{"id":37663,"date":"2020-02-11T11:57:38","date_gmt":"2020-02-11T03:57:38","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=37663"},"modified":"2020-02-11T11:57:41","modified_gmt":"2020-02-11T03:57:41","slug":"transunion-phl-launches-advanced-identity-verification-and-fraud-prevention-solution","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2020\/02\/11\/transunion-phl-launches-advanced-identity-verification-and-fraud-prevention-solution\/","title":{"rendered":"TransUnion Phl launches advanced identity verification and fraud prevention solution"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>TransUnion announced the launch of its fraud and identity suite of solutions,\u00a0IDVision with iovation, in the\u00a0Philippines. <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As transactions increasingly move online, IDVision with iovation enables businesses and consumers to safely and seamlessly transact through the verification and authentication of identities. Globally, IDVision with iovation contains over 1 billion consumer records and intelligence based on experience with over 6.5 billion devices providing a comprehensive picture of each person.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhile technology has made transacting digitally more convenient and instantaneous, it has also provided another channel for fraudsters with schemes inlike loan applications using fake documents, identity theft, money laundering and synthetic fraud,\u201d said TransUnion Philippines President and CEO, Pia Arellano. \u201cBy combining technology and the power of information, we are able to bring together and validate peoples\u2019 real-world and digital identities to help combat cybercriminals while providing a friction-right experience for good consumers.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Identity verification and fraud prevention is an increasingly important priority for businesses. A recent global study\u00a0commissioned by TransUnion revealed the challenges faced by the financial services and insurance industries. More than a third (36%) of respondents surveyed said one of their company\u2019s top priorities in the next 12 to 24 months was to,\u00a0<em>\u201cImprove new customers\u2019 or members\u2019 account-opening and onboarding digital experience\u201d<\/em>.\u00a0 In addition, almost half (44%) said it was to,\u00a0<em>\u201cReduce the risk of fraudulent accounts being opened\u201d<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IDVision with iovation leverages deep learning technologies and validates a consumer identity through a broad mix of data sources, including credit and public records, allowing businesses to enable meaningful experiences with consumers. IDVision with iovation can also help increase financial inclusion by evaluating a broad set of data to make a transaction decision and through digital authentication methods that allows for consumer access from anywhere, including remote locations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IDVision with iovation analyzes unique identifiers like name, date of birth, ID document numbers, address, phone number, device, email and IP address.\u00a0For instance, IDVision with iovation\u2019s device intelligence helps prevent more than 200 million fraudulent transactions annually worldwide by evaluating associated accounts and devices, past device history and suspicious device behavior. IDVision with iovation can also use a device as a consumer authenticator by ensuring it is authorized to access an account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the Philippines, IDVision with iovation enables consumers to use their smartphone devices to take a picture of their Photo ID during the digital onboarding process. A live selfie is then required of the applicant, all of which are verified to ensure that the consumer is actually who they say they are and not an impostor using another person\u2019s identity. IDVision with iovation has the capability to authenticate a majority of the official government IDs such as driver\u2019s licenses and passports of over 200 countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIn an increasingly digital world, businesses that make it easier for consumers to interact with them, and access their goods and services, will be the ones that succeed,\u201d continued Arellano. \u201cBy verifying a transaction against a broad set of personal and digital identity data through the combination of traditional data science with artificial intelligence and machine learning, we can stay one step ahead of criminals.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As transactions increasingly move online, IDVision with iovation enables businesses and consumers to safely and seamlessly transact through the verification and authentication of identities.<\/p>\n","protected":false},"author":6,"featured_media":37664,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1145,96,1656,6194],"class_list":["post-37663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-tech-for-smbs","tag-technology","tag-technology-investment","tag-transunion"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/37663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=37663"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/37663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/37664"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=37663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=37663"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=37663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}