In today’s digital age, cyber threats loom large, affecting businesses and individuals alike. While companies employ multiple layers of security to safeguard their operations, consumers often find themselves with limited recourse when it comes to cyber incidents. Usually, getting assistance only after a data breach or identity theft has occurred. Recognizing this vulnerability, TransUnion (NYSE: TRU) has unveiled the TruEmpower™ Scam Blocker. It is now accessible to individuals, families, and small businesses, facilitated through insurers, thereby expanding the scope of cyber insurance coverage.
As technology has evolved to counter cyber threats, cybercriminals have shifted their focus to social engineering scams. These scams exploit individuals’ trust and manipulate them into sharing sensitive information or falling for deceptive online schemes. The Scam Blocker seeks to revolutionize the cyber insurance industry by enabling insurers to proactively protect policyholders against these threats.
“Scam Blocker”
TransUnion’s Head of Global Cyber Insurance Business, Matt Cullina, emphasized the significance of this innovation, stating, “Scam Blocker is a game-changing market opportunity for insurers to expand beyond their reactive cyber insurance offerings by preventing victimization in the first place.”
Insurers opting to offer Scam Blocker to their policyholders can provide a safer online experience. This is achieved by thwarting fraudulent websites, phishing attempts, and other cyber threats on mobile devices and laptops. Combined with TransUnion’s expert cyber services and solutions, Scam Blocker establishes a robust defense, actively preventing most fraudulent cyber activities.
TransUnion and the NCC Group, a global expert in cybersecurity and risk mitigation, collaborate to make this cutting-edge solution possible.
A TransUnion internal analysis has revealed an 80% increase in social engineering scam claims over the previous eighteen months, underlining the growing cyber risks faced by individuals. Furthermore, the internet’s open Domain Name System generates nearly 77,000 fraudulent URLs daily. However, enabling a cyber-fraud prevention solution, like Scam Blocker, reduces the likelihood of acquiring malware by 90%.
Mark McElroy, Executive Vice President and Head of TransUnion’s insurance business, noted, “Scam Blocker not only helps protect people from the consequences of bad digital decisions, it also educates along the way to make policyholders safer in their future online engagement.”