News release
Contact:
James Taylor
PR Manager, UK & Ireland
+44 (0) 115 99 22650 Tel
james.taylor2@uk.experian.com Email
Experian & National Hunter offer lenders even greater fraud fighting capability
“No place to hide for those behind the fraud rings”
Nottingham, UK, 2 October 2008 – Experian®, the global information services company and N Hunter Limited, the leading anti-fraud data sharing service, today announced significant additional fraud fighting capabilities for mortgage providers and other lenders using the National Hunter anti-fraud data sharing system.
National Hunter works by using a predefined set of rules to automatically check new applications against previous applications for inconsistencies and similarities that may indicate application fraud. Any applications that warrant investigation are referred to the lender for further checks.
N Hunter Ltd initiated this development to enable it to further interrogate the database to reveal cross-lender fraud issues based on intelligence received from various sources. Experian has developed additional search functionality that will better enable N Hunter Ltd to identify future and previously undiscovered frauds across a range of lenders. In addition, this will enable the introduction of alert services to inform National Hunter members of risks that might affect applications for credit they are processing or have accepted.
This new functionality is particularly useful in the detection and prevention of mortgage fraud. By being able to see data patterns across multiple lenders at the same time, N Hunter Limited will be better able to identify information to recognise organised fraud rings, and to provide leads which are worthy of further investigation by the lenders involved.
Experian has maintained and operated National Hunter, on behalf of N Hunter Limited, since 1993 when the system was introduced to prevent application fraud within the banking and finance community. Over 90 organisations including leading banks, building societies, finance houses, credit card companies and retailers use National Hunter to exchange application and fraud knowledge on new applications.
Nick Mothershaw, Director of Fraud and Identity Solutions, Experian, commented: “Experian and National Hunter detect and prevent billions of pounds worth of attempted fraud every year in the UK alone. By enabling clients to initiate in-depth cross-lender analysis of the National Hunter database, we are significantly increasing their ability to spot complex fraud rings run by organised criminals. We are taking the fight to the fraudsters; there is no place to hide for those behind the fraud rings.”
Tracy Wingrove, Managing Director of N Hunter Ltd, commented: “This is an exciting initiative which we hope will bring immediate benefits to our members. It is particularly well timed in view of the recent communications from the FSA and the CML, encouraging improved information sharing and intelligence analysis to combat mortgage fraud.”