Last week, Saga Services Ltd and Experian won the bronze award for Business Partner of the Year at the Insurance Times Awards 2018 . Ste Teeling, Head of Financial Crime – Saga Services Ltd and Paul Sears, Head of Sales & Consulting – Identity & Fraud Solutions Insurance – Experian UK&I, were at the ceremony to collect the award, alongside other Saga and Experian colleagues.
Saga and Experian won bronze based on the excellent work completed together to improve fraud prevention controls to mitigate losses from Ghost Broking and application fraud. Saga found a way of tackling these issues in a single system and regain control over fraudsters to better protect their customers.
After a series of consultative meetings to better understand the problem – the scale of it and complexity of it, Experian proposed a way for Saga to better detect and prevent fraud while not hindering the customer journey. The solution is Experian’s FraudNet capability.
FraudNet’s multi-layered approach, where it is connected to a central platform that connects other fraud management controls, is tailored to Saga’s current fraud management to give them a better view of any suspicious events in a single central system. From the insight provided, Saga makes informed decisions, qualified by the intelligence given by the FraudNet analysis.
How can FraudNet help you?
- Avoiding interruptions to
- your genuine applicant by accurately identifying fraud indicators and level of risk
- Quickly act to stop a fraud attempt with early detection, often before a transaction can be made
- Track a fraudster’s activities across multiple unrelated accounts
- Gain higher visibility into fraud risks across online channels including the rapidly growing mobile channel
In an ever-changing fraud landscape, we continue to develop our identity and fraud solutions to better protect businesses and their customers and analyse the latest trends to provide our clients with invaluable insights. Find out more about our FraudNet solution and other identity and fraud solutions here. You can also read more on this project in the case study.
Case Study: Saga services
Saga is a British company focused on supporting the needs of those aged 50 and over and currently serves more than 2.7 million customers. Saga provides a range of insurance products designed specifically for their customers. Fraud detection and prevention controls are key to protecting the needs of their customers, and their business.