Experian is preparing to introduce a specialized edition of its fraud prevention data network, Hunter, in the United States, with several prominent companies committing to participate.
Hunter functions as a cooperative data network that grants participants visibility into borrower activities within the fintech sector to identify potential fraud risks. Through secure linkage across the network, participants share real-time information regarding fraudulent activities by contributing their own data.
When fintech companies establish new customer relationships or verify existing ones, they can cross-check against the network and receive alerts about suspicious information that matches observed fraud events.
According to Experian, Hunter is already utilized by over 450 organizations in 24 different countries, spanning various industries. The platform allegedly saves clients more than $6.5 billion annually.
Prior to its launch, the US version of Hunter aimed at the fintech sector has secured the participation of nine undisclosed firms.
Robert Boxberger, President of Experian Decision Analytics in North America, states, "By embracing a collaborative approach, fintech companies can leverage this additional data to make well-informed decisions that facilitate intelligent portfolio growth, enhance the customer experience, and mitigate substantial fraud losses."