To help limit the more than $100 billion of global sales revenue lost to false positives during the fraud detection process, TransUnion (NYSE: TRU) announced today the launch of TruValidate Device Risk with Behavioral Analytics. The solution is newly fortified by NeuroID’s behavioral analytics and aims to help businesses stop fraud – not good customers – based on device recognition, context, device and user behavior.
The solution builds trusted connections by allowing users to join a global network of 6,000 fraud and security analysts, over 10 billion known devices and 100 million+ detailed known fraud reports. TransUnion’s TruValidate Device Risk with Behavioral Analytics is configurable, enabling users to measure the risk of a device and user by combining device intelligence and applicant behavior signals powered by NeuroID to their unique fraud challenges.
“Leveraging the right solutions to prevent fraud and identity theft is paramount to any business. In today’s dynamic economy where consumers often have many choices, it’s just as important to prevent a false positive wherein a ‘good’ customer may be turned away due to faulty technology or data,” said Shai Cohen, senior vice president and head of global fraud solutions at TransUnion. “With the addition of NeuroID behavioral analytics technology to the TruValidate suite of solutions, our customers have access to an array of comprehensive and integrated tools to help them improve fraud detection while ensuring false positives are mitigated earlier in the customer journey.”
Key elements within the solution include Behavior Insights, powered by NeuroID and Insights Center, powered by NeuroID. TransUnion and NeuroID first partnered in 2020 to help insurance carriers find new ways to support customers, improve the customer experience, and detect and prevent fraud.
This technology uses behavioral analytics to help determine whether an applicant is genuine or risky based on how familiar the applicant is with the data that they are entering into a digital application. The proprietary process immediately helps enable deep visibility into a user’s unique digital interactions without collecting any personal data from the applicant.
“In addition to real-time scoring of individual applicant behavior, we also aggregate all behavior observed in an application to monitor broader behavioral trends. This aggregated data is displayed through a near-real time dashboard to help businesses more easily understand the behavior patterns of their risky and genuine applicants at scale — without requiring the support of a robust data science team,” said Jack Alton, chief executive officer, NeuroID. “This enables customers to optimize their applications for the different types of users they receive — adding step-up for risky applicants and reducing friction for genuine applicants.”
These new features work in tandem with TransUnion Device Risk’s existing anomaly detection, location intelligence, and device reputation and device behavior analysis to help increase fraud capture and actionability. The combination of features will benefit businesses across several industries, including financial services, insurance, gaming and gambling, retail and telco, among others.
1 Reducing the Risk of False Positives | PYMNTS.com
“Fraud continues to be a growing concern for our insurance carriers and we are excited to expand on the partnership we first developed with NeuroID in 2020. The new solution offers our insurance customers increased insight at the top of the funnel in addition to enhanced protections against fraud, without adding any obstacles to the consumer experience. It’s a win-win.”
- Mark McElroy, executive vice president and head of insurance at TransUnion
“The new solution features patented neuroscience technology which can assess how familiar users are with the personal information they provide to a financial institution. By analyzing this data in real-time, these products can help provide critical information as to whether a loan applicant’s intentions are genuine, or deceptive, without adding any additional friction to the process.”
- Jason Laky, executive vice president and head of financial services at TransUnion
“The addition of behavioral analytics is a game changer for competitive industries such as retail, telco and gambling where many businesses simply cannot afford to lose legitimate customers due to faulty technology. As well, this solution will help many public sector organizations ensure citizens are able to access critical government services.”
- Glen Goldstein, executive vice president and head of diversified markets at TransUnion
For more information about TransUnion’s TruValidate Device Risk with Behavioral Analytics solution, please click here.
Expressions of Interest for Director of the European Bank for Reconstruction and Development
The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.
The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.
Minister McGrath commented:
“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.
My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”
Expressions of interest will be accepted up to 3pm on 27th March 2024
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Council adopts regulation on instant payments
The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.
The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.
The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.
Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.
The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.
The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.
Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.
The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.
This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.
On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.
Source: European Council
FCA highlights need for enhanced competition in wholesale data markets
The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.
Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.
The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.
In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.
Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”
In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.
Source: Fintech Global
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