TransUnion adds fraud intelligence and identity capabilities with acquisition of iovation
“iovation has unique device identity and consumer authentication capabilities that help businesses and consumers seamlessly and safely transact in a digital world,” said TransUnion President and Chief Executive Officer Jim Peck. “TransUnion has long been at the forefront of developing innovative fraud and identity solutions, and together with iovation, we will create an unmatched network of offline and online identities that will help make transactions faster and more secure, while providing a frictionless experience for consumers.”
Combined solutions from TransUnion and iovation will empower businesses to adapt quickly to changing fraud threats with technology that can dynamically identify new fraud patterns, the companies say. The highly advanced digital device reputation consortium provided by iovation includes insights into nearly 5 billion devices from more than 35,000 brands in 50 countries. TransUnion picks up iovation’s products for device reputation and verification, transaction outcome prediction, passwordless authentication, and multi-factor authentication.
“Our mission has always been to make the digital world a safer place for both businesses and consumers, which perfectly supports TransUnion’s belief in using information for good,” said Greg Pierson, founder and chief executive officer of iovation. “My team is committed to working together with TransUnion to set the standard for stopping fraud and abuse while improving customer experience.”
TransUnion also announced the acquisition of Healthcare Payment Specialists in a separate transaction.
The acquisition of iovation is pending regulatory approval, and is expected to close in the second or third quarter of this year.