SINCE digitization comes with risks, such as data stealing, TransUnion Philippines announced on Monday the launch of its fraud and identity suite of solutions called “IDVision with iovation” in the country.
“While technology has made transacting digitally more convenient and instantaneous, it has also provided another channel for fraudsters with schemes in like loan applications using fake documents, identity theft, money laundering and synthetic fraud,” said Pia Arellano, president and chief executive officer (CEO) of TransUnion Philippines.
Identity verification and fraud prevention are becoming a top priority for businesses. In fact, the TransUnion commissioned Aite Group Study 2019, dubbed “Current State Assessment: Global Analytics Ecosystem,” revealed the challenges faced by the financial services and insurance industries.
Based on the survey, 36 percent of respondents said one of their company’s top priorities in the next 12 to 24 months is to “improve new customers’ or members’ account-opening and onboarding digital experience.” This is to “reduce the risk of fraudulent accounts being opened” for 44 percent of the participants. With these concerns, IDVision with iovation uses deep learning technologies and validates a consumer identity through a wide mix of data sources, including credit and public records, enabling businesses to provide consumers with meaningful experiences. It can also help increase financial inclusion by evaluating a broad set of data to make a transaction decision and through digital authentication methods that allows for consumer access from anywhere, including remote locations.
Globally, IDVision with iovation contains more than 1 billion consumer records and intelligence based on experience with over 6.5 billion devices providing a comprehensive picture of each person. Amid these gigantic amounts of data, this offering can analyze unique identifiers like name, date of birth, ID document numbers, address, phone number, device, e-mail and IP address. This helps prevent more than 200 million fraudulent transactions annually worldwide by evaluating associated accounts and devices, past device history and suspicious device behavior.
IDVision with iovation, likewise, can use a device as a consumer authenticator by ensuring it is authorized to access an account.
In the Philippines, it enables consumers to use their smartphones to take a picture of their Photo ID during the digital onboarding process. A live selfie is then required of the applicant. Since such images are verified to make sure they are real and not impostors, IDVision with iovation is indeed capable of authenticating a majority of the official government IDs, such as driver’s licenses and passports of over 200 countries.
“In an increasingly digital world, businesses that make it easier for consumers to interact with them, and access their goods and services, will be the ones that succeed,” continued Arellano. “By verifying a transaction against a broad set of personal and digital identity data through the combination of traditional data science with artificial intelligence and machine learning, we can stay one step ahead of criminals”
Source: Business Mirrow.com