NICE Bureau powered by Hunter in Korea
Two events held on 20 and 21 May 2008 in Korea officially launched the Hunter powered fraud bureau service by the NICE (National Information & Credit Information Inc) credit bureau.
Hunter, Experian’s market leading application fraud prevention system will be at the heart of the service, providing the Korean financial services sector with a comprehensive anti-fraud solution. Attendees to these events benefited from gaining understanding about the application fraud prevention services on offer and the value they can help deliver in terms of maximising revenue, minimising fraud losses and controlling operational costs.
Presenting at the event organised to illustrate the new service to potential pilot users, including three of the leading Korean credit card issuers, Mr Jang Hoon Lee, CEO, NICE Credit Bureau, said, “Many Korean financial institutions are looking for effective fraud screening Products & Services and welcomed the opportunity to participate in a seminar like this and hear more about the advantages of pooling data. Experian’s Hunter solution combines with NICE data and the partnership between Experian and NICE will provide the foundation for a successful fraud bureau infrastructure in Korea.” The fraud bureau service will provide a registry of known fraud IDs, an application validation service confirming Residence Registration Number (a unique ID number, which everyone in Korea has) and telephone number, full Hunter application fraud screening and a fraud early warning service.
"Incorporating Hunter into our fraud bureau service will bring something unique to the Korean market..."
Mr Young Min Yoo, Head of the Application Processing department at Citibank, said “This was a really successful event. It helped focus attention on application fraud, a significant issue directly impacting the profitability of the financial services sector in Korea. It is generally recognised that application fraud accounts for significant losses, often wrapped up in bad debt. Products & Services like those provided by NICE and Experian will be critical in helping reduce theses losses and support the successful fight against fraud.”
At a separate event organised to introduce the fraud bureau concept to a wider group of 31 main players from across the financial services sector, Mr Shin, the director of the credit bureau business division explained, “Incorporating Experian’s Hunter solution into our fraud bureau service will bring something unique to the Korean market and will I am sure deliver significant business benefits. The use of NICE value-added data and pooled client data within the Hunter solution will help Korean financial institutions maintain and enhance profitability through screening for fraud risk.”
Contact us for further discussions about this article