HDFC Bank chooses Experian National Hunter to tackle loan application frauds

  • HDFC Bank to address loan application fraud joins the Experian National Hunter Closed User Group
  • With the signing of HDFC Bank, India’s top three private sector banks now use Hunter

Mumbai, India – 23 November 2011 – Experian®, the global information services company, today announced that HDFC Bank, India’s leading private sector bank has selected Experian National Hunter, India’s first application fraud prevention service to prevent costly application frauds. Now India’s top three private sector banks which include Axis Bank and ICICI Bank are all using Experian Hunter to prevent loan application frauds.

Application fraud is a growing global epidemic and it occurs when fraudsters (often organized criminals) use another person’s identity to apply for finance or when individuals misrepresent their own information in an attempt to obtain financial services they are not entitled to. Experian’s Hunter service enables the early detection of potentially fraudulent applications and helps identify fraud rings. The most effective strategy is to prevent the fraud at the point of application and Hunter achieves this without affecting customer service levels and turnaround times.

Mr. Rajesh Kumar, Executive Vice President, HDFC Bank said: “HDFC Bank is pleased to partner with Experian. Experian National Hunter will allow us to detect inconsistencies in applicant information in a scientific and efficient manner while providing a unique platform for all banks to collaborate on fraud prevention. Therefore we have agreed to be a member of the Experian National Hunter Closed User Group.”

Mr. Vikram Narayan, Managing Director and Country Manager for Experian in India, commented: “Experian is committed to supporting the Indian Banking industry with its suite of global analytical products and solutions. With HDFC Bank joining Experian National Hunter Closed User Group, we now have India’s top three private sector banks using this ground-breaking service. We have received strong and wide-spread support from Indian banks for Hunter and are confident that Experian National Hunter will establish itself as the Industry standard”.
ENDS

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 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 2011 was US$4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

For more information, visit http://www.experianplc.com.

Contact:
Experian India
Ranjeet Pawar
+91 98191 91061
ranjeet.pawar@in.experian.com

Sampark PR
Suheil Merchant
+91 98202 52745
suheil.merchant@ketchumsampark.com

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