraudulent behaviour, reduce friction for low-risk customers, increase pass rates and reduce application reviews.” A proof of concept study conducted with a TransUnion customer showed that Identity Exchange detected 40% new fraud that was missed with existing strategies, and decreased the impact to the customer’s clients by 20%, allowing for improved customer experiences.

Marketing Technology News: Benchmark Digital Partners Becomes a Member of the Science Based Targets Network Engagement Program

An Aite-Novarica Group1 report published December 2021 examined digital fraud trends, with research showing that “pandemic disruptions fueled a significant spike in identity theft in 2020 and 2021 due to the very high rate of unemployment identity theft.” However, as many pandemic-related stimulus programs end, fraudsters are shifting their focus back to consumer and commercial customers of financial institutions, with trends suggesting digital remains a preferred channel for attack. The Identity Exchange solution provides an additional layer of identity fraud mitigation in the holistic customer lifecycle, and complements TransUnion’s TruValidate suite of solutions.

“Fraudsters look for and exploit blind spots when targeting business and consumers,” added Anne-Marie Kelly, head of Market Development, Identity Management and Fraud Solutions at TransUnion. “Identity Exchange and our full suite of solutions help businesses mitigate these risks and address evolving fraud threats while impacting fewer good customers, which can lead to increased acquisitions and improved risk management, improved profitability and operational effectiveness and reduced fraud losses.”

Marketing Technology News: GamesPad NFTs To Be Listed on Binance NFT

buy modafinil where to buy modafinil