A new chapter

Posted by Pat Phelan on December 10, 2015

We have some exciting news to share. As you may know, TransUnion is both an investor in Trustev and a partner in providing joint solutions to stop fraud. We have now concluded a deal for TransUnion to acquire Trustev, building on our successful work together.

For customers today and in the future, this is great news, because it will allow us to deeply integrate with TransUnion and put our collective rich data sets and advanced technology to work in spotting fraudulent transactions even better than we already do. You’ll be able to confirm: does a customer really live at this address; is this email really associated with them; can they answer challenge questions if needed? It’s a tremendously powerful combination for our fraud prevention focus.

Since 2014, TransUnion and Trustev have worked together on clever ways to factor in consumer data in our partnership, but it will be much easier as a combined company, as we create a robust network of identity data, and build new and innovative ways of spotting fraud directly on top of it.

In addition to these enhanced fraud-fighting capabilities, Trustev customers will also benefit post-acquisition from the strength and stability of TransUnion – a publicly-traded company (NYSE: TRU) and one of the most respected risk and information solutions providers in the world.

A large, experienced company like TransUnion brings great global resources to the table, and our combined strength and reach will better enable us to expand  our team and service customers in more locations.

Service will not change but will be enhanced and broadened in the future. TransUnion is committed to continuing to build its digital identity services, and to expand our product offering, which is in high demand across e-commerce, banking, travel and other sectors which have been hit hard by online fraud.

TransUnion’s call to action is Information for Good—using information to help people make better decisions that can transform their lives and business. We couldn’t agree more with this mission.  We’re excited to take this next step and, together, to stop even more online fraud. 

Sincerely, 

Pat Phelan
CEO
Trustev

 

PS Below are some FAQs about Trustev, TransUnion and our new relationship.

Trustev is being acquired by TransUnion. Why did you sell the company?

Our mission is to stop online fraud. We have come a long way on our own, since we started as two guys, co-located in a Cork nail salon, but the fastest way to complete the mission is by teaming up with a larger company. We think that TransUnion is the perfect company to join forces with. 

A big part of the company’s identity has been as an Irish startup, based in Cork. How does this change?

We’re based in Cork today, and we will be based there for the future. The whole team is committed to this new phase of the company’s life. We’ll continue to help our customers stop fraud with innovative digital identity services, now supported by greater resources through TransUnion’s broader global platform.  

What makes TransUnion better than other companies, or going it alone?

We have been working with TransUnion for over a year and a half now. It’s a terrific team of people, and that’s important. But the key for us was in the way that our companies can combine: our collective technology and very rich data sets make a very powerful weapon against fraudsters. 

What do you mean?

One of the hardest things about stopping online fraud is that our customers – mostly large retailers and banks – are flying blind, with too little data. They don’t know whether the person claiming to be on the other side of the screen is actually that person, or just an imposter who has stolen their identity. Working together, we’ve seen how our combined insights help better defeat fraudsters. 

So the TransUnion data will be matched against online buyers?

Yes, exactly. By cross-referencing certain TransUnion data sets – addresses, phone numbers, email and so on – against a specific online transaction, we’ll often be able to catch the fraudsters in real time, and block their attempts to steal.

How will the Trustev product change?

We have the same product roadmap, but it will be both broader – with more capabilities – and faster, as our resources increase. We will continue to be the only hybrid machine learning and human intelligence platform on the fraud prevention market, but we’ll have much more and better data about online consumers. This will in turn make our decisions better for customers, as we weigh individual personal information alongside IP, device, browser, behavioral, email and other characteristics of an online transaction.

How about the people – will your team change?

The same team that has grown Trustev up to this point are committed to the joint company, and have signed long term contracts to stay. All staff are staying on, and we’re continuing to hire across many areas (come join us!) to match our expanding customer base.

Topics: trustev, cork