TransUnion Philippines announces fraud prevention and identity theft solution

IDVision with iovation uses deep learning technologies and validates a consumer identity through a wide mix of data sources, such as credit and public records, which enables businesses to provide consumers with meaningful experiences. BusinessMirror suggests that the solution also can help increase financial inclusion by evaluating a broad set of data to make a transaction decision and through digital authentication methods that enable consumer access from anywhere, including remote locations.

Moreover, this offering can analyse unique identifiers including name, date of birth, ID document numbers, address, phone number, device, e-mail, and IP address. Thus, over 200 million fraudulent transactions are prevented annually worldwide, as associated accounts and devices, past device history and suspicious device behaviour are evaluated.

IDVision with iovation can use a device as a consumer authenticator by ensuring it is authorised to access an account. In the Philippines, consumers are allowed 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. TransUnion’s solution is capable of authenticating a majority of the official government IDs (e.g. driver’s licenses, passports), as such images are verified to make sure they are real.