21 February 2013
Further Improvements For Hunter Fraud Prevention System From Experian
Experian announced it has further enhanced Hunter, its industry-leading
data-sharing fraud prevention software, improving its performance and
efficiency for anti-fraud operations.
The upgrade goes live in the UK this week and allows banks, insurance
companies, and other financial services and credit granting organisations to
manage and investigate organised fraud more effectively.
Providers are now able to group several applications into a single ‘case’,
allowing investigation of all ‘linked’ applications and identify 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 prevention and more resourceful
prioritisation of referrals.
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
Nick Mothershaw, UK director of Identity & 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. 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.”
Hunter’s improved case management and workflow management tools make it
easier for applications to be managed within fraud identification teams.
Applications can be assigned to a specific user with a target date for
completion and associated ‘tasks’ can be allocated, diarised and managed
from within Hunter. Experian’s Hunter software has been used across the UK’s
banking, financial services and insurance sectors for more than 20 years to
detect, investigate and record fraud at the point of application.