Global information services company Experian has announced the launch of a fintech-focused version of its fraud prevention data network Hunter to the US to fight fraud. The US fintech data network has participation commitments from nine fintechs and is designed to bring additional protection to both businesses and consumers from fraud.

Launch context and the data network’s effect on fraud prevention As per the information detailed in the press release, Experian has a legacy of being successful in bringing fraud prevention data networks to the market globally, and Hunter is leveraged by over 450 organisations in 24 different countries across various vertical markets, saving clients more than USD 6.5 billion on an annual basis. The collaborative data network helps participants have visibility into borrower activity throughout the fintech industry to match potential fraud risk. Participants are to share fraudulent activity in real-time by contributing data that is afterwards linked securely across the network.

As fintechs form new customer relationships or verify existing ones, they are enabled to enquire against the network and are alerted to suspicious information whenever matched to other observed fraud events. Based on the fraud risk type identified, fintechs can take appropriate action, with Experian’s fintech clients set to be able to identify and prevent fraud in an expedited manner, better the customer experience, decrease false-positive referrals, and optimise fraud decision strategies. Per the announcement, on average, when taking part in a Hunter network, clients see a 35% uplift in fraud detection.

Robert Boxberger, president at Experian Decision Analytics in North America says that Experian is dedicated to the fintech industry and to providing ‘innovative’, data-driven solutions that can protect them, together with the consumers they serve, from sophisticated fraudsters. The spokesperson added that the new US Hunter network will leverage the power associated with data and analytics to address real pain points that fintechs are faced with in combatting fraud. Per their statement, by taking a collaborative approach, fintechs are enabled to use additional data to make increasingly informed decisions that result in smart portfolio growth, help better the customer experience, and mitigate fraud losses.

As per the information detailed in the press release, the Hunter network is set to be available in the US later in 2023. Experian strategy and recent developments A global information services company, Experian aims to assist individuals with taking financial control and accessing financial services, businesses with making smarter decisions and being successful, lenders with lending more responsibly, and organisations with preventing identity fraud and crime. Its most recent developments mark the April 2023 launch announcement of Support Hub, a product built to provide disabled clients with access to essential businesses, which followed the same-month partnership with AWS (Amazon Web Services), where the latter became Experian’s preferred cloud provider.

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