Having completed development of an advanced hosted system infrastructure, Experian South Africa has launched its latest application fraud prevention solution. Experian's new offering, underpinned by the latest generation Hunter II software, comes at an opportune time for credit lending in South Africa, where the credit crunch and tightening of local regulatory requirements have paved the way for a substantial increase in credit application fraud recently.
Hunter is a rules-based matching engine that works by screening credit applications and checking for inconsistencies in the application data supplied. It compares the information with other information on the form, with previous applications made by the individual and against all other applications held in the lender's Hunter database. It is also able to check the information against other data from internal and external databases.
The purpose of Hunter's screening process is to identify any anomalies or inconsistencies on the application that could indicate that it is fraudulent. Applications that have been identified as suspect can be prioritised and passed to the lender's fraud investigation team for review. The fraud investigator has access to interactive tools to interpret the suspect information and determine whether it is fraudulent or not.
Experian's application fraud prevention solution will encompass best practice consultancy and support to clients, based on Experian's global expertise. David Challies, who heads up Experian's Decision Analytics division in South Africa, is optimistic about the attractiveness of the new product. "The launch of Hunter II into South Africa, coupled with our fraud consultancy capabilities, will provide a very compelling offering to our clients.”
Experian envisages that Hunter II will provide the platform for optimised application fraud data sharing across the credit lending industry in South Africa over the long term.
Share
Experian
Experian is a global leader in providing information, analytical and marketing services to organisations and consumers to help manage the risk and reward of commercial and financial decisions.
Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organisations around the world to establish and strengthen customer relationships and provide businesses with competitive advantage.
For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence. Clients include organisations from the financial services, retail and catalogue, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Experian has corporate headquarters in Dublin, Ireland and has operational headquarters in Costa Mesa, California and Nottingham, UK. The group employs approximately 15 500 people in 38 countries worldwide, supporting clients in over 65 countries around the world. Continuing sales for the year ended 31 March 2008 were $4 059 million (lb2 020 million / EUR2 858 million).
Editorial contacts