TransUnion is entering a partnership with Tymit, a fintech firm offering instalment credit cards as alternatives to traditional credit avenues.
The collaboration aims to bolster fraud protection for Tymit’s user base, particularly when applying for their instalment credit card. This partnership is in line with Tymit’s endeavour to offer a safer alternative to both traditional credit cards and BNPL (Buy Now, Pay Later) solutions.
TransUnion stands as a key player in the FinTech space, providing comprehensive risk and information solutions. Their offerings majorly focus on ensuring that user data remains protected from threats like ID theft and impersonation. On the other hand, Tymit has made strides in the credit sector by introducing its instalment credit card. Apart from providing an alternate financial tool, Tymit has been active in implementing security measures such as selfie-based document verification.
TransUnion’s involvement will not only augment the existing security measures by Tymit but will also reduce the friction faced by genuine customers during the verification process. This added layer of security is expected to fortify Tymit’s stance against the most common credit card fraud cases.
Based on data released by Tymit, this collaboration has marked a significant milestone, showing an “almost five-fold reduction in false positive rates”. This indicates a more accurate detection system that prevents potential fraud cases from slipping through the cracks.
TransUnion General Manager of Fraud and ID in the UK, Chad Reimers, said, “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% of credit applications without compromising on fraud detection rates.”
VP of risk at Tymit, Bis Das, commented, “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.”
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Copyright © 2018 RegTech Analyst
