The flexibility of Precise ID allows you to address multiple types of:
The following business fraud and identity solutions are accessed through Experian's eSolutions website:
Pacific Marine Credit Union (PMCU) saved more than 500 hours per month in fax labor after switching to Experian's risk-based authentication tools, which feature a challenge question approach.
Examine the various types of existing account fraud, including account takeover, impersonation, bust out, synthetic identity and undetected acquisition fraud.
Learn how a risk-based approach to verifying customer information enables consistent and objective decisions, faster approvals and maximizes the usage of staff time.
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Experian's Precise IDSM is a powerful consumer identity authentication and verification tool that gives you the most complete and accurate view of a consumer's identity so you can make the right decisions, when it counts.
Precise IDSM ensures consistency across your organization with rules that support your credit, fraud and compliance policies. By tuning rules to your desired settings, you can weight data based on your level of tolerance resulting in:
Unparalleled depth and breadth of data sources provide a more accurate picture of each applicant.
In light of such complex and often-competing challenges, an experienced identity authentication and fraud prevention partner with demonstrated expertise can be an invaluable asset. Through our industry-leading Precise ID platform and product options, Experian Decision Analytics offers a wealth of proven identity authentication and fraud detection capabilities. These products and services are designed to help you consistently protect your business and your customers from various fraud threats while meeting internal and external compliance requirements.
Precise ID blends Experian’s vast consumer data assets with advanced analytics, interactive knowledge-based authentication questions, and hosted rules and risk-based decisioning technology that provide holistic identity risk scoring as well as the individual detailed consumer authentication results behind it. The flexibility of Precise ID allows you to address multiple types of first-party and third-party fraud, including identity theft, synthetic identities, fraud rings and first payment default. Proactively manage risk by receiving complete insight into an individual’s identity, enabling you to identify new credible customers, protect existing customers and meet regulatory obligations.
Fraud perpetrators remain a relentless threat, motivated by the tempting payoff and gravitating toward the paths of least resistance. Threatening schemes and attacks appear in an instant or progress slowly over time, requiring a tool set that captures and summarizes these behaviors in real time and over time. Precise ID leverages a real-time historical consortium application database of more than 250 million inquiry records that offers a unique view of currently supplied and previously utilized identity elements. Checks include usage frequency and the assessment of consistent or inconsistent identity element usage linked across multiple consumers.
The lower costs and strong consumer demand for real-time online application processing, along with other emerging mobile delivery channels, have contributed significantly to customer acquisition efficiency and also have caused greater exposure to fraud risk.
With greater reward comes greater risk, a situation of natural tension between optimizing security and maximizing sales. While the maximum number of profitable accounts must be booked quickly, every identity must be verified in an automated and consistent fashion. Verification is particularly important during a non-faceto-face transaction and in the absence of documentary evidence.
Organizations are searching for creative and cost-effective ways to maximize the value of each relationship amid the economic downturn and resulting cost and competitive pressures.
Consequently, anything you can do to provide a more streamlined and positive customer experience gives you a competitive edge. If your continuing battle against fraud threats and regulatory compliance requirements frustrates your genuine customers, you may lose business.
Fighting fraud transparently ensures that your true customers remain loyal. Risk-based authentication allows you to strike the right balance among approval rates, fraud rates and compliance requirements to efficiently minimize and prioritize more arduous referrals, ensuring the best possible experience for every legitimate customer.
Precise ID is a single integration point that delivers actionable access to a comprehensive and diverse data suite:
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