To help identify more than $100 billion in global sales revenue lost due to false positives during the fraud detection process, TransUnion TruValidate Device Risk launched with behavioral analytics.
The solution is newly enhanced by NeuroID’s behavioral analytics and aims to help companies stop fraud – not good customers – based on device recognition, context, device, and user behavior.
The solution builds trusted connections by allowing users to join a global network of 6000 fraud and security analysts, over 10 billion known devices and 100 million+ detailed known fraud reports. TransUnion’s TruValidate Device Risk is through configurable behavioral analytics, enabling users to measure device and user risk by combining device intelligence with NeuroID-powered applicant behavior signals for their unique fraud challenges.
“Utilizing the right solutions to prevent fraud and identity theft is critical to any business. In today’s dynamic economy where consumers often have many choices, it is also important to prevent a false positive from appearing as a “good” customer may be turned away by a glitch in technology or data “. Cohen’s teaSenior Vice President and Head of Global Fraud Solutions at TransUnion.
“With the addition of NeuroID behavioral analytics technology to TruValidate’s suite of solutions, our customers have access to a comprehensive, integrated set of tools to help them improve fraud detection while ensuring that false positives are mitigated early in the customer journey.”
Key elements in the solution include Behavior Insights, backed by NeuroID, and Insights Center, backed by NeuroID. TransUnion and NeuroID partner for the first time in 2020 to help insurance companies find new ways to support customers, improve customer experience, and detect and prevent fraud.
This technology uses behavioral analytics to help determine whether an applicant is real or risky based on the applicant’s knowledge of the data they enter into a digital application. The proprietary process immediately helps enable deep insight into the user’s unique digital interactions without collecting any personal data from the applicant.
“In addition to real-time assessment of the behavior of individual applicants, we also aggregate all behavior observed in an application to monitor broader behavioral trends. This aggregated data is displayed through a near-real-time dashboard to help companies understand the behavior patterns of real and risky applicants at scale. More easily – without the need for the support of a strong data science team” Jack Altonchief executive officer, nervous system identifier. “This allows customers to optimize their applications for the different types of users they receive – adding an increase for risky applicants and less friction for real applicants.”
These new features work in conjunction with TransUnion Device Risk anomaly detection, location intelligence, device reputation and device behavior analysis to help increase fraud capture and actionability. The feature set will benefit companies in many industries, including financial services, insurance, gaming, gambling, retail, telecommunications, and more.
“Fraud continues to be a growing concern for our insurers and we are excited to expand the partnership we first developed with NeuroID in 2020. The new solution offers our insurance customers increased visibility at the top of the funnel as well as enhanced fraud protection without adding any hurdles to their experience. Consumer said Mark McIlroyExecutive Vice President and Head of Insurance at TransUnion.
“The new solution features patented neuroscience technology that can assess how well users know about the personal information they provide to a financial institution. By analyzing this data in real time, these products can help provide critical information about whether an applicant’s intentions are The loan is real or deceptive, without adding any additional friction to the process,” Jason LackeyExecutive Vice President and Head of Financial Services at TransUnion.
“Adding 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 to faulty technology. This solution will also help many public sector organizations to ensure that citizens can access government services. important” Glenn GoldsteinExecutive Vice President and Head of Diversified Markets at TransUnion.