Experian to roll out new US fintech data network to fight fraud | Auto Remarketing Auto Fin Journal

Amid a rise in fraud across the fintech industry, Experian on Wednesday introduced a fintech-focused version of Experian’s Hunter network to the US.

Experian highlighted that this new US fintech data network already has participation commitments from nine leading fintechs and is designed to provide a new level of protection to businesses and consumers against fraud.

Experian said the Hunter network will be available in the US later this year.

Experian said it has a legacy of success in bringing fraud prevention data networks to market globally. Hunter is used by more than 450 organizations in 24 different countries today across a number of vertical markets.

Hunter saves customers more than $6.5 billion annually, according to Experian.

This is how it works.

This collaborative data network can enable participants to have an overview of borrower activity across the fintech industry to match potential fraud risk. Participants will share fraudulent activity in real time by contributing data that is then securely linked across the network.

As fintechs establish new customer relationships or verify existing ones, Experian explained, they can turn to the network and be alerted to suspicious information when matched with other observed fraud events.

Fintechs can then take appropriate action based on the type of fraud risk identified. Experian’s fintech clients will be able to quickly identify and prevent fraud, improve customer experience, reduce false positive referrals and optimize fraud resolution strategies.

On average, Experian said its customers see a 35% increase in fraud detection when they participate in a Hunter network.

“Experian is dedicated to the fintech industry and to delivering innovative, data-driven solutions that can help protect them and the consumers they serve against sophisticated fraudsters,” said Robert Boxberger, president of Experian Decision Analytics North America. “Our new US Hunter network will harness the power of data and analytics to address real pain points fintechs experience in combating fraud.

“By taking a collaborative approach, fintechs can use this additional data to make more informed decisions that enable smart portfolio growth, improve customer experience and reduce large fraud losses,” Boxberger continued in a press release.

To learn more about Experian’s fraud prevention solutions, visit https://www.experian.com/business/solutions/fraud-management.