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Austrian Bank Tackles Fraud with Advanced Detection System
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Vienna - UniCredit Bank Austria, the largest bank in Austria, has implemented a state-of-the-art application fraud detection system to minimize losses and maintain its commitment to customer service.
The Challenge
UniCredit Bank Austria faced a significant challenge: preventing fraudulent loan applications from slipping through its credit risk-orientated processes. Despite efforts to mitigate losses, the problem persisted, resulting in costly processes for underwriters and relationship managers.
A Four-Pillar Approach
To address this issue, UniCredit Bank Austria introduced a four-pillar approach, including:
- Organizational changes
- Improved processes
- Enhanced reporting
- Supported by Experian’s Hunter application fraud tool
Hunter: A Multidimensional System
Hunter is a multidimensional system that detects and prevents fraud throughout the loan cycle. It incorporates:
- Deterrence modules to prevent fraudulent applications from being submitted in the first place
- Prevention modules to identify inconsistencies in applicant data
- Detection modules to identify anomalies in application data
- Investigation modules to investigate suspected cases of fraud
Why Experian?
UniCredit Bank Austria chose Experian due to its strong financial services reputation, experience implementing Hunter systems worldwide, and local presence and global fraud management expertise.
The Results
“We have an excellent application fraud system with Hunter, which paid for itself within its first few days of operation,” said Christof Seifert, Application Fraud Manager for CEE at UniCredit Bank Austria. “Risk is contained with reduced fraud losses and improved operational efficiency, enabling us to maintain our market-leading position.”
Key Benefits
Hunter has enabled UniCredit Bank Austria to:
- Achieve a return on investment within the first few days of operation
- Integrate with the application process
- Reduce fraud losses
- Improve operational efficiency
- Maintain customer service levels
Future Plans
UniCredit Bank Austria plans to continue rolling out Hunter throughout the CEE region, aiming to achieve significant savings, minimize losses, and boost operational efficiency while maintaining its commitment to customer service.