Finance has selected Experian National Hunter, the fraud prevention service, to help reduce levels of costly application fraud, according to a press release issued by Experian.
Application fraud is a growing global problem and it occurs when fraudsters (often organised criminals) use another person’s identity to apply for finance or when individuals misrepresent their own information in an attempt to obtain financial services they are not entitled to.
Experian’s National Hunter service enables the banking and financial services industry to collaborate and share information for early detection of potentially fraudulent applications and helps identify fraud rings. The most effective strategy is to prevent the fraud at the point of application and Hunter achieves this without affecting customer service levels and turnaround times.
Other financial services institutions that are part of the Experian National Hunter Closed User Group are ICICI Bank, Axis Bank, HDFC Bank and Fullerton India.