The world of fraud is always changing. Fraudsters are opportunistic and attack organizations whenever they find the path of least resistance. They may employ strategies such as using stolen identities to establish new credit relationships or taking over existing accounts. Therefore, to reduce fraud loss, an organization needs to strengthen its defenses at all customer touch-points. Solely checking identities at the time of application is no longer enough to protect customers and organizations from the losses generated by existing account fraud.
To address this need, Experian® is introducing a new product – Precise IDSM for Customer Management – to effectively detect identity fraud risk in existing accounts, expanding upon Experian's current suite of Precise IDSM capabilities. The Precise ID for Customer Management product includes an identity-fraud risk score that assesses the likelihood that a customer's identity has been compromised and thus poses risk of fraud loss, as well as predictive identity-related fraud attributes for companies to build or enhance internal models or treatment strategy.
Precise ID for Customer Management helps organizations reduce fraud losses by applying a point-in-time fraud risk assessment that incorporates recent account activity that may have occurred since the account was opened. Through a risk-based approach, the tool evaluates and scores identities and associated identity elements via a vast transaction network to reveal up-to-date identity usage and associated fraud threats.
In addition to reducing fraud loss, organizations can reduce the amount of time reviewers spend investigating customers' high-risk accounts. The product also simultaneously allows lower-risk, well-intentioned customers to seamlessly transact without disrupting their service.
The Precise ID suite can now protect you from fraud not only at application, but also during ongoing account management.
Learn more about Precise ID.
Read the Precise ID for Customer management Press Release.
Contact your Experian account executive or call 1 888 414 1120 for more information.