A Multi-Layered Approach to Fraud Prevention

TransUnion
Article10/18/2017

In the days following the Equifax data breach, our teams have been assisting customers in navigating the situation and protecting their businesses.

Core consumer identifying information (e.g., name, address, phone numbers, SSN and credit card numbers) was compromised and we believe the fraudsters will focus mainly on digital channels when attempting to abuse this data. Therefore, we advocate that our customers take a multi-layered approach to fraud prevention that leverages your current tactics, combined with traditional verification solutions, as well as a third layer of verification like a one-time passcode, knowledge-based authentication, digital verification and document verification.

And while safeguarding against risk is paramount, balancing those efforts with a smooth, online customer experience is also crucial. Despite the breach, consumers still demand a convenient, hassle-free process. TransUnion promotes an aggressive approach to fighting fraud, using solutions that identify anomalies and patterns of risk before they create friction for good customers or become detrimental to your bottom line. Our fraud and identity management solutions can help find your right mix between safe and seamless, and risk and reward.

Additionally, with the launch of our Fraud Prevention Exchange, we’re now examining the opportunity for even broader information sharing that could provide further protection. As a concerned institution, you strive to endorse and embrace solutions that not only protect your business, but also current or potential new customers. And as more businesses unite efforts in this way, it creates a network of safety that benefits all.

At TransUnion, we have an unwavering commitment to security and privacy and an uncompromising stance toward information security, business ethics and corporate governance. To that end, we’re following—and recommending—best practices to ensure our customers’ data is secure and protected. We look forward to our continued partnership.