According to TransUnion research, more than $1.6 billion was lost by companies due to credit card application fraud in 2016 alone.
While a significant amount, it’s just a fraction of the overall cost burden impacting consumers, government organizations and businesses from diverse industries, such as healthcare, retail, credit card and consumer lending.
Fraud today doesn’t just impact businesses’ bottom lines with current customers, it also causes loss related to missed opportunities when frustrated customers walk away, and from back office expenses incurred to manually review fraud.
As fraud evolves and becomes more sophisticated, the legacy systems many businesses have in place aren’t sufficient in detecting today’s fraudsters.
In response, TransUnion unveiled IDVisionSM, a suite of solutions providing businesses with a holistic approach to fraud and identity management, in order to stop sophisticated and evolving fraud while also protecting true customers.
IDVision brings together robust data assets, advanced analytics and leading technology to link, interpret and discover anomalies and patterns of risk. Businesses receive actionable alerts and instantly delivered scores so they can make timely decisions.
We developed IDVision to provide greater certainty as fraud evolves – while still meeting the expectations of speed and the uninterrupted consumer experience our customers need. Our solution learns and predicts patterns of risk to help customers more strategically anticipate tomorrow’s threats by staying ahead of fraudsters today.
As a result, companies across various industries can identify more good consumers to enable secure, confident and convenient authentication. Additionally, they can detect more fraud patterns at origination, during transactions and by monitoring portfolios – allowing them to improve the customer experience.
To read the rest of the article, click here.
News from our partners.