- Global information services company Experian launched a new fraud prevention solution this week.
- The new offering is a fintech-focused version of the fraud prevention computer network I am.
- Hunter takes a collaborative approach to reducing fraud. The technology has saved businesses more than $6.5 billion a year in fraud losses.
Experian launches a fintech-focused version of its fraud prevention data network, I am, in the USA The technology is currently used by more than 450 organizations in 24 different countries. Experian reports that Hunter has saved its clients more than $6.5 billion a year in fraud losses.
Hunter works by giving participants a “line of sight” to borrower activity across the fintech industry. Hunter is a collaborative computer network that enables participants to share data about fraudulent activity in real time. This data is then securely connected over the network. Participants can use the network to identify potential fraud when onboarding new customers or when verifying current customers. Experian noted that their clients have seen a 35% increase in fraud detection when participating in a Hunter network.
“Our new US Hunter network will harness the power of data and analytics to address real pain points that fintechs experience in combating fraud,” said Experian Decision Analytics North America President Robert Boxberger. “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 major fraud losses.”
The Hunter network will be available in the US later this year, the company said.
Experian debuted in Finovate in 2012 and most recently returned to the Finovate stage for FinovateFall 2018 in New York. The company’s Hunter announcement comes just weeks after Experian unveiled a new cloud-based fraud solution powered by adaptive machine learning called Adrian. The new offer is designed to help businesses fight fraud without negatively impacting the customer experience. Last month, Clearcover Insurance Company announced that it had launched a new built-in insurance solution thanks to a partnership with Experian. The technology provides insurance consumers with final, binding offers when they shop with Experian’s car insurance comparison service.
Headquartered in Dublin, Ireland, Experian was founded in 1980. Brian Cassin is CEO.
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