TransUnion, Chicago, and Acxiom Corp., Little Rock, AR, announced yesterday that they have launched a Fraud Management Platform.
The platform uses 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.
Government and industry sources say fraud losses in the financial services, telecommunications and insurance industries are a multibillion-dollar problem. Identity theft alone reached $1.5 billion in 2002 and is expected to reach $8.6 billion by 2006, according to a Federal Trade Commission study.
Charles D. Morgan, Acxiom company leader, and Harry Gambill, president/CEO of TransUnion, announced the fraud solution at Connections 2004, Acxiom's annual executive symposium in Orlando, FL.
Morgan and Gambill said that not only will companies save on fraud losses, but consumers will see faster processing of credit applications through reduced false positives.