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“The online channel is very different to our other channels – there is no human interaction between vendor and customer and it works 24/7, so our fraud prevention measures had to change to make sure the business was still protected. The use of Experian products has helped reduce the online fraud by 88%, saving millions of pounds.”
Experian Identity and Fraud solutions can help you to establish the balance between fraud and credit risk, increase customer take-on and reduce churn without increasing exposure to fraud or manual referrals.
In recent years mobile phones have become lifestyle essentials with customers upgrading their phones more often and looking for the best deals across operators.
As a result, customer acquisition and retention have become more of a challenge than ever before meaning that it is vital to focus on customer satisfaction and churn rates.
At the same time, fraud is an ever present concern meaning that you have key decisions to make around who you choose to do business with and what credit / risk settlement you are prepared to accept at the point of application.
Tailor your solution based on risk
Automated processing of customer details for ID and fraud checking is an effective way of keeping customer take-on as cost effective and straightforward for good customers as possible.
However, overly stringent checks for low risk applications such as Pay As You Go can turn customers away and conversely, using light-weight checks on high risk transactions such as high value smart phone contracts can lead to increased losses due to fraud.
We enable you to tailor your solution to your individual business needs using a combination of Experian services.
This allows you to carry out appropriate checks on your customers based on the risk associated with each application.
Take on more good customers
- Additional proof of identity beyond automated checks may be required
- Paper based proofs provide fraudsters with an easy opportunity to gain acceptance using forged documents
- Genuine customers may delay or reconsider their purchase while they find and send in
- documentation or they may go to one of your competitors
Benefits of Identity and Fraud solutions:
- Reduce subjectivity of manual referrals
- Prevent experienced fraudsters successfully deceiving sales staff
- Allow customers to complete their transaction quickly and easily, without paper based proofs
Verify address and age data
Ensure SIMs are sent to the right address and enabled with appropriate age related content
- Not knowing the age of an applicant can mean that accessible content is unnecessarily limited, reducing revenue
- Incorrect address information can lead to goods not being received
- SIM cards can be enabled for the maximum content permissible, optimising customer value
Confirm bank account ownership
- Setting up contracts with incorrect bank details
- Loss of expensive handsets
- Negative publicity if the account details were stolen
- Confirms the connection between an individual and their account details
- Makes customer acquisition more efficient by enabling you to carry out automated ‘Know Your Customer' checks
Reduce exploitation fraud
- International Revenue Share Fraud (IRSF) is used to generate revenue for the fraudster from connections obtained by fraudulent means and make multiple calls into high-cost revenue share numbers
- Our studies have shown that exploitation fraud can be reduced by up to 88% by applying effective checking at the point of customer application
Screen for fraudulent applications and help identify fraud rings typically involved in exploitation fraud
- Interactive questioning ensures that handsets are being used by the legitimate owner prior to allowing access to foreign mobile networks
Tap into industry expertise
Here at Experian, we have a wealth of knowledge and expertise gained from many years of working in your industry. Our consultants can help you to identify issues within your existing systems and give advice on best practice. They can also keep you up to date on fraud trends and help you to understand how you may be targeted by fraudsters in the future.
Here at Experian, we have a wealth of knowledge and expertise gained from many years of working in your industry.
Our consultants can help you to identify issues within your existing systems and give advice on best practice.
They can also keep you up to date on fraud trends and help you to understand how you may be targeted by fraudsters in the future.