Mumbai, Apr 26 (PTI) Global information services company Experian today launched a new scoring mechanism Hunter Fraud Score that measures the probability of fraud of a credit application across banking and insurance industries.
The score will help retail finance providers and insurance companies in the country to significantly increase their efficiency in fraud detection, the firm said in a statement.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, it said.
Experian had launched Hunter Fraud Management Services for the life insurance sector in the country in March and have six life insurance companies going live this month.
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.
The new Hunter Fraud Score is a further advancement to the Hunter product capabilities and will enable clients to now prioritise these applications based on the probability of them being fraudulent.
Applications that are assigned a high score are less likely to be fraudulent, it said.
With its advanced analytical approach, we hope to work in unison with our clients to set higher benchmarks in the industry whilst lowering their losses, Experian India Country Manager Mohan Jayaraman said. PTI DS NRB ABK
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