Hunter, our industry-leading data-sharing fraud prevention software, has been enhanced to improve its performance and efficiency for anti-fraud operations.
The upgrade goes live in the UK this week and allows banks, insurance companies, and other financial services and credit granting organisations to manage and investigate organised fraud more effectively.
Providers are now able to group several applications into a single ‘case’, allowing investigation of all ‘linked’ applications and identify whether they are linked to earlier fraudulent events.
This has also improved Hunter’s capacity to prioritise potentially dishonest claims based on the risk and outcome of any previous related applications. Those that pose a significantly higher threat are highlighted by Hunter, providing organisations with increased fraud detection and more resourceful prioritisation of referrals.
Where users identify a possible fraudulent application, they will now be able to capture more detailed information, including the type of fraud identified and the potential loss if the request were to be accepted and proved fraudulent. These new reporting capabilities will allow fraud teams to analyse trends and more easily identify opportunities for business efficiency.
Nick Mothershaw, UK director of Identity & Fraud at Experian UK&I, says: “Fraudulent activity against financial service providers remains a significant risk, impacting balance sheets and, ultimately, customers’ pockets. By identifying fraud at point of application, organisations can act quickly to prevent fraudsters from realising any material gains. The enhancements we have made to the Hunter system not only improve the efficiency of fraud investigators’ work, but allow more fraud to be identified and improve the insight into the type of fraud being committed. This will all ultimately allow us to share more intelligence about the evolving nature of fraud.”
Hunter’s improved case management and workflow management tools make it easier for applications to be managed within fraud identification teams. Applications can be assigned to a specific user with a target date for completion and associated ‘tasks’ can be allocated, diarised and managed from within Hunter.
Experian’s Hunter software has been used across the UK’s banking, financial services and insurance sectors for more than 20 years to detect, investigate and record fraud at the point of application.