The new software, TruValidate Device Risk with Behavioral Analytics, is based on NeuroID’s behavioral analytics and is designed to eliminate false positives in the fraud detection process. Credit: Thinkstock Consumers who have used a credit card for a legitimate purchase only to have the sale rejected may be encountering a problem that costs enterprises billions of dollars a year: cybersecurity technology that is designed for fraud detection often ends up generating false positives, incorrectly sending out an alert that a transaction is suspicious.To combat this problem, US-based consumer credit reporting agency TransUnion has launched TruValidate Device Risk with Behavioral Analytics, designed to reduce fraud while also eliminating false positives in financial transactions.Behavorial analytics help limit false positives for securityThe new software adds consumer behavioral analytics to capabilities for anomaly detection, location intelligence, and device reputation and device behavior analysis provided by TransUnion’s existing TruValidate Device Risk product. It can help limit the more than $118 billion of global sales revenue lost to false positives during the fraud detection process, TransUnion said, citing figures originally reported by Javelin Strategy and Research.False positives often lead customers to not only abandon their immediate purchases, but any potential future purchases with a business as well, TransUnion noted. The TransUnion software is designed to be used by any organization that, in order to prevent fraud, wants to analyze customer behavior when they fill out forms required for financial transactions. The process helps companies monitor customers’ unique digital interactions without collecting any personal data, and has relevance for businesses across several industries, including financial services, insurance, gaming and gambling, retail and telecom, among others, TransUnion said.“For day to day, fraud operations will use this solution within their fraud strategies, to do investigative research for case and risk management. Product management and heads of customer experience can look at user behavior insights to inform their customer experience strategy,” said Shai Cohen, senior VP and head of global fraud solutions at TransUnion. Key features within the new application include Behavior Insights and Insights Center, both based on software from behavior analytics company NeuroID, in an extension of TranUnion’s partnership with NeuroID that began in 2020.Software evaluates customer familiarity with required dataAmong other capabilities, Behavior Insights taps neuroscience techniques to evaluate a customers’ familiarity with the personal information required in online forms to classify their intent as genuine, risky or neutral. The software “works in tandem with TruValidate Device Risk to inform more precise device risk outcomes,” Cohen said.Insights Center aggregates all behavior observed in an application to monitor broad trends, displaying the data through a near-real time dashboard to help businesses understand the behavior patterns of both risky and legitimate customers. The software “helps monitor changes in the percentage of user sessions that appear risky or that exhibit signs of being part of a fraud ring,” Cohen said. “Information security can use the dashboard to look at indications of risky behavior and bot activity.” Introductory pricing for the new software is transaction-based, Cohen said. Related content news Arm patches bugs in Mali GPUs that affect Android phones and Chromebooks The vulnerability with active exploitations allows local non-privileged users to access freed-up memory for staging new attacks. By Shweta Sharma Oct 03, 2023 3 mins Android Security Android Security Mobile Security news UK businesses face tightening cybersecurity budgets as incidents spike More than a quarter of UK organisations think their cybersecurity budget is inadequate to protect them from growing threats. By Michael Hill Oct 03, 2023 3 mins CSO and CISO Risk Management news Cybersecurity experts raise concerns over EU Cyber Resilience Act’s vulnerability disclosure requirements Open letter claims current provisions will create new threats that undermine the security of digital products and individuals. By Michael Hill Oct 03, 2023 4 mins Regulation Compliance Vulnerabilities feature The value of threat intelligence — and challenges CISOs face in using it effectively Knowing the who, what, when, and how of bad actors and their methods is a boon to security, but experts say many teams are not always using such intel to their best advantage. By Mary K. Pratt Oct 03, 2023 10 mins CSO and CISO Advanced Persistent Threats Threat and Vulnerability Management Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe