Mumbai, April 25, 2018 – Experian, the global information services company, today announced that its Fraud Prevention Bureau which is run on Hunter, their flagship fraud detection platform has crossed 100 members in its Closed User Group (CUG). Hunter is India’s only application fraud detection service.
Experian has been playing an active role in application fraud detection services by running the Experian Fraud Prevention Bureau-a closed user group (CUG) of members from the banking and insurance industry, who share loan application data and in return access advanced fraud detection services from Experian.
Commenting on the development, Vaishali Kasture, Country Head, Experian India said “With the rising incidents of fraud in the country, we are witnessing companies putting in larger fraud management frameworks. The increase in members in our CUG, is not only a testament to our fraud management and detection capabilities but also helps in reducing fraud incidents through enhanced data quality. FY17-18 saw a 55% Year-on-Year growth, with the number of transactions reaching 40 million, owing to an overall savings of INR 21,000 Cr for the BFSI sector in India. Experian is committed in supporting businesses to make smarter decisions and prevent frauds.”
Mr. Rajesh Kumar, Group Head – Retail Credit and Risk, HDFC Bank Ltd. further added, “As a founding member of the Hunter CUG, I do believe that fraud management has come a long way and Experian is playing an important role in growing the member base and safeguarding the banking and financial services industry from potential frauds. The concept of early fraud detection at the point of application has been very fruitful in the closed user group format as this facilitates screening applications through more data and hence, the outcome is very effective. I believe the overall industry will stand to benefit when more members become part of the CUG.”
Hunter prevents application fraud by matching credit application data against multiple data sources including the shared fraud data. It comprises of several rules that work towards identifying inconsistencies in credit applications. This service is built on a robust framework where today, over 100 members come together as a closed user group to combat fraud efficiently and effectively. Over the last 7 years, Hunter has been tirelessly working towards eliminating fraud in the BFSI industry in India. The industry has the benefit of screening against a database of 80 million plus unique applications when using Experian Hunter services.
Hunter is the only tool with the niche capability to work on various streams of data across entities and identify information inconsistencies at a very nascent stage in the decision making process. This truly symbolizes the “power of data”.
Currently, 20 Life Insurance Companies and 80 Banks & NBFCs use Experian’s Hunter to manage application fraud thus comprising of over 60% of the retail lending market in India. Hunter is key in helping the Indian BFSI industry stay ahead of fraudsters and help in fraud prevention through early detection of the same.