Experian Announces US Fintech Data Network to Fight Fraud
COSTA MESA, Calif., May. 10, 2023 – Amid a rise in fraud across the fintech industry, Experian® today introduced a fintech-focused version of Experian’s Hunter, an industry-leading fraud prevention data network, to the US. This new US fintech data network already has participation commitments from nine leading fintech companies and is designed to provide businesses and consumers with a new level of protection against fraud.
Experian has a legacy of success in bringing fraud prevention data networks to market globally. Hunter is used by more than 450 organizations in 24 different countries today across a number of vertical markets. Worldwide, Hunter saves customers over $6.5 billion annually.
How it works
This collaborative data network enables participants to have an overview of borrower activity across the fintech industry to match potential fraud risk. Participants will share fraudulent activity in real time by contributing data that is then securely linked across the network. As fintechs establish new customer relationships or verify existing ones, they can turn to the network and be alerted to suspicious information when matched with other observed fraud events.
Fintechs can then take appropriate action based on the type of fraud risk identified. Experian’s fintech clients will be able to quickly identify and prevent fraud, improve customer experience, reduce false positive referrals and optimize fraud resolution strategies. On average, clients see a 35% increase in fraud detection when they join a Hunter network.
“Experian is dedicated to the fintech industry and to delivering innovative, data-driven solutions that can help protect them and the consumers they serve against sophisticated fraudsters,” said Robert Boxberger, president of Experian Decision Analytics North America. “Our new US Hunter network will harness the power of data and analytics to address real pain points fintechs experience in combating fraud. By taking a collaborative approach, fintechs can use this additional data to make more informed decisions that enable smart portfolio growth, improve customer experience , and reduce large fraud losses.”
The Hunter network will be available in the US later this year. To learn more about Experian’s fraud prevention solutions, visit https://www.experian.com/business/solutions/fraud-management.
About Experian
Experian is the world’s leading global information services company. During life’s big moments—from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers—we empower consumers and our customers to manage their data with confidence. We help individuals take financial control and access financial services, businesses make smarter decisions and thrive, lenders lend more responsibly, and organizations prevent identity fraud and crime.
We have 21,700 people operating in 30 countries, and every day we invest in new technology, talented people and innovation to help all our customers maximize every opportunity. Headquartered in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 index.
Learn more at www.experianplc.com or visit our global content center on our global news blog for the latest news and insights from the group.
