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.
Longtime partners TransUnion, a Chicago-based solutions provider specializing in business intelligence and commerce, and Acxiom Corp., a customer and information-management integrator, have introduced a technology solution to the problem.
The Fraud Management Platform combines TransUnion’s and Acxiom’s multiple reference databases to verify a consumer’s identity at any point of sale, including call centers, Web sites,and credit applications with TransUnion’s analytics expertise.
The companies announced the fraud solution this week at Connections 2004, Acxiom’s annual executive symposium in Orlando, Fla.
“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,” said Charles D. Morgan, Acxiom company leader. <