Source: www.darkreading.com – Author: 1
COSTA MESA, Calif., May. 10, 2023 — Amid an uptick in fraud across the fintech industry, Experian® today introduced a fintech-focused version of Experian’s Hunter, an industry-leading fraud prevention data network, to the United States. This new US fintech data network already has participation commitments from nine leading fintechs and is designed to bring a new level of protection to businesses and consumers from fraud.
Experian has a legacy of success in bringing fraud prevention data networks to the market globally. Hunter is used by more than 450 organizations in 24 different countries today across a variety of vertical markets. Across the globe, Hunter saves clients over $6.5 billion annually.
How it Works
This collaborative data network enables participants to have a line of sight into borrower activity across the fintech industry to match for potential fraud risk. Participants will share fraudulent activity in real-time by contributing data that’s then securely linked across the network. As fintechs establish new customer relationships or verify existing ones, they can inquire against the network and are alerted to suspicious information when matched to other observed fraud events.
Fintechs can then take appropriate action based on the type of fraud risk identified. Experian’s fintech clients will be able to rapidly identify and prevent fraud, improve the customer experience, reduce false-positive referrals, and optimize fraud decision strategies. On average, clients see a 35% uplift in fraud detection when participating in a Hunter network.
“Experian is dedicated to the fintech industry and to delivering innovative, data-driven solutions that can help protect them and the consumers they serve from sophisticated fraudsters,” said Robert Boxberger, president at Experian Decision Analytics in North America. “Our new U.S. Hunter network will harness the power of data and analytics to address real pain points that fintechs experience in combatting fraud. By taking a collaborative approach, fintechs can use this additional data to make more informed decisions that enable smart portfolio growth, improve the customer experience, and mitigate major fraud losses.”
The Hunter network will be available in the United States later this year. To learn more about Experian’s fraud prevention solutions, please visit https://www.experian.com/business/solutions/fraud-management.
About Experian
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
Original Post URL: https://www.darkreading.com/vulnerabilities-threats/experian-announces-us-fintech-data-network-to-combat-fraud
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