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TransUnion Says Hong Kong Entity Victim Of Criminal Fraud - Quick Facts

TransUnion (TRU) said it has determined on July 12, 2019 that TransUnion Limited, a Hong Kong entity in which the company holds a majority interest, has been the victim of criminal fraud.

In a regulatory filing, the company noted that the incident involved employee impersonation and fraudulent requests targeting TransUnion Limited, which resulted in a series of fraudulently-induced wire transfers in early July 2019 totaling $17.8 million.

TransUnion has launched an internal investigation to determine the full extent of the fraud scheme and related potential exposure, and expects to record a one-time pre-tax charge of up to $17.8 million in the third quarter of 2019 as the result of this event.

The company said it self-discovered this fraudulent activity and promptly initiated contact with its bank as well as appropriate law enforcement authorities.

However, TransUnion noted that it may be limited in the information it can disclose due to the ongoing investigation. To date, the company has not found any evidence of additional fraudulent activity.

"This incident did not result in any unauthorized access to any of the confidential consumer information or other data that we maintain. While this matter will result in some additional near-term expenses, the Company does not expect this incident to otherwise have a material impact on its business," TransUnion said.

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