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TransUnion launches TruValidate Behavior Analytics

On Tuesday, TransUnion launched TruValidate Device Risk with Behavior analytics to help reduce false positive applications that the firm said cost businesses billions.

TransUnion partnered with NeuroID, a behavioral analytics service company, to help limit the more than $100 billion of global sales revenue lost through device recognition, context, and user behavior.

“Leveraging the right solutions to prevent fraud and identity theft is paramount to any business,” Shai Cohen, SVP and head of global fraud solutions, said. “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.”

Trust is in the network

The solution builds trusted connections by allowing users to join a global network of 6,000 fraud and security analysts, over 10 billion known devices, and 100 million-plus detailed known fraud reports.

TransUnion said that the new tech is configurable, enabling users to measure the risk of a machine and user by combining device intelligence and applicant behavior signals powered by NeuroID to their unique fraud challenges.

NeuroID bills itself as the next generation of behavior analytics, passionate about putting humans at the center of the digital world. Its mission is to empower clients to build meaningful, lasting relationships with digital customers.

“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,” Cohen said.

TransUnion and NeuroID first partnered in 2020 to help insurance carriers find new ways to support customers, improve the customer experience, and detect and prevent fraud. The tech uses behavioral analytics to help determine whether an applicant is genuine or risky based on how familiar the applicant is with the data they are entering into a digital application.

The proprietary process immediately helps enable deep visibility into a user’s unique digital interactions without collecting personal data from the applicant.

Fraud detention across several industries

The new features work in tandem with TransUnion in house risk detection services. The firm said the combination of features would benefit businesses across several industries.

Mark McElroy, executive vice president and head of insurance at TransUnion Financial Services, said carriers would be excited to get more fraud detection.

“Fraud continues to be a growing concern for our insurance carriers, and we are excited to expand on the partnership we first developed with NeuroID in 2020,” McElroy said. “The new solution offers our insurance customers increased insight at the top of the funnel and enhanced protections against fraud without adding any obstacles to the consumer experience. It’s a win-win.”

Jason Laky, TransUnion EVP’s head of financial services, said patented neuroscience tech checks for fraud without slowing down the process.

“The new solution features patented neuroscience technology which can assess how familiar users are with the personal information they provide to a financial institution,” he said. “By analyzing this data in real-time, these products can help provide critical information as to whether a loan applicant’s intentions are genuine, or deceptive, without adding additional friction to the process.”

Even industries like retail and gambling could benefit from better fraud detection, Glen Goldstein, EVP of diversified markets, said.

“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,” he said. “This solution will also help many public sector organizations ensure citizens can access critical government services.”

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  • Kevin Travers

    Intensely energetic news reporter asking questions covering the collision between Silicon Valley, Wall Street, and everywhere in-between. Studied history at the University of Delaware, learned to write at the Review, and debanked. Email kevin@lendit.com with story ideas, questions, or to say hello.