Credit rating agency Experian has increased fraud
detection rates by 20% after integrating two previously separate
hosted applications.
The company said that pooling the data of its proprietary Hunter
II and Detect fraud systems had also reduced the rate of false
positives for mortgage, loan, credit card and other finance
applications on behalf of its financial services customers by a
further 20%.
Since integrating the two tools as an enhanced software as a
service offering, Experian estimates that, at its current rate of
detection, the move will help prevent fraud worth more than £1.6bn
across the UK financial services sector.
Integrating Hunter II and Detect has enabled the two
applications to pass data between each other and effectively double
the size of the database, which links to the application processing
systems of financial services organisations, said Gary Wood, head
of Experian's Fraud Solutions business.
"Some clients have been using one or other application, and we
have proven with some big retail banks that detection rates and
false positives are improved by 20% [using both together]," he
said.
Woods said the cost of the new service was more than offset by
the hosted system's returns, and migration for the companies
Experian integrates with had proved relatively straightforward.
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