Experian is launching a fintech-focused version of its fraud prevention data network, Hunter, in the US, with a host of top firms committing to join up.
Hunter is a collaborative data network that enables participants to have a line of sight into borrower activity across the fintech industry to match for potential fraud risk. Participants will share fraudulent activity in real-time by contributing data that’s then securely linked across the network.
As fintechs establish new customer relationships or verify existing ones, they can inquire against the network and are alerted to suspicious information when matched to other observed fraud events.
Hunter is already used by more than 450 organisations in 24 different countries across a variety of vertical markets, saving clients over $6.5 billion annually, claims Experian.
The new US fintech version has signed up nine unnamed firms ahead of launch.
Robert Boxberger, president, Experian Decision Analytics, North America, says: "By taking a collaborative approach, fintechs can use this additional data to make more informed decisions that enable smart portfolio growth, improve the customer experience and mitigate major fraud losses."