Experian is already playing a 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 includes 47 banks and 15 life insurance companies as a part of the CUG.
The new score will help retail finance providers and insurance companies in India to boost 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 them 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 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.
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