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WHAT IS APPLICATION FRAUD Application fraud is one of the various fraud types where an applicant has used her or his own name but has made an application for a policy account insurance claim or service that contains a material falsehood for the purpose of influencing the application outcome. This fraudster could give information like false income concealed addresses or false employment details. Moreover sometimes they use false documents such as bank statements payslip or driving license when applying for a policy service claim or account would also fall under the fraud category. Numerous people each year use somebody else’s stolen identity which costs millions each year to the financial sector. This type of fraudulent activity can create high levels of negative publicity and brand damage reduced levels of satisfaction and customer loss. It is very important to evaluate negative behavior and good behavior to properly assess the transaction risk.

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HOW TO CHOOSE A FRAUD DETECTION SOFTWARE FOR APPLICATION FRAUD There are various products and softwares available for fraud detection in the market. There are certain features that must be considered for selection of a fraud detection solution for the organization. The characteristics that should be considered before taking any decision for your business are as follows: •SELF-LEARNING CAPABILITY AND COMPREHENSIVENESS: Every case is different and you never are fully aware that which approach is going to be used by stealing fraudsters. So any fraud detection system must be versatile in nature. In today’s times the system should not be customized to identify and recognize only one particular type of fraud. The records reflect that the system should be multi-capable of showing and diagnosing varied types of fraud. This is because if the system is one-track it may only protect the business from young self- taught hackers and hooligans and will have lower efficiency. The Application fraud detecting system should be comprehensive and able to cover all the information systems within the businesses without leaving any stone unturned. There should be no exclusions which can cause harm to the company on a later date. The system should be universally be able to handle all kinds of data and must be high in performance for processing massive data flows. The system must be automatically enabled to learn for the data and understand the newly received information as well. Moreover through this scanning all kinds of cyber threats and frauds must be recognized and not just the well-known ones.

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•COSTING: There must exist various pricing models for the different levels of fraud detection software given by providers. Some of the suppliers also have various subscription plans that are fixed in nature however others do have flexible pricing depending on the business industry annual sales volume size of the firm etc. The charges can also be levied per transaction only by the providers. The pricing information is usually shared by firms on a price request basis. When noticed in detail the full- service fraud tools upfront are more expensive than fraud screening tools. Basically any firm need to consider their complete cost of fraud. The advantage of the full-service fraud tool is that the company does not need to maintain a full- time in-house fraud prevention team which will in turn actually cost higher than a full-service solution. The costing should be feasible for the company as they will observe that the expenses occurring due to the fraud should be way more than the amount spent on the protection from fraud. Only if it seems profitable to install or use the fraud protection system a business will be ready to purchase and utilize it. •CUSTOMER SUPPORT: The software provider must make sure that you are able to reach customer support in case any difficulty or problem arises in managing the product or any query is present during the usage. The solutions must be easy to get as the business processes must be stuck because of a particular problem. There must be overall technical support provided to the customer from the end of the provider. The customer care experts must be available for reporting problems and contacting them if any need arises. The average response time should be minimum as the clients will be in a problematic situation if things are not sorted out quickly. Many things such as video tutorials infographics articles on fraud detection field surveys and a frequently-asked-question section may enable the consumers to utilize the software keeping the current industry trends in mind and use it to its full potential.

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•AUTOMATION LEVEL: The choice is on the organization whether they plan to rely fully on the fraud detection solution or have a fraud analysts’ team too for using software for streamlining their work. Many companies keep both the options to prevent frauds at the optimum level. This fraud protection can be outsourced or can be managed by the firm in-house. In the case where the organization has the expertise and resources to manage the rule set and condut a manual review when required the in-house fraud detection team selection should be considered. •COMPLIANCE WITH SECURITY STANDARDS: The data security decisions must be taken keeping the organizations requirements in mind. The compliance requirements of the business must be made a list of and the vetting web fraud detection systems must be able to recognize the scams taking place if any. The compliance support of the product must be matching with the list of the documentation provided by the business. The standards must be met priorly for the business to use the software for its fraud protection.

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INTRODUCTION OF EXPERIAN HUNTER The customers who make an application expect the best service. They want to be protected against identity and fraudster theft. Experian Hunter is perfect for the prevention of application fraud for any firm dealing with application fraud data across multiple channels. The primary and excellent strategy for the reduction of losses is to prevent identify and stop fraudsters at the point of application. Basically Hunter highlights and screens for potentially fraudulent applications stopping fraudsters from becoming a customer. It also prevents an increase in fraud savings control of bad debt and assistance in management. This is done using proven detection rules. Hunter matches the data application against the stream of multiple data sources including shared fraud databases or your fraud data dedicates ‘watch lists’ and mortality data. This uses a customized set of rules to cross-check the data sources to highlight the discrepancies and matching it to the known fraud data. The measurement of the result shows the level of fraud risk. The suspicious applications thus found are carried forward to the investigation tool for additional action and analysis. Hunter Fraud Score is basically a rating score locally launched in India by Experian a Credit Rating Agency. This is done for fraud detection in credit applications to insurance companies and banks for helping them to lower the losses. WHO IS HUNTER FOR Well Hunter is perfect for organizations that want to prevent fraud at the point of application itself. At the same time they do not want to disrupt the onboarding experience of genuine and honest customers. Though the customers want the best service at the same time they want complete protection against identity and fraudsters theft. Thus the protection must be balanced and give genuine customers the best decision in the shortest time possible. Hunter provides you precise application fraud protection for your business and customers to assist in delivering an uninterrupted experience for sincere customers. The system can be used for all kinds of financial services application fraud across multiple channels and products and is designed to be highly configurable. Hunter supports a constant cycle of fraud detection prevention improvement and investigation. It is combined along with a rules-driven business engine with an intuitive investigation tool. It is a robust fraud protection tool.

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WHAT DOES HUNTER DELIVER Hunter provides the companies with extremely important fraud protection abilities that will help to reduce the redundancies in the business processes. The bad arrears of the organization is minimized proving it advantageous to the firm. The following are the prime features of Hunter: •STOP IT AT THE START: Hunter encourages screening data at the point of application to prevent fraudsters committing intentional deception and identity theft. In this way at the starting point of fraud itself there is stopping of fraud applications which further reduces the fraud risk. So we stop the fraudulent customers and catch them initially to protect genuine customers all the way. It aims at preventing or stopping fraud at the point of application itself. •USAGE OF ALL DATA: The higher the data the more is the risk of fraud found in applications. Hunter uses all the data sources available in a single process to evaluate and identify the fraud taking place. In this way the organization is protected from bad debts which is causing huge losses to the firms worldwide. The monitoring and identifying of fraudulent behavior within existing customer records are also observed and the discrepancies are pulled out. •DEVICE INTELLIGENCE: Data source also involves device intelligence as another parameter for detection. The businesses are enabled to detect the high-risk anomalies across all banking and mobile payment platforms through device intelligence. Even if it is a tampered device the presence or activity of a stolen identity or the increasingly pervasive account takeover fraud is identified easily.

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•PRIORITIZING INVESTIGATION: It is important to protect the customers from the highest risk of fraud by prioritizing investigations. It must be well taken care of that genuine customers are not troubled during the process. Only the fraudulent ones should be identified and targeted. It screens new applications for suspicious activities from multiple peer organizations. •CUSTOMER PROTECTION: The Hunter endures to protect your customers and business with specific and flexible detection for your customers and fraud threats. The losses to the business are reduced because of proper and timely detection. The organization runs safe and the genuine customers are also not concerned with the on-going protection process. It Improves the on-board experience for genuine customers. HOW DOES HUNTER WORK By highlighting suspicious applications Hunter prevents application fraud allowing you to investigate and prevent fraud without inconveniencing honest customers. Hunter matches the application data against multiple data sources including your fraud data the device the application is made on as well as shared fraud databases dedicated ‘watch lists’ and mortality data. Hunter utilizes customized rules to cross-match data sources to highlight inconsistencies as well as matching it to known fraud data. The results are measured to give a specific level of fraud risk. The doubtful applications are moved into the investigation tool for further examination and action. The results of the use of Hunter today are seen as follows:

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•DETECTS MILLIONS OF FRAUDS: The survey reflects that Hunter detected 1.2 million suspect and fraud applications. In the previous year for its 400 clients Hunter processed over 151 million applications. So without disrupting the genuine customers with its data consortium fraud risk engine and investigation workbench Hunter assists you in making smart application fraud decisions. Millions of frauds are detected each year by Hunter so as to protect the customers as well as the organizations as a whole. •CLIENT ADVANTAGE: The Hunter clients are facing so many benefits and adding up many feathers to their cap. They are using the most in-demand technologies for the benefit of their organization. When this Hunter is combined with the Experian’s Identity and Fraud platform the consortium data provided by Hunter in the first place gives a valuable insight and effectively allows the clients to selectively apply for the right level of protection that they need for each transaction. These additional sets of layers include document verification behavioral biometrics identity proofing and machine learning analytical models. •RAPID EXPANSION: Hunter expands quickly on the success of data consortiums. There is a cross-matching that takes place across the member companies. This means that every member knows even if one business is attacked. Now fraudsters simply avoid these businesses in the consortium member list and there is a drop noticed in their fraud attack rates.