TransUnion announced that it has received the 2024 Impact Award for Best Authentication Innovation by Datos Insights as part of its annual Fraud & AML Impact Awards program.
The Datos Insights Fraud & AML Impact Awards program identifies organizations and vendors whose new and disruptive financial crime solutions more effectively and efficiently counter escalating financial crime threats. The Best Authentication Innovation is awarded to new solutions or innovations that deliver best-in-class identity proofing and/or user authentication. Winners were selected by a panel of fraud and AML industry experts and Datos Insights strategic advisors. 2024 marks the fourth year of the program.
TransUnion TruValidate™ helps organizations combat identity fraud by identity proofing applicants and authenticating existing customers. It recently improved its synthetic identity fraud detection during the identity proofing process by examining both the credit behavior of the consumer and how the consumer shares identity elements with others. Examining identity connectors concurrently with consumer credit profiles enables organizations to maximize their capture of true synthetic identities while decreasing false positives.
“We are honored to have received a Fraud & AML Impact Award for Best Authentication Innovation by Datos Insights,” said Steve Yin, global head of fraud at TransUnion. “As fraudsters increasingly threaten financial institutions through the use of synthetic identities to penetrate their account portfolios, innovation is essential as we work to stay one step ahead of them. TransUnion is committed to maintaining the spirit of innovation required to protect our customers and their resources now and in the future.”
The highly configurable TransUnion TruValidate suite incorporates identity proofing, risk-based authentication and fraud analytics. It also delivers an actionable and robust view of each consumer by linking proprietary data, personal data, device identifiers and online behaviors. This allows organizations across different industries, including Banking, FinTech, Gaming, and more, to help protect their businesses and focus on offering effective, personalized and friction-right experiences through a light-touch and flexible integration.
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