Global information services company Experian said its Fraud Prevention Bureau which is run on Hunter, a flagship fraud detection platform has crossed 100 members in its closed user group. Hunter is India’s only application fraud detection service offering service to banks and insurance companies in the country. These institutions share loan application data and in return access advanced fraud detection services from Experian. Vaishali Kasture, country head, Experian India, said the increase in members in the CUG is not only a testament to Experian’s fraud management and detection capabilities but it helps in reducing fraud incidents through enhanced data quality. She added that FY2017-18 saw a 55% yoy growth with the number of transactions reaching 40 million. Rajesh Kumar, group head – Retail Credit and Risk, HDFC Bank, said 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. Currently, 20 life insurance companies and 80 banks and NBFCs use Experian’s Hunter to manage application fraud.
