News Releases
TransUnion and ID Analytics Announce Partnership to Enhance Fraud Prevention Services
CHICAGO, IL and SAN DIEGO, CA, March 30, 2006 - TransUnion enhanced its ability to help businesses fight identity fraud today by announcing the integration of ID Analytics ID Score® into its comprehensive Fraud and Identity Management Services. ID Score is a standardized, predictive risk metric that helps organizations focus their identity risk management efforts on individuals with the highest likelihood of fraud.
"As fraudsters become more technologically sophisticated, we are dedicated to providing our customers with robust fraud tools," said Mike Kiyosaki, executive vice president of TransUnion's Analytic Decision Services group. "By creating a best-in-class identity risk management offering, TransUnion and ID Analytics are helping businesses to find new ways to protect their customers and spend more time focusing on service. This aids in optimizing resources, reducing operational costs and increasing customer satisfaction."
By combining Advanced AnalyticsSM and decisioning technologies with vast multi-sourced databases and in-depth understanding of business issues, TransUnion assists organizations with a full range of fraud and identity management challenges, including compliance, identity verification, authentication, business process consulting and fraud response. Already in use by over half the credit card and wireless telecommunication markets in the U.S., as well as leading retailer, retail bank and online consumer finance companies, ID Score is now the standard for identity risk decisions. TransUnion complements ID Score by offering some of the most advanced fraud and identity management solutions available in the marketplace today.
"TransUnion is a proven, trusted player in consumer fraud protection," said Bruce Hansen, chairman and CEO of ID Analytics. "This partnership makes it more convenient for organizations exposed to fraud to leverage the power and potential of our Identity Risk Management solutions and achieve additional security against identity crimes."
Under the terms of the agreement, TransUnion is a contributing member of ID Analytics ID Network®, the nation's only real-time, cross-industry source for indentity information. Going forward, the companies will leverage their respective strengths and market expertise to provide enhanced fraud prevention and identity risk management solutions that meet the evolving needs of the marketplace. The new offering will be available to companies across a variety of services, including financial services, automotive finance, healthcare, rental, telecommunications and broadband.
The need for front-end identity verification and authentication tools has grown in recent years due to an increase in identity theft and other types of application fraud. With associated business losses reaching $52.6 billion last year according to a study released in January 2006 by Javelin Strategy and Research and the Better Business Bureau, many companies are taking proactive means to catch criminals in their tracks.
About TransUnion
TransUnion is a leading global information solutions company that customers trust as a business intelligence partner and commerce facilitator. TransUnion offers a broad range of financial services that enable customers to manage risk and capitalize on market opportunities. The company uses advanced technology coupled with extensive analytical capabilities to combat fraud and facilitate credit transactions between businesses and consumers across multiple markets. Founded in 1968, Chicago-based TransUnion employs 4,100 associates that support clients in more than 30 countries. Visit us at TransUnion.com.
About ID Analytics, Inc.
ID Analytics is the Identity Risk Management company providing advanced analytic solutions that prevent identity fraud and manage identity risk across the customer lifecycle. ID Analytics' intelligent ID Network, the first and only real-time national network built exclusively to manage identity risk, makes it possible for organizations to calculate the risk associated with an identity and balance identity risk against profit. The ID Network is in use daily by over half the credit and retail card issuer market in the US, as well as leading wireless and online consumer finance companies. To empower consumers and to help more organizations in more industries to fight identity fraud, ID Analytics has channel partners in the bankcard, credit reporting and retail banking industries.
ID Analytics is a registered trademark of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.