Experian 2010 Annual Report Download - page 31
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29
Deliver innovative data and analytics
Introduction
2 – 11
Governance
52 – 84
Financial statements
85 – 160
Business review
12 – 51
Execute superior sales and operationsExpand our global reach
Fraud is the single greatest cause of revenue loss for many
organisations, particularly those operating in the nancial services
market. Until recently, the main focus has been on preventing fraud at
the time of application, but with detection measures becoming more
effective, fraudsters are turning their attention to existing accounts.
This can range from taking over the accounts of legitimate customers
to introducing ‘sleeping’ fraudsters to build up signicant credit prior
to defaulting. Genuine customers, too, are increasingly resorting to
fraud as a result of nancial stress.
Experian’s Fraud Open Account Monitoring has been developed to
tackle this growing threat to organisations. The service monitors
the accounts of existing customers, screening them against an array
of specialist data sources, to identify potentially fraudulent activity.
Recent results have shown that as many as 2% of accounts in a typical
customer portfolio reveal suspicious activity.
HSBC Insurance (UK) Limited, part of the HSBC Group, is one of
the major organisations to use the new service. Peter Mouratsing, IT
Manager said: “Open Account Monitoring is a valuable new tool for
detecting increasingly sophisticated fraudsters. It helps us to identify
and investigate suspicious activity and to protect our business from
the threat of identity theft”.
IDENTIFYING
FRAUD WITHIN EXISTING
CUSTOMER ACCOUNTS