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Experian’s Fraud Networks service is designed to automatically detect links in an application to pre-existing fraud networks.
Experian’s Fraud Networks works seamlessly with the anti-fraud system Hunter giving you:
- The ability to uncover organised fraud across your portfolio
- Protection from repeated attempts to defraud
- Utilisation of consortia data to influence network prioritisation, making you less reliant on suffering a loss first before a network becomes worthy of investigation
- Prioritised lists of the highest risk fraud networks to focus investigation resource
- A familiar suite of Hunter investigation tools, minimising training needs
- Options to determine how many fraud networks are generated and how often they are referred, according to operational capacity
Fraud Networks is quickly and easily integrated into the Hunter fraud system with no additional software or in-house IT resource required.
Experian’s Fraud Networks provides:
- A comprehensive suite of tools to tackle the threats posed by organised fraud networks
- Complex automated data-mining algorithms to uncover fraud networks that are emerging
- Sophisticated network scoring models to represent fraud risk of entire network to supplement individual application scoring & prioritise referrals
Online detection at the point of application of new applications with links to fraud networks
How do Fraud networks work?
Auto-mining is an automated process to generate fraud networks from existing data, allowing you to uncover previously unknown networks without user interaction.
Auto-mining organises groups of connected applications into clusters representing fraud networks for your investigation.
A new frauds status known as ‘Serious Fraud’ is available in Hunter to represent applications that are part of a known Fraud Network.
Applications that are determined to be part of a Fraud Network through investigations are updated to Serious Fraud.
New rules are available to match key data items against existing Serious Fraud data, and a separate worklist to review matches can be produced and allocated to a dedicated team if required.
Hunter incorporates the i2 Limited (an IBM Company) component ‘iXv Visualiser’ for Fraud Network visualisation, enabling interactive exploration and investigation.
Fraudsters are increasingly targeting Insurers to make false claims, driving up legitimate customer premiums and costing policy holders an estimated £1.9 billion* per year.
Research carried out by the Association of British Insurers has shown the most common frauds involved home insurance with 66,000 bogus or exaggerated claims detected, followed by dishonest motor insurance frauds with 40,000 frauds uncovered.
The result; more than 2,500 fraudulent insurance claims worth £18 million are detected every week.
Experian's Fraud Network for Insurers can help identify organised fraud and reduce false claims.
*Source - Association of British Insurers