Experian is launching a fintech-focused version of its fraud prevention data network, Hunter, in the US, with several leading firms committing to participate.
Hunter is a collaborative data network that provides its participants visibility into borrower activity across the fintech sector, helping to identify potential fraud risks. By contributing data on fraudulent activity in real-time, participants create a secure link across the network.
As fintechs build new customer relationships or verify existing ones, they can query the network and receive alerts for any suspicious information that corresponds to previously observed fraud events.
Currently, Hunter is utilized by over 450 organizations in 24 countries across various markets, reportedly saving clients more than $6.5 billion each year, according to Experian. The upcoming US fintech version has already attracted nine unnamed firms before its official launch.
Robert Boxberger, president of Experian Decision Analytics, North America, stated, “By taking a collaborative approach, fintechs can use this additional data to make more informed decisions that enable smart portfolio growth, improve the customer experience, and mitigate major fraud losses.”