Credit Card News: Security

Selected cards: 0
Advertising Disclosure
TransUnion Fraud Prevention Program Aims to Reduce Online Fraud
27 Oct
Having your credit card hacked is an unpleasant experience that most of us have probably had in our lives. If not caught soon enough, it can have serious financial consequences ¬– and even if you do catch it right away, dealing with it is still a pain, involving time on the phone and arranging for a new card and card number.

Now TransUnion is launching a new initiative to fight credit card fraud and make life a little easier, and safer, for credit card holders. The Fraud Prevention Exchange will facilitate information sharing among lenders, helping them combat fraud.

One such type of fraud, loan stacking, involves thieves taking out multiple loans on one day. TransUnion data shows that an average of 4.5% of borrowers take out more than one personal loan on a single day. This becomes problematic when fraudulent borrowers are applying for the loans from multiple lenders in a short amount of time.

Pat Phelan, senior vice president in TransUnion’s innovation solutions group, explained the thinking behind the Fraud Prevention Exchange: “Lenders today are spending precious resources and experiencing significant losses attributable to fraudulent customer behavior. The TransUnion Fraud Prevention Exchange is an innovative approach to build on the power of our existing identity solutions with the establishment of a private collaboration between a group of lenders sharing data for common interest in reducing losses.”

Real-time alerts provide quicker fraud detection

The Fraud Prevention Exchange will enable lenders to receive real-time alerts when a fraudulent transaction occurs, so lenders don’t discover problematic accounts days or weeks later, after losses have been happening without their knowledge. It also allows them to adjust and adapt quickly when fraud threats and alerts are evolving. Finally, it gives them protection from unknowingly funding loans to consumers who exceed recommended guidelines for the number and frequency of allowable loans.

“With the Fraud Prevention Exchange, lenders can further mitigate risk before completing a transaction,” said Phelan. “Our real-time alerts detect fraudulent behavior at multiple points – when a transaction is first started, when the identity-verification process is competed and even before funds are released.”

For more information, visit the TransUnion website at

Read Also Related News

looking for a Credit CARD:
Credit One Bank®: Credit One Bank® Platinum Credit Card with Rewards
Apply Online
Receive 1% cash back on eligible purchases, terms apply
Mid America Bank & Trust Company: Milestone® Mastercard® with Free Choice of Card Image
Apply Online
Applying is quick and easy with our fast decision process
Horizon Card Services: Horizon Gold Credit Card
Apply Online
Guaranteed $500 Unsecured Credit Limit
Credit One Bank®: Credit One Bank® Platinum Visa®
Apply Online
See if you Pre-Qualify without harming your credit score
Want to Read News From Other Categories?
Your Money
Card Issuers
  • 5 Oct

    People who love taking advantage of Groupon’s discount offers now have an even better way to save money when using a Groupon – as long as they pay for it with an eligible Mastercard or Visa credit or debit card.

    Groupon Plus offers a completely paperless,...

Customer Questions

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare