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Fraud and Identity Solutions overview

Precise IDSM
Precise ID is an application fraud detection solution that is Experian’s Fraud and Identity Solutions next generation fraud management platform. It is a powerful identity authentication, fraud detection tool that integrates Experian’s breadth of data, products, advanced analytics and decisioning technology to offer a best-in-class solution. Precise ID utilizes Experian’s breadth of quality data from a variety of databases to provide a reliable tool to reduce fraud.

Studies have shown that Precise ID yields extremely strong results:

  • One client saw increased fraud capture rate from 25% to over 46% with Precise ID while maintaining refer volumes
  • Card Issue realized a 30% incremental fraud capture rate with only a 1% increase in overall referral volume

Precise ID is used by clients to help validate and verify identities while defending against multiple types of application fraud. Precise ID is Experian’s next generation fraud offering that incorporates more predictive data by accessing Checkpoint, Fraud Shield Indicators, credit data, demographic data and shared application data in a single inquiry.

Precise ID data sources
Experian is able to draw upon one of the world’s largest sources of credit and proprietary noncredit data for use in authentication and the basis for model development. Records include:

  • A consumer credit database with more than 215 million credit-active U.S. consumers
  • 200 million cross-industry application records to help detect inconsistencies in incoming applications
  • A national consumer demographic database with more than 400 data sources on 215 million consumers
  • An automotive registration database with more than 150 million records
  • A property ownership database with more than 83 million records
  • Over 500,000 known verified fraud records
  • Ability to accept custom data elements for custom score development and decisioning

Advanced analytics
The sophisticated models and tools within Precise ID provide improved fraud detection rates, lower false positives, which lowers cost associated with manual review and overall fraud risk.

Validation Score - This score represents the probability that the inquiry is valid, i.e. are the application details valid and have they been used in combination before.

Verification Score - This score represents the probability that the inquiry is verified by the level of inconsistencies present, i.e. is this person actually applying or are they being impersonated.

First Payment Default - This score represents the likelihood that the applicant will never make the first payment. This helps clients understand if their fraud risk is possibly being misclassified as credit risk.

NFD Index - This score indicates the probability of fraud associated with the individual inquiry.

Precise ID benefits

  • Improve operational efficiency
  • Card Issue realized a 30% incremental fraud capture rate with only a 1% increase in overall referral volume
  • perform the authentication necessary to meet and surpass regulatory standards
  • The platform is flexible enough to pull data from different sources depending on the specifications and to run standard or custom-built models.

Precise ID whitepaper »
Precise ID product sheet »
Watch the Precise ID demo »

Fraud Solutions Suite

Precise ID for Identity Screening »
Precise ID for Account Opening »
National Fraud Database »
Knowledge IQ »