TransUnion has partnered with London-based fintech company Tymit to help mitigate fraud risks whilst enabling friction-right experiences for consumers applying for Tymit’s pioneering instalment credit card.
As an innovator in the credit industry, Tymit offers an alternative to traditional credit cards and buy now, pay later offerings and launched the world’s first instalment credit card. However, the credit card service experienced an increase in fraudulent applications, with the most prevalent cases relating to identity theft and impersonation. Tymit asked TransUnion to provide a fraud prevention solution that would deliver the right balance between the two priorities and was tailored to their unique circumstances.
“We're proud to have partnered with Tymit to help the organisation improve its fraud prevention and customer experience,” said Chad Reimers, general manager of fraud and ID at TransUnion in the UK. “In order to support Tymit, we’ve implemented bespoke layered fraud controls based on our award-winning TruValidate solution, which resulted in reduced friction for 87%i of credit applications without compromising on fraud detection rates.”
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.”
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each individual so they can be reliably and safely represented in the marketplace.
Our TruValidate suite of fraud and identity solutions helps organisations from multiple sectors to confidently identify genuine consumers and engage with them securely at each stage of the customer journey. Drawing on our identity, device and behavioural insights, we enable businesses to discover anomalies, assess risks and make more informed decisions so they can drive conversions, reduce fraud losses, and deliver enhanced, friction-right user experiences.