Pension fraud soars during the depths of a downturn

Posted on Nov 29 2012 by

The financial services sector currently shoulders the £3.5 billion lion’s share of the UK’s annual £75 billion estimated fraud losses.

Mortgages, currents accounts, loans and savings are all vulnerable – but evidence suggests pensions are equally at risk.

While there are no precise figures for Britain’s pensions industry as a whole, annual public sector pension fraud alone is estimated to cost nearly £17 million by the National Fraud Authority.

The clock’s ticking as new Euro rules expose businesses to €20 billion payment bill

Posted on Nov 29 2012 by

European businesses risk losing billions of Euros as a result of failure to tackle simple payment errors according to a new Experian report.

The switch to a single SEPA payment system – designed to simplify and streamline processing operations for domestic and international payments – will expose out-of-date account data and other errors that were previously overcome through a patchwork of locally implemented fixes.

Microsoft adopts Experian’s SEPA payments services

Posted on Nov 29 2012 by

Microsoft has opted for Experian’s Bank Wizard Global to handle accurate and timely commission payments to Microsoft Corp.’s international network of re-sellers and supply vendors.

Under new Single Euro Payments Area (SEPA) rules, the use of the International Bank Account Number (IBAN) to uniquely identify the bank and account of payment beneficiaries will soon become mandatory for all internatonal and domestic euro payments.

Will Britain’s biggest online shopping day leave the virtual tills jingling all the way?

Posted on Nov 29 2012 by

Just in case you’ve been in a cave for the past two months, the festive shopping season is now almost here with the UK’s first big seasonal spike in online shopping fast approaching. So-called Cyber Monday traditionally falls on the first Monday of December.

And this year’s online landmark lands on December3.

Experian strikes new three-year data and analytics deal with Hitachi Capital UK

Posted on Nov 29 2012 by

Experian has announced a renewal of its strategic partnership with Hitachi Capital UK, continuing to provide a range of acquisition credit risk, customer management, affordability and ID verification products.

Hitachi Capital UK operates extensively in the retail finance sector and has opted to extend its use of Experian’s Detect and Hunter fraud prevention services, improving its control of credit and fraud risk and the efficiency of its application processing.

Is there a fundamental issue with market segmentations?

Posted on Nov 29 2012 by

Make sure your segmentation is actionable.

Having worked in the customer insight world for much longer than I care to remember I am still amazed by a recurring and underlying issue when it comes to planning market segmentation projects.

Are lenders becoming too lenient?

Posted on Nov 23 2012 by

In the hope of strengthening customer relationships before the next market boom, many lenders have taken a proactive approach to dealing with customers struggling under the backlash of the recession, offering leniency on payment terms and allowing payment holidays.

Is bad debt the price of growth?

Posted on Nov 23 2012 by

As the economy fluctuates between contraction and growth, those businesses getting ready for the latter must prepare to face a new set of challenges. In the past, the volume of sales coming in meant businesses could absorb a certain amount of bad debt without cause for concern and credit departments were forced to absorb this debt in the name of ‘growth’. Today, even a little bad debt can cause big problems.

Are you making the most of stress testing?

Posted on Nov 23 2012 by

Stress testing our consumer and commercial portfolios has become part and parcel of regulatory reporting in the aftermath of the credit crunch. With more robust stress test methodologies being required, the outputs can also be applied usefully to extract additional value across a number of other functions within credit risk management and financial planning. William Thomson, Experian Director of Economics, discusses the way ahead…

Are lenders seeing all the distress signals?

Posted on Nov 23 2012 by

Already well-established within the UK credit industry, data sharing has proved a highly rewarding tool for responsible lenders for more than 30 years. However, with the global financial meltdown of the past few years, access to timely, quality data from some of the UK’s largest creditors, combined with enriched consumer information, means it’s critical for a 360 degree view of a customer’s overall financial situation meaning you can see any financial warning signs.