Experian, the global information services company, launched its ‘Hunter Fraud Score’, a new scoring mechanism that measures the probability of fraud in a credit application across the banking and insurance industries.

Experian is already playing an active 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. Experian had launched the Hunter Fraud Management Services for the life insurance sector in India in March this year and have 6 life insurance companies going live this month.

The new score will help retail finance providers and insurance companies in India significantly increase 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.

More than 50 per cent of the retail lending market in India are members of the closed user group and use Experian’s Hunter product to manage application fraud. 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.

Mohan Jayaraman, Country Manager, Experian India, said: “The Hunter Fraud Score is the latest addition to our wide gamut of analytical solutions. 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.”

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