Experian(R), a global information solutions company, today announced the launch of Precise ID, the most comprehensive fraud management platform on the market today.
Precise ID combines a wide range of fraud-fighting and identity-authentication tools that utilize an industry-leading breadth of data sources to provide an accurate picture of each applicant and analytics that produce actionable fraud scores for application fraud and identity screening. Sophisticated analytics classify and score potential fraud and recommend the most effective and most efficient treatment.
"Precise ID attacks fraud with an unparalleled combination of precision and flexibility," said Marc Kirshbaum, president, Experian's Fraud Solutions. "With fraud attacks constantly changing, Precise ID provides financial institutions the power to adapt their systems quickly, minimize fraud losses and not slow down transactions initiated by the good customers with whom our clients want to do business."
Results show that Precise ID is very effective in reducing fraud losses and operational management costs. One internal validation performed for a large retail card company showed its fraud capture rate increased from 25 percent using the company's internal models to greater than 46 percent using Precise ID. The company achieved this improvement in fraud capture rate, and associated reduction in false positive rate, while maintaining the same refer volumes. While each client's results will be unique, the combination of a breadth of data sources and multifaceted models has shown lift, especially in detecting first-party fraud.
Precise ID brings together a powerful, comprehensive suite of tools designed to fight fraud in the strongest yet most efficient way possible. Analytics, decisioning and optimization enable businesses to make automated risk-management decisions to manage the cost of fraud with fast transaction processing and low false positive rates. Fraud scores quickly and accurately assess the level of fraud risk, while validation and verification scores ensure a consumer's identity.
Precise ID's unparalleled depth and breadth of data sources providide a more accurate picture of each applicant. A single inquiry will access cross-industry shared application data, credit records, demographic and publicly available data. In addition, members of Experian's National Fraud Database(SM), the industry's only repository of known and verified fraud records, can access fraud data contributed by other members. This data has been verified as fraudulent, and the fraud type is categorized to determine the best prevention treatment.
Experian also designed Precise ID to be flexible and capable of meeting the unique demands of any business. Fraudsters adapt and their behavior shifts constantly, so the need for a platform that can adjust quickly is paramount. Precise ID models and decision strategies can be customized and modified to fit changing needs and fraud patterns.
In addition, Precise ID for Identity Screening offers identity verification tools that can help retailers in noncredit lending scenarios, such as point-of-sale and online transactions.
"Experian has put its full weight behind fraud prevention," added Kirshbaum. "We've drawn on our industry-leading expertise in analytics, data and implementation to create the most powerful fraud prevention tool on the market."
By providing a full suite of tools in a single, integrated platform, Experian is helping overcome many of the roadblocks that commonly confront a company's fraud management efforts. For instance, using a powerful all-in-one solution eliminates the need to code for multiple solutions and makes the system easier to update.