Behavioral analytics from NeuroID integrated by TransUnion to stop fraud and false positives
The new TruValidate Device Risk with Behavioral Analytics from TransUnion uses device recognition, context signals, and device and user behavior to prevent fraud, while letting customers complete their transactions. The configurable solution taps into a network of 6,000 fraud and security analysts, more than 10 billion known devices and over 100 million detailed reports on known fraud attempts.
The company says that false positive fraud detection checks cost businesses more than $100 billion in lost global sales revenue.
NeuroID’s Behavior Insights and Insights Center capabilities have been integrated with TransUnion technology in the latest expansion of a partnership which was established in 2020.
“Leveraging the right solutions to prevent fraud and identity theft is paramount to any business. 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,” says Shai Cohen, senior vice president and head of global fraud solutions at TransUnion. “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.”
TransUnion and NeuroID have an established partnership dating back to 2020.
“In addition to real-time scoring of individual applicant behavior, we also aggregate all behavior observed in an application to monitor broader behavioral trends. This aggregated data is displayed through a near-real time dashboard to help businesses more easily understand the behavior patterns of their risky and genuine applicants at scale — without requiring the support of a robust data science team,” says Jack Alton, chief executive officer, NeuroID. “This enables customers to optimize their applications for the different types of users they receive — adding step-up for risky applicants and reducing friction for genuine applicants.”
NeuroID launched two other behavioral analytics tools earlier this year to help online businesses prevent fraud.
A recent report from TransUnion suggests digital fraud against insurance companies spiked by 159 percent between the second quarters of 2021 and 2022.