EXPERAIN South Africa has launched its latest application for fraud prevention solution. This comes after its completion of a development of an advanced hosted system infrastructure.
Experian’s new offering, underpinned by the latest generation Hunter II software, comes at an opportune time for credit lending in South Africa, where the credit crunch and tightening of local regulatory requirements have paved the way for a substantial increase in credit application fraud recently.
Hunter is a rules-based matching engine that works by screening credit applications and checking for inconsistencies in the application data supplied.
It compares the information with other information on the form, with previous applications made by the individual and against all other applications held in the lender’s Hunter database. It is also able to check the information against other data from internal and external databases.
The purpose of Hunter’s screening process is to identify any anomalies or inconsistencies on the application that could indicate that it is fraudulent.
Applications that have been identified as suspect can be prioritised and passed to the lender’s fraud investigation team for review. The fraud investigator has access to interactive tools to interpret the suspect information and determine whether it is fraudulent or not.
Experian’s application fraud prevention solution will encompass best practice consultancy and support to clients, based on Experian’s global expertise.
David Challies, who heads up Experian’s Decision Analytics division in South Africa, was happy with the attractiveness of the new product.
“The launch of Hunter II into South Africa, coupled with our fraud consultancy capabilities, will provide a very compelling offering to our clients,” he said
Experian envisages that Hunter II will provide the platform for optimised application fraud data sharing across the credit lending industry in South Africa over the long term.