Detect and prevent fraud

Digital fraud is on the rise. During 2020, the value of loan and mortgage fraud increased by 675% to over £75 million, while unauthorised financial fraud losses across payment cards totalled £574.2 million. But it doesn’t have to happen to you. Find out how to safeguard your operation with frictionless fraud-checking solutions that combine data, analytics and technology to combat this growing threat.

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Detect and prevent fraud

Don’t let worries about fraud hold you back, Experian has the expertise to help you spot all types of fraud from false credit applications to account takeover attempts. To find out more, click on one of the titles below…

Today’s customers expect credit applications to be quick and easy. But how can you offer swift decisions to genuine customers without increasing the risk of accepting fraudulent applications? The answer is to combine technology, data and analytics to implement a real-time fraud-checking solution that can screen customer data at the point of application with minimal impact on customer service. 

Quick decisions

You might think that adding real-time checks to your credit application would increase processing time, but that’s not the case. Implemented correctly, this type of authentication doesn’t lengthen or disrupt the customer journey for genuine applicants, but it does give you peace of mind. In 2020, Experian’s Hunter detected 1.2 million suspect applications.

Data is power

More data means more fraud detection. That’s why it’s essential to cross-check applications against as many relevant data sources as possible in a single process. Experian’s Detect, for instance, checks over 100 million records the moment an online application is made. Hunter, which integrates with Detect, matches application data against multiple sources, including your own fraud data, shared fraud databases, mortality data and dedicated ‘watch lists’.

Simple results

There’s no point in having a powerful solution if you don’t understand the results. There are different approaches you can take with this issue. With Detect, Experian has drawn on its data analysis and scorecard experience to create a simple Fraud Index to highlight any applications that require manual checks. Hunter, on the other hand, has a fraud risk engine that pushes suspicious applications to its investigation workbench tool, an interface you can use for further analysis and action.

Reduce costs

Robust verification solutions reduce the financial impact that fraud can have on your business. Spotting fraudulent applications early means you don’t lend to fictitious people. In 2020, Experian’s Hunter saved its clients £4 billion in fraud1. Real-time verification also ensures that genuine applications are processed quickly so that you don’t lose customers to impatience or your rivals. 

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