February 23, 2004 TransUnion and Acxiom Corporation announced the availability of the Fraud Management Platform, a comprehensive, enterprise- wide approach to combating the growing and evolving problem of fraud. The solution leverages the power of TransUnion's and Acxiom's combined expertise and capabilities for fraud prevention, loss mitigation and regulatory compliance strategies.
Government and industry sources say fraud losses in the financial services, telecommunications and insurance industries is a multi-billion dollar problem. Identity theft alone reached $1.5 billion in 2002 and is expected to grow to $8.6 billion by 2006, according to a Federal Trade Commission study.
TransUnion and Acxiom have leveraged the power and history of their longstanding relationship to create a seamless fraud solution built to be flexible and adaptable to get ahead of increasingly sophisticated fraud perpetrators.
The Fraud Management Platform uses TransUnion's and Acxiom's multiple reference databases to verify a consumer's identity at any point of sale (call centers, Web sites, credit applications, etc.) The solution also leverages TransUnion's analytics expertise to deliver practical, actionable results that allow customers to easily implement the most effective fraud strategies.
Charles D. Morgan, Acxiom company leader, and Harry Gambill, president and chief executive officer of TransUnion, announced the fraud solution. "This joint solution provides unequaled quality and capabilities due to the fully integrated approach adopted by Acxiom and TransUnion," Morgan said. "Collectively, Acxiom and TransUnion represent more than 65 years of experience helping our business partners reduce risk, streamline processes, cut costs and increase profits. With this solution, clients no longer need to piece together components across vendors and partners to build a fraud prevention solution. This solution brings it all together."
Gambill said the creation of this solution was the right thing to do for businesses and consumers. "TransUnion has been committed to helping businesses and consumers prevent, detect and recover from fraud for more than 30 years," Gambill said. "The Fraud Management Platform leverages that experience with the combined power of TransUnion's and Acxiom's expertise, technologies and capabilities to attack this critical business issue for our customers and to protect consumers."
Gambill and Morgan said not only will companies save on fraud losses, but consumers should see faster processing of credit applications through reduced false positives and more stringent safeguards to prevent identity theft.
A white paper addressing the problems of identity theft is available at www.transunion.com and www.acxiom.com.
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