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Avoiding mortgage fraud losses by £35 million in the first 6 months |
Business Challenge
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 there was a potentially higher risk of fraud. However, Edeus made fraud prevention a priority and wanted to put in place a system before it started operation.
The solution
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.
The benefits
>> Detecting £35 million of potential fraud in 6 months
>> Significant return on investment in the first year of operation
>> Immediate impact on fraud by identifying significant values of fraud
>> No impact on customer service as Edeus can offer instant decisions
>> Controlled operational costs
>> Established a strong reputation for Edeus against fraudsters
“I didn’t know much about fraud risk but I knew a company that did! It is one thing having a great product on offer, but the benefits can only be optimised when backed up by the right service and the right people. Experian Decision Analytics achieves it all, asproved by the massive benefits we have seen already - £35 million of fraud prevented in just six months.”
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