Here’s a more detailed breakdown:

What Experian Hunter Does:

1.Fraud Detection: Experian Hunter’s primary function is to help organizations prevent fraudulent applications by identifying potential red flags.

2.Data Matching: It compares applicant data against various sources, including fraud databases, shared fraud data, and other relevant information to identify inconsistencies.

3.Risk Assessment: By analyzing the data, Experian Hunter provides a risk score or level, indicating the likelihood of fraud.

4.Investigation Tool: Suspicious applications are flagged for further investigation to determine if they are indeed fraudulent.

How “Default” Factors In:

Credit History:

Experian Hunter uses credit history information, including payment defaults, to assess an individual’s creditworthiness and potential risk.

Red Flags:

A history of defaults or late payments can be a significant red flag, indicating a higher probability of fraud or future defaults.

Hunter uses customized rules to match the application data against multiple data sources including your existing data and shared databases of suspicious applications. The results are measured to give a level of risk indication. The suspicious applications are moved into the investigation tool for further analysis and action

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Early Detection:

By identifying potential defaulters or those with a history of late payments early in the application process, organizations can take preventative measures.

In essence, Experian Hunter uses the term “defaulter” as a piece of data in its fraud detection process. It helps identify individuals with a poor payment history, which may be an indicator of a higher risk of fraud or future defaults on new applications. Experian, the global information services company, launched its ‘Hunter Fraud Score’, an innovative new scoring mechanism that measures the probability of fraud in a credit application across the banking and insurance industries.

Experian is already playing an active role in fraud detection in India by running the Experian Fraud Bureau – a closed user group (CUG) of industry members, who share fraud data and in return access advanced fraud detection services from Experian. This group includes 47 banks and 15 life insurance companies as a part of the CUG. Experian had launched the Hunter Fraud Management Services for the life insurance sector in India in March this year and have 6 life insurance companies going live this month i.e. April 2016.

The new score will help retail finance providers and insurance companies in India significantly increase their efficiency in fraud detection.  Businesses will be able to identify applications that should be screened for potential fraud, and prioritise those that have a high probability of being fraudulent.  This will enable them to potentially lower their fraud losses and focus on approving applications from genuine customers.

More than 50% of the retail lending market in India are members of the closed user group and use Experian’s Hunter product to manage application fraud. Hunter prevents application fraud by matching credit application data against multiple data sources including the shared fraud data. It comprises of several rules that work towards identifying inconsistencies in credit applications. The suspicious applications are moved into the investigation tool for further analysis and action.

The new Hunter Fraud Score is a further advancement to the Hunter product capabilities and will enable clients to now prioritise these applications based on the probability of them being fraudulent. Applications that are assigned a high score are less likely to be fraudulent.

The Hunter Fraud Score, through minimum time and effort, helps clients potentially lower their losses. For example, by using the Hunter Fraud score you can identify ~45% of the potentially fraudulent credit applications by working on ~5% of the population, in the low score bands. By assigning scores to applications the Hunter fraud score also allows for a quicker and convenient customer experience for low risk customers.

Experian Hunter is ideal for identifying application inconsistencies and detecting suspicious applications across multiple channels. One of the key strategies to reduce losses is the identification and prevention of suspicious applications. Using proven detection rules, Hunter screens for, and highlights application inconsistency, enabling suspicious applicants to be stopped before they become customers. This helps in reducing losses and controlling bad debt.

Hunter uses customised rules to match the application data against multiple data sources including your existing data and shared databases of suspicious applications. The results are measured to give a level of risk indication. The suspicious applications are moved into the investigation tool for further analysis and action.