Experian launches integrated fraud detection solution

New Delhi, July 2 (UNI) Global information solutions provider Experian today launched a fraud detection solution, Knowledge IQSM, integrating data authentication for detecting the rising fraud and managing associated risks and helping money leanding institutional.

Knowledge IQ is powered by the company's Precise IDSM suite of identity authentication and fraud detection tools. It assesses risk by posing a series of challenge questions to an applicant enabling a client assess the consumer's identity risk.

''We've long been interested in the features provided by these individual elements. We are pleased that Experian is taking the lead to develop this integrated solution that addresses business and consumer requirements,'' said Washington Mutual Card Services Executive Vice President Robert Boxberger in a statement.

When a consumer applies for credit, the Precise ID platform will analyse the applicant information and, using advanced predictive analytics, return a score.

Based on the client-tailored score threshold, Precise ID will either authorise the process to continue or seamlessly interact with Knowledge IQ to pose additional challenge questions to the consumer allowing verification of the consumer's identity. The system presents an accurate and comprehensive 'picture' of a consumer.

The system provides fraud protection and quick and actionable results for the client, with minimal impact to customers, Mr Boxberger added.

''The integration of Precise ID and Knowledge IQ will provide immediate benefits to users, including quicker detection of potential fraud, reduced operational expenses and improved risk management,'' said Experian's Decision Analytics President Gary Kearns in the statement.

Experian's Decision Analytics business provides credit risk, identity and fraud solutions that help clients increase profitability and improve performance.

UNI