TransUnion IDVision Software

TransUnion ID vision also refered to as TruValidate IDVision is a suite of solutions that provides a holistic approach to fraud and identity management for businesses. Businesses are able to stop sophisticated and evolving fraud with TruValidate. TruValidate IDVision also helps in protecting and restoring the confidence of companies in doing their everyday business.

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TransUnion IDVision

TruValidate Process

TruValidate works by providing robust data assets combined with advanced analytics technology. Robust data assets and advanced analytics technology link, interpret, and analyze information to discover anomalies and risk patterns. By discovering anomalies and risk patterns, businesses in various industries identify more good consumers and detect fraud patterns. Fraud patterns detection at origination, transactions, and portfolio monitoring, enables businesses to improve customer experience.

Features Of TruValidate

The Features of TruValidate are:

  • Identity Proofing allows businesses to confidently provide a great customer experience. A great customer experience includes validating identities. Validating identities builds trust between businesses and customers through identity proofing. Identity proofing enables businesses to establish customer identity, sort good customers from fraudsters, and transact digitally with ease and confidence.
  • Risk-Based Authentication offers transparent, fully customizable, and tailored to risk level across the whole lifecycle of customers. Customers are assured of secured interactions at every interaction with businesses. Businesses are enabled to recognize good customers and provide smooth authentication and authorization experiences while shutting down fraudsters.
  • Fraud Analytics deals with fraud at inception using early detection and prevention solutions. The early detection and prevention solutions empower businesses to deal confidently with customers. Customers are assured of a seamless experience when doing digital transactions and are protected against the increasing frequency and sophistication of fraud tactics.

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TruValidate Users

Small, medium and large enterprises use TruValidate, according to G2. G2 is the world’s largest and most trusted software marketplace. Here are the industries that use TruValidate:

  • Financial Services
  • Insurance
  • Staffing and Recruiting
  • Gambling and Casinos
  • Medical Practice
  • Real Estate
  • Banking
  • Construction
  • Education Management
  • Events Services
  • Accounting
  • Animation
  • Automotive
  • Information Technology and Services
  • Legal Services
  • Management Consulting
  • Marketing and Advertising
  • Retail
  • Telecommunications

Pros and Cons of TruValidate

The TruValidate pros are:

  • Quick Notifications that allow customers to receive notifications upon detection of any suspected fraudulent activity.
  • Multi-factor authorization that gives customers an added layer of security against fraudulent transactions.
  • Ease of navigation that enables the less technically-inclined employees to operate the software.
  • Responsive customer support that guarantees fast replies from the customer support staff about troubleshooting tickets.
  • Affordable fraud protection that allows customers to experience several features providing excellent value for their money.
  • Customizable settings that enable customers to adjust software configuration to fit their business models.
  • Sizeable data that consists of a collection of over 3 billion devices and 30 million fraud and abuse reports.
  • Device fingerprinting that sorts good devices paired with customer accounts.
  • Real-time monitoring that grants 24/7 checking and fraud protection.
  • Integration opportunities that enable easy incorporation with other TransUnion solutions.

The TruValidate cons are:

  • Massive program files that occupy a large portion of the customer's system storage.
  • Outdated data that can be no longer applicable to the current situation.
  • Learning curve that is steep for individual users of the software.
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TruValidate Fraud Prevention

TruValidate prevents fraud through its fraud analytics products. The fraud analytics products use risk insights, device information, and analytics to identify suspicious behaviors and stop fraud in real time. Here are the fraud analytics products:

  • Custom Fraud Development Model uses databases with highly predictive data assets and over 6000 predictive variables. These variables, when combined with customer input data, can create powerful scoring and information solutions. These powerful scoring and information solutions allow businesses to address their specific needs in lead conversion, credit risk management, and fraud prevention.
  • Device Risk gives a powerful device recognition technology. The device recognition technology identifies risky transactions from trusted digital connections using device history, device to device, or device to account based on over 80 million fraud reports from TransUnion’s global network.
  • Investigations (TLOxp) uses expert search technology. The expert search technology gives deeper analytics on risky transactions and suspicious users to reduce fraud, manual review, and identity verification.
  • The synthetic Fraud Model analyzes consumer behavior by uncovering anomalies or suspicious risk patterns that happen in account openings and authorization. The account openings and authorization early detection of fraud allow businesses to maintain great customer experiences.

TruValidate alert on a credit report

TruValidate alert uses credit data, public data, and device data to ensure a 50% increase in fraud capture and a 22% decrease in manual reviews for businesses. Businesses enjoy the following benefits:

  • Greater confidence for businesses as they receive alerts of risky identity data as soon as the application is submitted for better decisions.
  • Minimized losses for businesses as fraud catch rate increases and, at the same time, losses reduce from payment defaults, chargebacks, and back office expenses.
  • Increase operational ROI that results as businesses increase fraud capture and reduce manual reviews.

TruValidate fraud alert gives notification alerts to businesses about high-risk identities. High-risk identities are identified using real-time ID behavioral algorithms. Real-time ID behavioral algorithms pinpoint identity risk at originations onboarding and through the TruValidate features are:

  • Detects fraud alerts like
    • Invalid or unverifiable Social Security Number (SSN)
    • Application velocity
    • Identity behavioral anomalies
    • Synthetic fraud
    • Relational anomalies
    • Unverifiable identities
  • Alerts of suspicious transactions, data anomalies from customer application, onboarding, and account management
  • Supervises global data sets that are built on credit, public, and device data with care
  • Limits businesses’ fraud exposure by pinpointing high-risk and potentially fraudulent consumer identity data while remaining compliant with Know-Your-Customer (KYC) and Red Flag Rule regulations.

TruValidate Pricing

TruValidate pricing is provided by TransUnion by the Contact Us page on TransUnion’s website. TransUnion’s website also displays useful information about TransUnion IDVision’s benefits, features, solutions, partner programs, and insightful articles and videos.