TransUnion is partnering with Tymit to protect its users from fraud when applying for the latter’s instalment credit card.
The offering is Tymit’s response to providing an alternative to traditional credit cards and BNPL offerings, and TransUnion will offer an additional layer of protection against the most prevalent cases of credit card fraud such as ID theft and impersonation.
While Tymit’s security measures in place, which include selfie-based document verification, saw a decline in fraud rates, they have added friction for genuine customers as well, which TransUnion will also address.
Chad Reimers, General Manager of Fraud and ID at TransUnion in the UK, commented: “We’re proud to have partnered with Tymit to help the organisation improve its fraud prevention and customer experience.
“In order to support Tymit, we’ve implemented bespoke layered fraud controls based on our TruValidate solution, which resulted in reduced friction for 87%i of credit applications without compromising on fraud detection rates.”
According to data provided by Tymit, the partnership has already resulted in “almost five-fold reduction in false positive rates” by flagging down cases that would have otherwise gone unnoticed.
Bis Das, VP of risk at Tymit, added: “We are committed to providing our customers with a streamlined experience, financial peace of mind and full control over their spending and repayments.
“Working with TransUnion has allowed us to do this while also reducing fraud. We are now able to apply our document and selfie controls more effectively to different stages of a customer journey.”