Experian launches first monitoring service to proactively find fraud in existing customer accounts

Experian launches first monitoring service to proactively find fraud in existing customer accounts

Nottingham, UK, 22 April 2010 — Experian ® , the global information services company, today launched the industry’s first fraud detection service to proactively monitor existing customers’ bank and credit account data to pinpoint potential fraud risks before fraudulent transactions are attempted.

Experian’s new Fraud Open Account Monitoring service checks a number of data sources, including databases of known frauds, to identify risks and assign scores that indicate levels of suspicious activity against each account.  By prioritising potentially fraudulent cases through further investigation, organisations are then able to take action to reduce the losses associated with fraud.

Experian’s analysis of live data across a range of financial organisations indicates that, on average, around two per cent of accounts in a portfolio show signs of suspicious activity that could warrant further investigation.

The hosted service will help UK financial services and insurance companies to detect account takeovers, impending sleeper and bust-out frauds as well as previously unidentified application frauds. New first-party frauds, committed by previously honest customers, can also be highlighted.

In addition, Experian’s latest fraud prevention service will enable organisations to monitor the accounts of identity fraud victims to help prevent them from being subject to further fraudulent activity, and better enable them to satisfy anti-money laundering and anti-terrorist financing obligations.

Nick Mothershaw, Head of Fraud and Identity Solutions, Experian UK and Ireland, comments: “Our analysis indicates that there are potentially millions of open accounts showing signs of suspicious activity that could expose UK financial services and insurance organisations to losses. It is as vital to monitor for signs of fraud in deposit-taking accounts as it is for credit accounts, and in the open account base as it is at the point of application.

“Experian's Fraud Open Account Monitoring service is a significant addition to our portfolio of fraud fighting and identity verification services.  It represents our latest innovation to help clients stay one step ahead of the fraudsters at every stage in the customer lifecycle.”


Chantal Heckford / Jennifer Comerford / Duncan Skehens
Lansons Communications
020 7490 8828
chantalh@lansons.com / jenniferc@lansons.com / duncans@lansons.com

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 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 2009 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.