TransUnion Takes Leading Role in National Fraud Awareness Week

WASHINGTON – As a leading proponent of both solutions and education to combat fraud, identity theft and data compromises, has announced its sponsorship of National Fraud Awareness Week, July 10-15. A leading global information solutions provider, TransUnion is working in conjunction with the Association of Certified Fraud Examiners (ACFE) to proactively educate and increase awareness among consumers and businesses about fraud prevention and detection.

TransUnion’s message and call to action, highlighted during this awareness week, is that a multi-pronged approach from all parties – consumers, businesses, educational institutions and law enforcement – is required to effectively combat fraud and identity theft. “At a time when this issue is dominating the landscape on numerous fronts, coordination among all parties, leveraging all the necessary resources and solutions, is the first and necessary step to effectively curtailing and stopping fraudsters in their tracks,” said Diane Terry, senior director of the TransUnion’s Fraud Victim Assistance Department (FVAD).

FVAD – Consumer Services and Solutions
TransUnion’s FVAD was established in 1992 and is the only dedicated and longest running program of its kind. The department provides consumers a resource to turn to in the on-going battle against fraud and identity theft. One of the many tools in the FVAD arsenal is consumer education. Understanding that effective consumer education plays a key role in deterring fraud and lessening the impact it has on a consumer’s life, TransUnion offers a series of educational materials regarding prevention and actions to take if a consumer becomes a victim of fraud. Those educational topics, found on TransUnion.com, include:

• Identifying fraud – identifies signs consumers should watch for to help determine if they are a fraud victim.
• Taking Action – tells consumers what to do and expect if they become a fraud victim.
• Reporting Fraud – gives phone numbers of credit reporting companies and government agencies to which consumers can report fraud.
• FVAD 7 Steps to Fraud Resolution and Credit Accuracy – offers consumers a series of steps to help them prevent further fraud and to begin to restore their credit.
• Restoring Credit – tells consumers what they need to do to protect their rights and restore their credit and offers advice on how to protect against fraud in the future.
• Identifying Credit Repair Scams – tells consumers how to detect and why to avoid questionable companies which claim to repair or fix credit.

In addition to consumer education initiatives, TransUnion and its FVAD are represented on numerous boards and organizations whose primary purpose is to educate industry officials and law enforcement divisions on fraud prevention and data protection. Through presentations, closed-circuit television programs, educational DVDs and webinars, TransUnion has educated tens of thousands of employees of major financial institutions, the world’s largest retailers, government agencies and universities.

“Our education initiatives are directed toward multiple audiences – both on the consumer and business side,” continued Terry. “It is through these proactive efforts that TransUnion continues to be seen as a leader in combating fraud and a valuable resource and partner to law enforcement agencies.”

Business Solutions and Services
“Many businesses and financial institutions are just starting to identify both the direct and indirect impact fraud has on their organization,” said Tim Keller, director of fraud and identity management solutions for TransUnion. As a session speaker at the ACFE’s conference this week, Keller told attendees, “Examining how fraud affects your entire organization – across multiple divisions that weren’t typically classified as being impacted – is key in developing a comprehensive program to protect your company and customers.”

In 2004, more than $600 billion in losses occurred as a result of fraud and abuse to U.S. entities (2004 Report to the Nation on Occupational Fraud and Abuse). In addition, the Federal Trade Commission reports that the number of identity thefts has nearly tripled since 2001. TransUnion offers a full suite of fraud and identity management solutions on the front- and back-end to help businesses curb these losses, maintain and protect their brand and provide extensive fraud response services in an event of a data compromise.

With services such as an automated fraud alert exchange and proactive measures to help identify weak links in a business’ line of defense, along with a dedicated 800 number backed by a team to assist with a company’s data compromise, TransUnion is helping make a concerted effort to control fraud at every base.

“In today’s marketplace, having a fraud solution to mitigate loss, protect your data and help your consumers is no longer a ‘nice to have’ – it is a must,” said Keller. “Up until now, many companies approached fraud solutions in a piece-meal fashion by employing multiple point solutions, leaving vulnerable gaps across the enterprise. During this week of fraud awareness, it is time for all companies to look at how they can orchestrate a complete solution, protecting both their company and their consumers on multiple fronts.”

For more information on TransUnion’s solutions for consumers or businesses or arrange for a presentation on fraud and identity theft to your business or employees, please contact Diane Terry at dterry@transunion.com or Tim Keller at tkeller@transunion.com.