Hong Kong,
06
April
2020
|
03:31
Asia/Hong_Kong

TransUnion Initiates Phased Relaunch of Enhanced Online Consumer Service in Hong Kong Following Security Enhancements

TransUnion today announced that it will be initiating a phased relaunch of its enhanced online platform in Hong Kong with a group of 5,000 recently active subscribers following a comprehensive review and security enhancements. The online service, which was suspended following a security incident, has been reviewed by an independent third party and benchmarked against global standards related to security and fraud prevention. The purpose of the phased relaunch, which will begin on 6 April 2020, is to test, get feedback and refine the new system from a user experience standpoint.

TransUnion Asia President, Satish Pillai, said: “Nothing is more important to TransUnion than the security of the information that we hold on behalf of consumers. We have spent several months reviewing and enhancing the security of our online credit report services in Hong Kong. As part of this, we have added new capabilities to strengthen our verification and authentication process, including implementing OTP (one-time password) verification for all online applications of credit reports, and further protect consumer data from the complex and increasingly sophisticated activities of fraudsters. Following a comprehensive and independent review by a well-recognised, established third party, we are pleased to be initiating this phased relaunch to ensure that the new platform meets our high standards from a user experience standpoint.”

“We will be inviting around 5,000 recently active subscribers to be part of this phased relaunch in the coming weeks and would invite them to re-authenticate their online account when they receive a notification letter from us with details on the re-authentication process. During the phased relaunch, we will implement additional customer service resources to ensure consumers experience. Based on the feedback from the subscribers, we will continue to refine and optimize the user experience and proceed with a full relaunch soon. We apologize to our subscribers and anyone else who has been inconvenienced while the online services are unavailable. We continue to operate an in-person and telephone service during this period.”

TransUnion has also stepped up its governance and monitoring of cybersecurity threats, including the establishment of a Cybersecurity Risk Committee and investing in additional resources locally in Hong Kong to monitor activity on the platform and respond to potential cases of fraud. The Company treats data security as a top priority and continuously reviews ways to strengthen its controls to combat increasingly sophisticated activities by criminals, while allowing consumers access to their own financial information. Further, the Company plays a crucial role in Hong Kong’s financial system by helping consumers to understand and manage their financial health while also providing banks the data and information they need to offer credit and other financial services products to consumers.