TransUnion has announced the launch of TruValidate Device Risk with Behavioral Analytics, a new product in partnership with NeuroID to help businesses to prevent fraudulent activity.
Utilizing NeuroID’s tools, TruValidate Device Risk with Behavioral Analytics is designed to support businesses from a range of sectors to stop fraud by allowing users to join a global network of 6,000 fraud and security analysts.
A ‘configurable’ solution, the new product allows users to measure the risk of certain devices and users based on device intelligence and user behavior signals using NeuroID technology.
TransUnion noted that over $100bn in global sales is lost to fraud each year, which acts as the pillar of the new solution as it aims to ‘limit’ this figure.
“Leveraging the right solutions to prevent fraud and identity theft is paramount to any business,” said Shai Cohen, Senior Vice President and Head of Global Fraud Solutions at TransUnion. 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.”
This comes off the back of TransUnion and NeuroID’s first partnership in 2020, which helped insurance carriers prevent fraud by using analytical tools to decode whether users are genuine or risky.
Features of TruValidate Device Risk with Behavioral Analytics include NeuroID’s Insights Center and Behaviour Insights. These features work hand-in-hand with TransUnion’s Device Risk which uses anomaly detection, location intelligence, and device reputation to support fraud capture.
TransUnion noted that the tool can be used across several sectors and industries including gaming and gambling, financial services, insurance and retail, amongst others.
Glen Goldstein, Executive Vice President and Head of Diversified Markets at TransUnion, added: “The addition of behavioral analytics is a game changer for competitive industries such as retail, telco and gambling where many businesses simply cannot afford to lose legitimate customers due to faulty technology.
“As well, this solution will help many public sector organizations ensure citizens are able to access critical government services.”
