Experian, the global information solutions company, has launched Detect II an enhanced, on-line fraud prevention solution, aimed at highlighting fraudulent credit applications within seconds. Detect II will empower credit lenders to quickly stop fraudulent applications, reducing losses and ultimately costs to the honest consumer who pays for the losses of fraud through finance charges and interest rates.
Credit Application fraud, where fraudsters gain access to credit they have no intention of repaying, is on the increase worldwide, and South Africa is no exception. Credit grantors enjoy access to sophisticated, automated systems to approve or decline applications for credit in seconds. Unfortunately, similar solutions to rapidly identify potential fraud have, until now, been scarce.
Experian has long been worldwide leaders of fraud prevention solutions, particularly throughout Europe and Australia, covering a wide spectrum of fraud areas including application fraud prevention, shared fraud solutions, transactional fraud prevention solutions, fraud scoring models, victim assistance and expert fraud consultancy.
In South Africa, Experian has been supporting the South African Fraud Prevention Services (SAFPS), through hosting of known fraud databases, Detect II allows for both SAFPS members and non-members alike to identify, and prevent more fraud.
Detect II compares credit application data against other historical data, looking for inconsistencies that may highlight potential fraud. The system compares many individual items of information, and immediately highlights discrepancies. Users of the Detect II service also share their knowledge of known and suspected fraud cases for the purpose of future fraud prevention.
Detect II integrates to host systems and batch systems alike, with a web based work-flow system to clear or investigate suspicious applications. This overcomes existing obstacles in the sharing data, and aims to promote an easy to implement solution that will facilitate industry-wide fraud prevention.
Mike Malan, Fraud Prevention Specialist with Experian South Africa says, "For too long now, South African credit grantors have been at the mercy of fraudsters, without the correct tools to identify fraud. Detect II allows organisations to take proactive and preventative measures to reduce their fraud losses. Experian sees its fraud prevention solutions as another part of assisting clients to better manage their overall risk."
Experian`s newest fraud prevention solution, Detect II, complements Experian`s existing fraud solutions and effectively fulfills a much needed gap in the credit granting industry.
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Experian is a global leader in providing information solutions to organisations and consumers. It helps organisations find, develop and manage profitable customer relationships by providing information, decision-making solutions and processing services. It empowers consumers to understand, manage and protect their personal information and assets. Experian works with more than 50,000 clients across diverse industries, including financial services, telecommunications, healthcare, insurance, retail and catalogue, automotive, manufacturing, leisure, utilities, e-commerce, property and government. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, California. Its 12,000 people in 27 countries support clients in more than 60 countries. Annual sales exceed lb1.3 billion.
For more information, visit the company`s web site on www.experian.co.za
The word `Experian` is a registered trademark in the EU and other countries and is owned by Experian Ltd and/or its associated companies.
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