As More Transactions Shift Online During Pandemic, the Financial Services Industry Experiences a Surge in Fraudulent Activity - Seite 2

“Synthetic fraud continues to be one of the most prominent problems in the financial services industry and one of the most effective ways to reduce this type of fraud is to detect suspicious patterns or attributes during the account opening and verification process,” said Shai Cohen, senior vice president of global fraud and identity solutions at TransUnion. “Lenders can easily incorporate these red flags into their fraud detection models for more comprehensive coverage while better protecting consumers.”

For example TransUnion’s analysis found that identifiable information, such as an email address, can be a powerful predictor of fraud. TransUnion’s flagship global identity verification and fraud prevention solution suite, IDVision with iovation, has found that characteristics of an email address such as account longevity and velocity (frequency of transactions) can signify potential fraud. Email accounts that were not recognized by the fraud prevention suite had a significantly higher rate of fraudulent activity with nearly one-third of these new accounts engaging in transaction fraud.

IDVision with iovation unites personal and digital data into a precise and accurate data identity. It verifies and authenticates consumers, and enables users to prevent fraud. The solution suite combines consumer credit history data with non-credit data and digital device intelligence, resulting in superior insights that are stewarded with care for consumer privacy, security and compliance.

For more information on the rise of digital fraud in financial services since the pandemic, please register for the webinar Protecting Against Shifts in Digital Fraud. To learn more about TransUnion’s fraud solutions, please visit https://www.transunion.com/idvision.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

¹ TransUnion compared the percentage of risky transactions from 1/1/20–3/10/20 to 3/11/20 (the day the World Health Organization declared COVID-19 a global pandemic) – 5/27/20.

² Aite Group Study: Workplace Distancing: Adapting Fraud and AML Operations to COVID-19