Experian, the global information services company, today launched an enhanced version of its Detect fraud prevention system in the UK.
The new version of Detect features 60 new policy rules and access to a range of new data sources, further improving the system's ability to validate the identity of customers and combat credit fraud at the point of application.
More than 80 leading UK organisations across the retail banking, telecommunications, financial services and credit card sectors, already use Detect to check information provided in applications against a range of data sources, including the Experian credit bureau, in real-time.
The new version of Detect will check applications against deceased data from the General Register Office released under the Disclosure of Death Registration Information scheme, and Halo from Millennium, enhancing its ability to automatically detect frauds attempted using the identity of someone who has died.
It will also now check the authenticity and ownership of bank account information, and provide an assessment of the likelihood of fraud being perpetrated at the address provided in the application.
New policy and data matching rules enhance the ability of Detect to intelligently interrogate the vast quantity of information it considers. This enables the system to identify a greater proportion of attempted frauds while reducing the amount of genuine applications flagged as potentially fraudulent.
The new version of Detect can be easily implemented via existing data feeds and technical infrastructure. Lenders trialing the enhanced system have, on average, achieved a 10 per cent increase in identified frauds, whilst retaining the same level of referrals to fraud investigation teams.
Nick Mothershaw, Director of Identity & Fraud Services at Experian, comments: "Our analysis shows that fraud is on the rise and represents a clear and present danger to all providers of credit and other financial services. While people expect to be protected from fraud, it is vital that lenders can quickly and accurately verify the validity of an application and the individual behind it. This latest innovation from Experian helps clients to minimise the impact of checks on genuine customers while still maximising the effectiveness of their fraud defences."