TransUnion launches ID Solution

Global information and insights provider TransUnion has extended its fraud and identification offering with a new Document Verification and Facial Recognition solution, to help combat the increasing rise of identity fraud.

Shail Deep, Chief Product Officer at TransUnion said: “Over the past five years, identity fraud cases have risen by 32% according to Cifas and 87% of identity fraud cases in 2019 occurred via online channels.  TransUnion’s own research looking at COVID-19 related fraud against consumers reflects this, and highlights that phishing is the most common type of digital fraud attempt, with victims being lured into providing sensitive, personal data such as their bank account details.”

“Given these ever-present fraud threats, consumers expect organisations to protect their identities, and to deliver safe, convenient online experiences. Our global identity verification solution enables businesses to confirm a customer’s identity and mitigate risks of fraud, without compromising the customer journey.”

John Cannon, Managing Director of fraud and ID at TransUnion said “COVID-19 and social distancing have created further opportunities for fraudsters, with TransUnion’s Financial Hardship Study finding that over a quarter (26%) of UK consumers have been targeted in a digital fraud attempt related to the pandemic. Businesses need to step up their controls and ensure they are taking all possible precautions – incorporating the latest biometric technology where appropriate – so they can deliver the smooth online experiences that consumers expect.”