Global information services company—Experian—has launched ‘Hunter Fraud Score’, an innovative new scoring mechanism that measures probability of fraud in credit applications across the banking and insurance industry.
Experian is already playing an active role in fraud detection in India by running the Experian Fraud Bureau – a closed user group (CUG) of industry members, who share fraud data and in return access advanced fraud detection services from Experian. This group comprise 47 banks and 15 life insurance companies. Experian had launched the Hunter Fraud Management Services for the life insurance sector in India in March this year and has seen six life insurance companies going live since April.
The new product is aimed at helping finance providers and insurance companies in India to increase their efficiency in fraud detection. Businesses will be able to identify applications that should be screened for potential fraud, and prioritise those that have a high probability of being fraudulent. It will enable them to potentially lower their fraud losses and focus on approving applications from genuine customers.
More than 50 per cent of the retail lending market in India are members of the CUG and use Experian’s Hunter product to manage application fraud. Hunter prevents application fraud by matching credit application data against multiple data sources including the shared fraud data. It comprises of several rules that work towards identifying inconsistencies in credit applications. The suspicious applications are moved into the investigation tool for further analysis and action.
The new Hunter Fraud Score is a further advancement to the Hunter product capabilities and will enable clients to now prioritise these applications based on the probability of them being fraudulent. Applications that are assigned a high score are less likely to be fraudulent.
The Hunter Fraud Score, through minimum time and effort, helps clients potentially lower their losses. By assigning scores to applications the Hunter fraud score also allows for a quicker and convenient customer experience for low risk customers.
Mohan Jayaraman, Country Manager, Experian India, said, “At Experian India, we constantly strategise and work towards building a world of insights for our clients. The Hunter Fraud Score is the latest addition to our wide gamut of analytical solutions. With its advanced analytical approach, we hope to work in unison with our clients to set higher benchmarks in the industry whilst lowering their losses.”