The new version of Detect features 60 new policy rules and access to a range of new data sources, further improving the system’s ability to validate the identity of customers and combat credit fraud at the point of application, said the company.
Experian claims that the new version of Detect will check applications against deceased data from the General Register Office released under the Disclosure of Death Registration Information scheme, and Halo from Millennium, enhancing its ability to automatically detect frauds attempted using the identity of someone who has died.
It will also now check the authenticity and ownership of bank account information, and provide an assessment of the likelihood of fraud being perpetrated at the address provided in the application.
According to the company, the new version of Detect can be easily implemented via existing data feeds and technical infrastructure.
Lenders trialing the enhanced system have, on average, achieved a 10% increase in identified frauds, Experian claimed.
Experian director of Identity & Fraud Services Nick Mothershaw said their latest innovation will help clients to minimize the impact of checks on genuine customers while still maximizing the effectiveness of their fraud defenses.
