TransUnion and Acxiom Corp. have launched a fraud management platform that aims to help financial corporations better leverage the costs and losses associated with fraud.
Fraud loss in the financial services, telecommunications and insurance industries is a multi-billion-dollar problem, according to industry sources. A Federal Trade Commission study found that identity theft reached about $1.5 billion in losses in 2002 and is expected to grow to $8.6 billion by 2006.
The Fraud Management Platform uses TransUnion’s and Acxiom’s multiple reference databases to verify a consumer’s identity at any point of sale such as call centers, Web sites and credit applications.
Charles D. Morgan, Acxiom company leader, and Harry Gambill, president and CEO of TransUnion, announced the fraud platform last week at Connections 2004, Acxiom’s annual executive symposium in Orlando, Fla.
Chicago-based TransUnion is a global information company that offers financial products and services to manage risk and capitalize on market opportunities.
Little Rock, Ark.-based Acxiom Corp. provides services in integration technology, IT outsourcing, consulting and analytics.
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