Experian, the global information services company, in the last week of April 2016 launched a fraud detection mechanism named the Hunter Fraud Score.
The new scoring mechanism measures the probability of fraud in a credit application across banking and insurance industries.
Experian had launched the Hunter Fraud Management Services for the life insurance sector in India in March 2016.
Key highlights of Hunter Fraud Score
• As per Experian, the new score will help retail finance providers and insurance companies in India significantly 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.
• This will enable the businesses to potentially lower their fraud losses and focus on approving applications from genuine customers.
• Hunter prevents application fraud by matching credit application data against multiple data sources, including the shared fraud data.
• It comprises several rules that work towards identifying inconsistencies in credit applications.
• The suspicious applications are moved into the investigation tool for further analysis and action.
• Experian is a global information services group with operations in 40 countries.
• The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
• Experian is a partner in the UK government's Verify ID system.
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Who: Experian India
When: Last week of April 2016