TransUnion Meets Dynamic Need of Marketplace with Its Fraud Response Services Solution

WASHINGTON – TransUnion, a leading global information solutions company, today announced at the 16th Annual Association of Certified Fraud Examiners (ACFE) Fraud Conference & Exhibition the launch of its newest program, Fraud Response Services. Through the offering, TransUnion provides businesses with a full range of partnership services and tools to enhance fraud prevention, consumer notification, identity management and loss mitigation.

Fraud Response Services is unique in that it provides both proactive and reactive measures for companies that handle public information. The program is designed to allow companies to take advantage of several options to greatly mitigate the potential of data compromises. And while the majority of data compromises do not result in fraud or identity theft, the program is designed to help protect both the consumer and the company’s reputation.

With numerous legislative bills pending on both the state and federal level requiring consumer notification of a data compromise, Fraud Response Services can consult and facilitate the delivery of the notification, whether it is for 200 consumers or 20 million. “Data compromises only make the news after they happen – and you are quickly judged in the public court on your readiness or lack thereof,” said Tim Keller, director of fraud and identity management solutions for TransUnion. “Being proactive, by partnering with TransUnion, is a necessity in this ever-changing environment.”

Proactive/Reactive Services
Through its proactive track, TransUnion offers customers an in-depth business review process, identifying potential gaps and risks of data systems and connectivity, as well as an assessment of current vendors and a variety of internal processes and procedures.

In the event of a data compromise, the reactive track of TransUnion’s Fraud Response Services offers companies swift resolution that is designed to lessen the impact of the compromise, enhance customer-service and keep the customer’s brand reputation intact. This track can further complement proactive measures mentioned above or be utilized as a stand-alone solution when a company needs it most.

Expanding on the industry’s first dedicated Fraud Victim Assistance program established in 1992, the reactive track gives businesses several customizable options, including:

1. Credit bureau notification – notifies all national credit reporting companies via the Consumer Data Industry Association (CDIA) fraud alert exchange;
2. Dedicated telephone assistance – provides direct access to live fraud victim assistance professionals either via a toll-free hotline or as a warm transfer from your customer service professionals;
3. Credit monitoring – proactively notifies any changes to a consumer’s credit report through weekly or monthly email alerts; and
4. Educational resources – offers a tool kit or Web page that helps your customers with such activities as filing Federal Trade Commission (FTC) fraud affidavits and working with financial institutions to minimize damage.

According to the International Association of Privacy Professionals (IAPP), 77 percent of consumers expect organizations to have strong identification safeguards in place in the event their personal information is compromised. With more personal information exchanging hands each day, it is as important as ever that businesses remain ahead of the curve in protecting their customers.

“Whether it be a mass breach or single incident, there are two victims to every identity fraud – the consumer and the institution – whether it be a bank, retailer, government agency or school,” said Diane Terry, senior director of TransUnion’s Fraud Victim Assistance Department (FVAD). “How a company responds to a data compromise reflects its commitment to customer service and integrity for protecting customer information. At TransUnion, we are dedicated to working with businesses to help their customers restore their good name and stop identity theft perpetrators in their tracks.”

“The TransUnion solution was instrumental in how we addressed our data compromise with affected customers,” said Donald C. McQueen, chief operating officer of Bank Rhode Island. “Every TransUnion associate we worked with had a positive, ‘can do’ attitude that gave us a real sense of control and support when we needed it most.”

TransUnion Fraud Response Services further complements TransUnion’s comprehensive suite of fraud and identity management solutions, which give organizations technology and consulting expertise to combat fraud in all phases of the customer lifecycle. Each solution is supported by the experience and ingenuity of a dedicated team of highly trained professionals and leverages more than 30 years of experience.