Fraud Detection Software Helps Ireland-Based Organisations Stay One Step Ahead of Crooks

Experian, a leading provider of data and analytics solutions, has announced the launch of its cutting-edge fraud detection software in Ireland. The innovative technology is designed to help financial, telecommunications, and insurance organisations in the country prevent revenue loss due to fraudulent activities.

The Problem of Fraud in Irish Businesses

According to Experian, fraud is the biggest cause of revenue loss for many Irish businesses, affecting profitability and impacting the bottom line. The company’s Fraud Management Solutions aim to provide organisations with the tools they need to build trusted relationships with legitimate customers while preventing fraudulent activities.

How the Software Works

The software can help detect potentially fraudulent applications even before a customer is accepted, allowing for swift and efficient action to be taken. It can also monitor account patterns and assess customer behaviour to prevent:

• Open Account Fraud: The creation of multiple accounts without intention to pay.
• Bust Out/F Sleeper Fraud: Large purchases or withdrawals made after a period of inactivity.

Industry-Specific Solutions

In the insurance sector, Experian’s solutions provide real-time customer identity authentication and detect possible fraud, while improving efficiency in checking processes and procedures that enhance customers’ experience. Additionally, the software can identify fraud networks and take appropriate action to prevent organised fraud.

Verification Services

The company’s Bank Wizard Absolute service enables organisations to verify bank account details in near real-time, reducing failed transactions and improving profitability and customer service. Experian’s Identity Document Check provides a fully automated check within seconds, giving a clear indication of the validity of identity credentials.

Benefits of Implementing Fraud Management Solutions

By implementing Experian’s Fraud Management Solutions, Irish businesses can:

• Automate and Streamline: Automate fraud management processes to reduce manual intervention.
• Improve Accuracy: Improve accuracy by leveraging Experian’s unrivalled data and innovative technology.
• Reduce Costs: Reduce costs associated with fraudulent activities.
• Ensure Compliance: Ensure compliance with legislation and best practice guidelines, meeting know-your-customer obligations.

Conclusion

With its unrivalled data, innovative technology, and expertise, Experian is well-positioned to help Irish organisations stay ahead of fraudsters and build trusted relationships with legitimate customers. By leveraging the company’s Fraud Management Solutions, businesses in Ireland can take on new business without exposing themselves to the risks and costs associated with fraud, ultimately improving their bottom line.