- Global information services company Experian launched a new fraud prevention solution this week.
- The new offfering is a fintech-focused version of its fraud prevention data network Hunter.
- Hunter takes a collaborative approach to fraud mitigation. The technology has saved businesses more than $6.5 billion a year in fraud losses.
Experian is launching a fintech-focused version of its fraud prevention data network, Hunter, in the U.S. The technology is currently being used by more than 450 organizations in 24 different countries. Experian reports that Hunter has saved its clients more than $6.5 billion a year in fraud losses.
Hunter works by providing participants with a “line of sight” into borrower activity across the fintech industry. A collaborative data network, Hunter enables participants to share data on fraudulent activity in real-time. That data is then securely linked across the network. Participants can use the network to identify potential fraud when onboarding new customers or when verifying current customers. Experian noted that its clients have seen a 35% increase in fraud detection when participating in a Hunter network.
“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,” President at Experian Decision Analytics in North America Robert Boxberger said. “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 U.S. later this year, the company said.
Experian made its Finovate debut in 2012 and most recently returned to the Finovate stage for FinovateFall 2018 in New York. The company’s Hunter announcement comes just weeks after Experian unveiled a new cloud-based fraud solution powered by adaptive machine learning called Aidrian. The new offering is designed to help businesses fight fraud without negatively impacting the customer experience. Last month, Clearcover Insurance Company announced that it had launched a new embedded insurance solution courtesy of a partnership with Experian. The technology gives insurance consumers final, bindable quotes when they shop using Experian’s auto insurance comparison shopping service.
Headquarted in Dublin, Ireland, Experian was founded in 1980. Brian Cassin is CEO.