Cybersecurity

TransUnion launches identity verification fraud prevention solution

TransUnion recently launched in the Philippines IDVision with iovation, a fraud and identity solution. As transactions are increasingly moving online, IDVision with iovation aims to enable businesses and consumers to safely make transactions through identity verification and authentication.

Globally, IDVision with iovation contains over 1 billion consumer records and intelligence with over 6.5 billion devices.

“While technology has made transacting digitally more convenient and instantaneous, it has also provided another channel for fraudsters with schemes in loan applications using fake documents, identity theft, money laundering, and synthetic fraud,” said Pia Arellano, president and CEO, TransUnion Philippines.

Have you read “TransUnion advocates tech-based solutions amid challenges”?

“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 friction-right experience for good consumers.”

– Pia Arellano, president and CEO, TransUnion Philippines.

Digital experience

Identity verification and fraud prevention is an increasingly important priority for businesses. A recent global study 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.”

IDVision with iovation leverages deep learning technologies and validates a consumer identity through a broad mix of data sources, including credit and public records. The solution can also help increase financial inclusion by evaluating a broad set of data to make transaction decisions and through digital authentication methods that allow for consumer access from anywhere.

IDVision with iovation analyzes unique identifiers like name, date of birth, ID document numbers, address, phone number, device, email, and IP address. The solution’s device intelligence helps prevent more than 200 million fraudulent transactions annually worldwide by evaluating associated accounts and devices, past device history and suspicious device behavior. It can also use a device as a consumer authenticator by ensuring it is authorized to access an account.

In the Philippines, IDVision with iovation enables consumers to use their smartphone devices to take a picture of their Photo ID during the digital onboarding process. A live selfie is then required of the applicant, all of which are verified to ensure that the consumer is actually who they say they are and not an impostor using another person’s identity. IDVision with iovation can authenticate a majority of the official government IDs such as driver’s licenses and passports of over 200 countries.