• Globally proven service launched to combat growing application fraud epidemic
• Indian Hunter founder membership includes Axis Bank and ICICI Bank
• Hosted service makes fraud prevention technology more widely accessible
Mumbai, India – 08 February 2011 – Experian®, the global information services company, today announced the launch of Hunter, India’s first fraud prevention service that enables local and international businesses to prevent costly application fraud. Application fraud is a growing global epidemic and it occurs when fraudsters – often organized criminals - use another person’s identity to apply for finance they are not entitled to, or when genuine individuals misrepresent their own information in an attempt to obtain financial services they are not entitled to.
Hunter – which is used by over 100+ major institutions around the world to combat fraud – is now available to Indian financial institutions and Axis Bank and ICICI Bank have already signed up to the hosted and pay-as-you-use service.
Representing a first for India, Experian’s Hunter service enables the early detection of potentially fraudulent applications and helps identify fraud rings. The most effective strategy is to prevent the fraud at the point of application and Hunter achieves this without affecting customer service levels and turn around times. Of significant benefit, Hunter’s hosted technology means that Indian businesses can access the service quickly and easily to enhance their defences against application fraud.
Mr. Sisir Chakrabarti, Deputy Managing Director, Axis Bank said, “Experian Hunter will enable us to create a continuous cycle of fraud prevention, detection, investigation and improvement. We believe that Hunter will provide a unique platform for all banks to collaborate on a non-competing topic such as fraud prevention and hence we have agreed to be the founder members of the Experian Hunter Closed User Group.”
Mr.Rajiv Sabharwal, Executive Director, ICICI Bank said, “With growing sophistication of fraudsters in creating false documents, it becomes imperative for banks to collaborate and bring in technology solutions that would significantly enhance fraud detection capabilities. The Experian Hunter service offered in a hosted model will enable ICICI Bank to detect inconsistencies in applicant information and is expected to help create a better quality portfolio.”
Globally, application frauds substantially impact bad debt provisions/write-offs and profitability. While many of the application fraud related losses get camouflaged within bad debt provisions/write-offs, the Reserve Bank of India has reported 24,572 instances of all types of frauds of a value less than Rs.1Crore amounting to a total loss of Rs.493Crore and 225 instances of large ticket frauds causing a loss of Rs.1,524Crore, to the banking sector in FY 2009-2010. The number of fraud cases reported in India has almost doubled in the last 5 years, highlighting the serious threat fraud poses to the economy.
“Hunter is another leading global Experian product for India and it complements our Credit Information Services in the country. This ground-breaking new service will allow financial institutions to better manage the risk and reward of their commercial decisions. We have conducted Proofs of Concept at many leading public and private sector banks and the results have been extremely encouraging and present a compelling return on investment. Hunter is just is one of the many globally proven value added products that we are launching in India,” said Mr. Vikram Narayan, Managing Director and Country Manager for Experian in India.
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About Experian India
Experian India provides information, analytical tools and marketing services to organizations and consumers to help manage the risk and reward of their commercial and financial decisions. Experian India offers solutions to its customers to manage the entire credit and customer lifecycle from customer targeting and engagement to customer acquisition, customer management and collections & recoveries by combining its wealth of information assets and expertise with an unrivalled range of products and services.
Experian established its operations in India in December 2006 and since then has introduced it key businesses in India including Credit Services, Decision Analytics and Marketing Services. Experian Credit Information Company of India Private Limited is a 49% joint venture with seven of India’s leading banks and NBFCs and on 12 August 2010 became India’s first Credit Information Company to be operational in compliance to the Credit Information Companies Regulations Act of 2005. It is the 16th consumer credit bureau run by Experian globally.
For more information, visit http://www.experian.in
About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2010 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Contact:
Experian India
india.marketing@experian.com