Experian enhances Hunter fraud prevention system
The upgrade, which goes live in the UK this week, will allow banks, insurance companies and other financial services and credit granting organisations to manage and investigate organised fraud more effectively.
Nick Mothershaw, UK director of identity and fraud at Experian UK&I, said: “Fraudulent activity against financial service providers remains a significant risk impacting balance sheets and ultimately customers’ pockets.
“By identifying fraud at point of application, organisations can act quickly to prevent fraudsters from realising any material gains.”
Providers are now able to group several applications into a single case to allow investigation of all linked applications and identification of whether they are linked to earlier fraudulent events.
This has also improved Hunter’s capacity to prioritise potentially dishonest claims based on the risk and outcome of any previous related applications.
Those that pose a significantly higher threat are highlighted by Hunter providing organisations with increased fraud detection and more resourceful prioritisation of referrals.
Mothershaw said: “The enhancements we have made to the Hunter system not only improve the efficiency of fraud investigators’ work but allow more fraud to be identified and improve the insight into the type of fraud being committed. This will all ultimately allow us to share more intelligence about the evolving nature of fraud.”
Where users identify a possible fraudulent application they will now be able to capture more detailed information including the type of fraud identified and the potential loss if the request were to be accepted and proved fraudulent.
These new reporting capabilities will allow fraud teams to analyse trends and more easily identify opportunities for business efficiency.