Protect yourself against fraud with access to information from other lenders, as well as available data from TransUnion’s entire network of customers
Hundreds of millions of dollars are lost each year due to fraudulent originations that lenders cannot detect. You’re not alone, but you also cannot fully and successfully fight this growing problem alone. The more pertinent information you have access to and the more entities collectively analyzing, reviewing and reporting suspect behavior, the better chances everyone has of protecting their organizations, customers and bottom lines.
The Fraud Prevention Exchange is an innovative solution that helps recognize fraudulent identities and behavior before margins are impacted. Exchange members share select transaction data during the application process and certain outcomes from their verification activity. Indications of potentially fraudulent activity and reported fraud are carefully monitored to alert members when they are exposed to potentially fraudulent activity. A private collaboration between lenders sharing application velocity and known fraud data for common interests in reducing losses.
Utilize real-time transaction data contributed by TransUnion's expansive and growing customer database
Unified source of timely, accurate information
More data means a better chance of identifying and avoiding fraud
Collectively address the challenges of originations fraud, synthetic identities and application velocity
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Balancing Fraud and the Customer Experience as Fraud Evolves