TransUnion Enhances Document Verification Solution as New Research Finds Identity Fraud at Center of Many Digital COVID-19 Scams. Product can verify an identity with a selfie.
New research from TransUnion’s (NYSE: TRU) ‘Consumer Financial Hardship studies’ found that phishing is the top digital fraud scheme worldwide related to the COVID-19 pandemic. Among consumers reporting being targeted with digital COVID-19 schemes globally, 27% said they were hit with pandemic-themed phishing scams. To help prevent identity fraud that can result from phishing, TransUnion announced today new enhancements to its Document Verification solution.
To better understand the impacts of COVID-19 on consumers, TransUnion surveyed 7,384 adults in Canada, Colombia, Hong Kong, South Africa, the U.K., and the U.S. between June 30 and July 6, 2020. It asked the consumers if they had been targeted by digital COVID-19 fraud and if so, which digital fraud scheme(s) related to COVID-19 were they targeted with. Globally, 32% said they had been targeted by digital fraud related to COVID-19 with the below being the top types of COVID-19 fraud they faced:
Document Verification is part of ‘IDVision® with iovation®’, TransUnion’s flagship identity verification, consumer authentication and fraud prevention solution suite which unites personal and digital data into one of the most comprehensive data identity platforms in the world. As part of the IDVision with iovation suite, Document Verification adds strong verification of government IDs to existing capabilities that can validate a consumer by leveraging TransUnion’s comprehensive intelligence about consumer records, device behavior, and if fraud has previously been associated with a person or device.
For more details about TransUnion’s Document Verification solution, go here. To download TransUnion’s Consumer Hardship Studies, go here. For more details around TransUnion’s digital fraud findings during the COVID-19 pandemic, go here.
To read the full press release, please click on this link: TransUnion Press Release