Combined capabilities will help customers stay ahead of new and evolving fraud threats
TransUnion (NYSE: TRU) has agreed to acquire iovation, one of the most advanced providers of device-based information in the world, strengthening its leadership position in fraud and identity management.
“iovation has unique device identity and consumer authentication capabilities that help businesses and consumers seamlessly and safely transact in a digital world,” said Jim Peck, TransUnion’s president and chief executive officer. “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.”
iovation pioneered the device intelligence industry and provides a highly advanced digital device reputation consortium, with insight into nearly 5 billion unique devices from more than 35,000 leading brands across more than 50 countries. With technologies that can dynamically identify new fraud patterns as they emerge, TransUnion and iovation’s combined solutions will empower customers to quickly incorporate and adapt strategies to the fast-changing and evolving fraud landscape.
“Our combined solutions will empower trusted relationships by identifying, monitoring and protecting both businesses and consumers as they interact online all around the world,” said Chris Cartwright, president of TransUnion’s USIS division. “Furthermore, our broad coverage of identities and devices will enable continued innovation in advanced analytics to confidently detect threats across channels, markets and geographies, to equip customers to grow and differentiate their businesses by emphasizing superior user experiences at all touchpoints.”
iovation offers customers a broad range of highly advanced real-time fraud prevention products, a risk-based dynamic authentication suite, and a global consortium of shared fraud insights that delivers risk decisions in milliseconds. Products include:
- FraudForce: Real-time device reputation and verification insight identifies good customers, reduces reviews and helps prevent online fraud
- SureScore: Machine learning that predicts transaction outcomes based on device trust, transaction, and contextual or behavioral indicators
- ClearKey: Passwordless authentication based on rigorous device fingerprinting and contextual insight
- LaunchKey: Multi-factor authentication lets mobile apps deliver advanced knowledge factors, cutting-edge biometrics, and location and proximity methods for strong, simplified access to any site or service
“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.”
iovation’s extensive customer base and channel partners — including Callcredit, TransUnion’s pending acquisition in the U.K. — will also expand the company’s footprint globally and in markets like gaming and retail. TransUnion already provides fraud and identity solutions worldwide.
The acquisition is anticipated to close late in the second quarter or early in the third quarter pending regulatory approval.
Separately, TransUnion also announced today an agreement to acquire Healthcare Payment Specialists, a leader in helping healthcare providers optimize Medicare reimbursement, strengthening TransUnion Healthcare’s Revenue ProtectionTM portfolio.
Headquartered in Portland, OR, iovation was founded with a simple guiding mission: to make the Internet a safer place for people to conduct business. Since 2004, the company has been delivering against that goal, helping brands protect and engage their customers, and keeping them secure in the complex digital world. Armed with the world’s largest and most precise database of reputation insights, and cryptographically secure multi-factor authentication methods, iovation safeguards tens of millions of digital transactions each day.
Source: TransUnion Press Release