TransUnion has launched its new TruValidate Device Risk with Behavioral Analytics solution, to mitigate the circa $100bn in lost annual revenue due to false positives during the fraud detection process.
The system aims to allow users to join a global network of 6,000 fraud and security analysts, 10 billion devices and over 100 million fraud reports, which enables other users to determine the risk posed by a specific user or device.
Shai Cohen, SVP and Head of Global Fraud Solutions at TransUnion, said at the launch: “Leveraging the right solutions to prevent fraud and identity theft is paramount to any business. In today’s dynamic economy where consumers often have many choices, it’s just as important to prevent a false positive wherein a ‘good’ customer may be turned away due to faulty technology or data.
“With the addition of NeuroID behavioral analytics technology to the TruValidate suite of solutions, our customers have access to an array of comprehensive and integrated tools to help them improve fraud detection while ensuring false positives are mitigated earlier in the customer journey.”
The system uses pieces provided by NeuroID, something CEO Jack Alton commented on, saying: “In addition to real-time scoring of individual applicant behavior, 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 businesses more easily understand the behavior patterns of their risky and genuine applicants at scale — without requiring the support of a robust data science team.”
