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Cutting credit card losses by 90% by combating application fraud |
Business Challenge
LV’s banking business had gone through a period of significant growth, both in the products offered and the size of its portfolio. It undertook review of its operational processes in order to streamline the lending process in the real-time online environment but without sacrificing fraud protection. It was recognised that a robust and effective automated fraud prevention system integrated with the application process, could have a significant impact on the levels of fraud losses and associated costs and therefore the profitability of the company. The solution
The bank evaluated a number of fraud prevention products that are available in the market. LV had seen the market leading application fraud solution, Hunter, in operation at another financial services organisation and was aware of its reputation in the industry. Hunter offered the right combination of fraud detection power and flexibility backed by the support and delivery capabilities of Experian Decision Analytics. It offered the best return on investment with unparalleled data matching and sharing capabilities.
The benefits
>>90% reduction in application fraud on the Bank’s credit card portfolio
>>82% reduction in financial losses on cases proved as fraudulent
>>Reduction in case and costs of loading data to the national fraud scheme CIFAS
>>Improved service and productivity of the fraud investigation team
>>Maintained service levels with a reduced turnaround time for cases
>>Higher risk applications targeted to focus on cases with more risk of fraud and losses
“Hunter is a cutting-edge fraud prevention tool that continues to redefine the boundaries of fraud detection.” Commented the Bank Fraud Manager for LV. “Hunter has become a vital part of LV’s fraud detection processes. The standard of service offered by Experian Decision Analytics proves that if you invest in a quality company that prides itself on excellent service and deliver, you can expect a quality reward at the end of it.”
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