Launched in Q3 2006, Edeus targets the specialist mortgage lending markets, particularly sub-prime, self-cert and buy-to-let, with a wholly business-to-business distribution strategy.

As a start-up mortgage lender, edeus knew its business would be at risk from fraudsters. 

Dealing with brokers, who understand the lending system, operating in a purely online environment and offering mortgages in the higher risk segments meant that Edeus recognised that it was potentially at a higher risk of fraud. New lenders are also targets for fraudsters ‘testing the system’ and trying to find weaknesses as new lenders often have aggressive growth targets and less business experience of fraud prevention. However, Edeus made fraud prevention a priority and wanted to put in place a system before it started operation. It needed a rapid and automated fraud detection system, as it planned to offer instant offers and 24-hour remortgages. Manual processes needed to be minimised and streamlined to meet customer service expectations while reducing fraud losses.

Edeus recognised Hunter from Experian Decision Analytics as the market leader and it offered the right combination of technology and flexibility. When combined with the experience and expertise Experian could offer to set up the system and fraud management team, it was a clear choice for the lender. Hunter now sits at the heart of fraud management for Edeus and the benefits provided by Hunter to date include the detection of £35 million of potential fraud in 6 months, controlled operational costs by streamlining manual processes and the establishment of a strong reputation sending a clear message to potential fraudsters. A significant return on investment is being enjoyed in the first year as a result. Experian supports edeus on a daily basis and continues to work with the company to continually improve fraud detection accuracy.

Edeus deals with more than 10,000 UK mortgage brokers with 100% of its business conducted online and in its first full month of trading, Edeus was the 7th largest mortgage lender on the extensive panel of Home of Choice (HOC).

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