Experian Fraud Management: Comprehensive Fraud Detection and Prevention Solutions
Experian Fraud Management is a robust and integrated suite of solutions designed to help businesses mitigate and prevent various types of fraud, ensuring the integrity of their operations and protecting their customers.
What it Does
Experian Fraud Management is tailored to address the complex and evolving landscape of fraud. It combines advanced analytics, extensive data resources, and innovative technologies to detect and prevent fraud across multiple touchpoints. The platform is designed to maintain a seamless customer experience while applying the necessary friction to riskier transactions, thereby reducing fraud losses and enhancing overall security.
Key Features and Functionality
Advanced Analytics and Machine Learning
Experian’s fraud management solutions leverage machine learning analytics to proactively monitor and detect fraudulent activities. This includes tools for preventing account takeovers, bust-out fraud, commercial entity fraud, and first-party fraud, all of which utilize predictive insights derived from consumer and business datasets.
Extensive Data Resources
The platform integrates vast data resources, including proprietary credit data, alternative credit data, partner credit data, and participation in initiatives like the electronic Consent Based Social Security Number Verification (eCBSV) pilot. This comprehensive data ecosystem helps in accurately identifying and isolating synthetic identities and other fraudulent activities.
Identity Verification and Authentication
Experian’s solutions employ multiple layers of identity verification, including biometrics, device intelligence, behavior metrics, one-time passwords, and document verification. These tools ensure that identities are confirmed with increased confidence, reducing the risk of synthetic identity fraud and other identity-related threats.
Behavioral Analytics
With the integration of NeuroID, a pioneer in behavioral analytics, Experian’s platform can analyze real-time digital behavior to determine whether a user is a human or a bot and assess the risk associated with their interactions. This adds a powerful first line of fraud defense that enhances visibility into digital interactions without collecting personal data.
Fraud Detection and Mitigation
The platform includes automated detection rules and custom scoring strategies to identify and mitigate synthetic identity fraud, account takeovers, and other types of fraud. It performs checks at various stages, such as onboarding, first-time login, and return visits, to ensure that false identities are not embedded in the customer portfolio.
Integration and Orchestration
Experian’s cloud-based platform allows for seamless integration with internal applications, third-party solutions, and other fraud prevention tools. This orchestration enables businesses to apply the right data and fraud-mitigation tools efficiently, keeping pace with digital transformation and ensuring compliance with regulatory requirements such as the Red Flags Rule and the USA PATRIOT Act.
Operational Efficiency and Customer Experience
The solutions are designed to reduce false positives, referrals, and manual reviews, thereby improving operational efficiency. At the same time, they provide a seamless experience for known consumers while applying appropriate friction to riskier transactions, ensuring that legitimate customers are not unduly inconvenienced.
In summary, Experian Fraud Management offers a holistic approach to fraud detection and prevention, combining advanced analytics, extensive data resources, and innovative technologies to protect businesses and their customers from a wide range of fraudulent activities.