Fraud detection with Experian Project description One of the biggest industry-wide problem is fraud. Managing fraud in all types of transactions is the biggest challenge that many customer-centric organizations face. Fraud management can be an obstruction and risk that costs huge amount of money for organizations. Experian is one of the largest legal database that provides risk and fraud management services without affecting customer experience by allowing the identification of activities and behavior that could be potentially fraudulent. Experian collects data from a huge range of sources including government bodies, stores them and manages the information on billions of people and organizations. Experian holds a robust repository of identity data …show more content…
Customer’s application is accepted to check their identity. Each customer’s information is stored in the database and all the activities throughout the journey of the customer is allowed and managed with authentication. Automation of risk assessments: The fraud detection system flags the possibility of potential frauds. For example, a woman claims to have made a transaction of $8000 where originally it was only $5000. Such suspicious behavior is flagged to concentrate on risks in future and provide smooth service to the genuine customers. Fraud reduction: The Experian analytics help examine the risks of fraud allowing prioritization of activities with full support of operational resources. E-commerce fraud, retail fraud, money laundering, open-account fraud, false work history fraud and application frauds are some of the commonly concentrated frauds to learn the pattern to consecutively reduce fraud risks. Information sharing: Fraud detection schemes are set up in a number of countries for the organizations in cooperations to share information collected in their database to fight against