Application fraud causes losses to financial institutions with weak fraud prevention processes. Prevention through indiscriminate manual application reviews is slow, costly and turns good customers away. A better approach is to use fraud analytics to fight application fraud.
Application fraud is a growing challenge for financial institutions impacting both profitability and overall customer experience. This trend is caused by two primary factors
- Economic hardship has driven increasing numbers of over-indebted individuals to misrepresent their qualifications for credit.
- Organised criminals increasingly turning towards application fraud using third party personal information farmed from the internet, social media and other places.
Financial institutions are now more vulnerable to fraud attacks due to customers expecting a rapid response to credit applications and decreasing numbers of traditional face to face interactions. These factors have turned application fraud into a serious and compounding leak in the profitability of financial institutions.
How can we help you?
Experian’s fraud expertise, best use of data and advanced analytics help financial institutions meet these growing challenges head on, and ensure the optimal fraud prevention effort is expended on new applications.
From understanding the nature of fraud, through to providing a clear, operational predictions of which new applications are most likely to be fraudulent, Experian’s Fraud Analytics have helped a long range of financial institutions around the world to:
- Minimise fraud losses by identifying and focusing on the applications most likely to be fraudulent
- Ensure optimal fraud prevention effort is expended on new applications
- Enable faster, more profitable decisions and a better customer experience
We offer a bespoke solution, a flexible engagement model, full knowledge transfer and more than 30 years of experience in providing vital insight to financial institutions.
Get in touch with Experian today to control your fraud losses.