Source: Experian Group
Experian Group Limited (LSE: EXPN), a global information solutions provider, today announced the launch of the Hunter fraud detection product in the Americas.
Hunter detects fraud at the application stage using a variety of rules-based logic and linkage technology to provide the best defense against fraud. For 10 years, Hunter has consistently increased operational efficiencies and reduced fraud losses for all of the top 30 mortgage lenders in the United Kingdom. Beyond helping clients defend against mortgage fraud, Hunter is currently the leading application fraud detection product in the United Kingdom.
Hunter leverages application data to track, link and manage fraud detection. Hunter has the flexibility to incorporate shared and third-party data to further build up the defense against fraudulent mortgage applications. Through validation, cross-referencing and a Web-based case management system, Hunter creates a virtual web of defense to prevent fraudsters from becoming customers. Hunter provides a comprehensive defense against fraudsters, allowing decisions to be made faster, mortgages approved quicker and revenues recognized sooner.
"Hunter is the latest edition to the Experian suite of fraud and identity solutions. Mortgage fraud represents one of the fastest-growing target areas of fraudsters and fraud rings," said Marc Kirshbaum, president, Experian's Fraud and Identity Solutions. "Hunter is a world-class, market-leading solution to detect and respond to anomalies across the entire mortgage application and approval process. It is also flexible and configurable and can adapt to the specific needs of an institution beyond mortgage lending, as well as the changing methods of fraudsters."
In a Hunter scenario, an application is screened for anomalies according to a customer-specific rules palette. Hunter uses logic-based algorithms to check for inconsistencies against previous applications within an organization, and potentially, information and fraud outcomes shared across institutions. The logic and cross-referencing can detect specific fraud types such as fraudulent loans attributed and linked to specific brokers and appraisers -- as well as individual data manipulation and fraud rings. This information is then compiled within the Hunter case management system, which streamlines the workflow associated with review, investigation and recording of the outcomes.
"Hunter is an invaluable part of our fraud prevention defense system, having delivered significant benefits not only to HBOS, but also to customers who have found themselves to be the victims of fraud," said Mark Hamer, head of Underwriting Strategy, HBOS Personal Lending. With assets of more than 540 billion pounds Sterling, HBOS is the United Kingdom's largest mortgage and savings provider. "We've also found that cross matching with other Hunter clients using shared data has proven particularly beneficial, and are delighted to be associated with Experian as we continue our ongoing fight against organized fraud," added Hamer.
Through UK distribution, Hunter is already in use at nearly 150 institutions around the world.