Experian, the global information services company, has launched Fraud Open Account Monitoring, a new fraud detection service to proactively monitor existing customers’ bank and credit account data to detect potential fraud risks before fraudulent transactions are attempted.
Experian’s new service checks a number of data sources, including databases of known frauds, to identify risks and assign scores that indicate levels of suspicious activity against each account. By prioritising potentially fraudulent cases through further investigation, organisations are then able to take action to reduce the losses associated with fraud.
The hosted service will help UK financial services and insurance companies to detect account takeovers, impending sleeper and bust-out frauds as well as previously unidentified application frauds. New first-party frauds, committed by previously honest customers, can also be highlighted.
In addition, Experian’s new fraud prevention service will enable organisations to monitor the accounts of identity fraud victims to help prevent them from being subject to further fraudulent activity, and better enable them to satisfy anti-money laundering and anti-terrorist financing obligations.
Nick Mothershaw, head of fraud and identity solutions at Experian UK and Ireland, said: “Our analysis indicates that there are potentially millions of open accounts showing signs of suspicious activity that could expose UK financial services and insurance organisations to losses.
“It is as vital to monitor for signs of fraud in deposit-taking accounts as it is for credit accounts, and in the open account base as it is at the point of application. Experian’s Fraud Open Account Monitoring service is a significant addition to our portfolio of fraud fighting and identity verification services.”