TransUnion and Acxiom Corp. have launched a fraud management platform that aims to help financial corporations better leverage the costs and losses associated with fraud. Fraud loss in the financial services, telecommunications and insurance industries is a multi-billion-dollar problem, according to industry sources. A Federal Trade Commission study found that identity theft reached about $1.5 billion in losses in 2002 and is expected to grow to $8.6 billion by 2006. The Fraud Management Platform uses TransUnion's and Acxiom's multiple reference databases to verify a consumer's identity at any point of sale such as call centers, Web sites and credit applications. Charles D. Morgan, Acxiom company leader, and Harry Gambill, president and CEO of TransUnion, announced the fraud platform...
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