The business challenge
Globally, fraud is a significant cause of revenue loss for financial services organisations.
The financial services industry, with its dynamic and competitive environment, will always attract fraudsters. Funds can be obtained quickly and organisations are under pressure to process applications rapidly, accept applicants, and maximise market share.
There is always a trade-off between automation, the level of manual decisioning and the security of the application process, with the focus on speed and growth leaving the application process open to attack from fraudsters.
The answer
The first and best strategy is prevention, identifying and stopping fraudsters at the point of application.
Experian’s proposition for application fraud prevention in financial services offers a comprehensive application fraud tool with automated screening to detect potentially fraudulent applications. Unlike risk, automatic rejection of an applicant is not sufficient for fraud, so the system also offers investigative tools for efficient manual review. Finally, continuous monitoring and evolution ensures the effectiveness of the fraud prevention measures and creates a continuous cycle of detection, investigation and improvement.
Operators can benefit from:
- Reducing fraud losses by up to 90%
- Minimising fraud prevention costs
- Maintaining customer confidence and service levels
- Making the most efficient use of expensive investigative resource
- Staying ahead of the fraudsters
- Continually improving business performance
Testimonial
“I didn’t know much about fraud risk but I knew a company that did! It is one thing having a great product on offer, but the benefits can only be optimised when backed up by the right service and the right people. Experian Decision Analytics achieves it all, as proved by the massive benefits we have seen already - £35 million of fraud prevented in just six months.”
Edeus, UK mortgage lender