TransUnion Scoops Double Win at the Credit and Collections Technology Awards
TransUnion, a global information and insights provider and one of the UK’s leading credit reference agencies, celebrated two wins at the Credit and Collections Technology Awards 2022, for Innovation in Credit and best Anti-Fraud Solution.
The awards highlight the success of companies that lead the way in the credit industry, with a focus on how technology supports the sector in developing and enhancing best-in-class solutions.
“We’re honoured to have received these accolades which reflect the key role data and analytics play in supporting businesses and consumers,” said Satrajit “Satty” Saha, CEO of TransUnion in the UK. “Innovation in Credit recognises our pioneering work in the buy now, pay later space – as the first UK credit reference agency to bring this data into consumer credit reports – whilst our global fraud solution was named as the industry leader. I want to thank all our dedicated colleagues for their hard work and enthusiasm in helping us to continually advance our solutions to adapt to the ever-evolving challenges our customers face.”
Leading the Way with Innovation in Credit
TransUnion has a long track record in innovation, and addressed the challenges of bringing buy now, pay later data into credit reports by conducting extensive analysis, as Shail Deep, chief product officer explains: “We’ve worked closely with leading buy now, pay later companies and industry bodies to create new guidance, as well as developing new search types for buy now, pay later – also known as deferred payment credit. The inclusion of this new information will support consumers by making these payments visible, helping to create a more complete view of their financial situation.”
Throughout the year, TransUnion has helped steer this evolution, informing and educating both businesses and consumers. A leading presence at industry events like the AltFi Festival of Finance and the inaugural BNPL Symposium, the company has also hosted roundtables with finance providers and regulators to facilitate debate and help drive progress. At the same time, TransUnion has raised awareness amongst consumers, creating a dedicated support centre and working closely with its partners that provide TransUnion credit reports and scores.
Best Anti-Fraud Solution
Changes in consumer behaviour have seen fraud levels soar in recent years, with a recent TransUnion survey showing more than seven in 10i UK consumers have been targeted since the cost of living crisis worsened. With increasingly sophisticated cyber attacks and scams, combatting fraud is a key priority for businesses.
Speaking of the win for TransUnion’s global fraud solution, Shail Deep said: “Our flagship TruValidate solution fuses traditional data science with machine learning to provide businesses with unique insights about consumer transactions – helping businesses to spot fraud and safeguarding tens of millions of transactions each day. That’s what this award is all about, as these solutions help us to make trust possible between businesses and consumers.”
TruValidate™ incorporates identity proofing, risk-based authentication and fraud analytics and delivers an actionable and robust view of each consumer by linking proprietary data, personal data, device identifiers and online behaviours.
The industry recognition at the Credit and Collections Technology Awards acknowledges the pivotal role this solution plays in addressing the challenge of delivering robust fraud prevention tools whilst maintaining streamlined consumer onboarding and friction-right customer experience.
Learn more about TransUnion’s credit, collections and fraud solutions here: https://www.transunion.co.uk/business
i Research carried out amongst 2,000 UK consumers by an independent research agency on behalf of TransUnion in August 2022