TransUnion TruValidate Device Risk with Behavioral Analytics improves fraud detection for businesses
To help limit the more than $100 billion in global revenue lost due to false positives in the fraud detection process, TransUnion launched TruValidate Device Risk with Behavioral Analytics.
The solution is newly bolstered by NeuroID’s behavioral analytics and aims to help businesses stop fraud – not the right customers – based on device recognition, context, device and user behavior. the user.
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 over 100 million detailed known fraud reports. TransUnion’s TruValidate Device Risk with Behavioral Analytics is configurable, allowing users to measure device and user risk by combining device intelligence and NeuroID-powered candidate behavior signals with their unique fraud.
“Leveraging the right solutions to prevent fraud and identity theft is critical for any business. In today’s dynamic economy where consumers often have many choices, it is equally important to avoid a false positive in which a “good” customer may be turned away due to faulty technology or data. “, said Shai Cohensenior 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 a comprehensive, integrated suite of tools to help them improve fraud detection while ensuring that false positives are mitigated earlier in the customer journey.”
Key elements of the solution include Behavior Insights, powered by NeuroID and Insights Center, powered by NeuroID. TransUnion and NeuroID first partnered in 2020 to help insurance companies find new ways to support customers, improve customer experience, and detect and prevent fraud.
This technology uses behavioral analysis to help determine whether a candidate is genuine or risky based on the candidate’s familiarity with the data they enter into a digital application. The proprietary process immediately enables in-depth visibility into a user’s unique digital interactions without collecting personal candidate data.
“In addition to real-time scoring of individual candidate behavior, we also aggregate all observed behaviors in an application to monitor broader behavioral trends. This aggregated data is displayed via a near real-time dashboard to help companies to more easily understand the behavior patterns of their at-risk and genuine candidates at scale, without requiring the support of a strong data science team,” said Jack Alton, Managing Director, NeuroID. “This allows clients to optimize their applications for the different types of users they receive, adding an extra step for at-risk candidates and reducing friction for genuine candidates.”
These new features work in tandem with TransUnion Device Risk’s existing anomaly detection, location intelligence, and device reputation and behavior analytics to help increase fraud detection and actionability. The combination of features will benefit businesses across multiple industries, including financial services, insurance, gaming and gambling, retail, and telecommunications, among others.
“Fraud continues to be a growing concern for our insurance companies and we are delighted to extend the partnership we first developed with NeuroID in 2020. The new solution provides our insurance customers with better top-of-funnel visibility in addition to enhanced fraud protections, without adding barriers to the consumer experience. It’s a win-win,” said Marc McElroyExecutive Vice President and Head of Insurance at TransUnion.
“The new solution incorporates patented neuroscience technology that 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 insight into whether a loan applicant’s intentions are genuine or deceptive, without adding additional friction to the process,” said Jason LakyExecutive Vice President and Head of Financial Services at TransUnion.
“The addition of behavioral analytics is a game-changer for competitive industries such as retail, telecommunications and gambling, where many businesses simply cannot afford to lose legitimate customers due to faulty technology. Additionally, this solution will help many public sector organizations ensure that citizens are able to access essential government services,” said Glen GoldsteinExecutive Vice President and Head of Diversified Markets at TransUnion.
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