Experian Launches Commercial Fraud Solution to Help Businesses Verify and Authenticate Customer Identities

Experian®, a global information solutions company, today announced the launch of Commercial Fraud Insight(SM), a comprehensive fraud and authentication solution that helps companies prevent business-to-business fraud. Leveraging Experian’s consumer fraud solution expertise, the new commercial solution quickly analyzes application information on a business and its business principal or guarantor, allowing clients to screen multiple data sources for potential fraud indicators — all from a single inquiry.

“This industry is constantly asking for better ways to mitigate fraud losses and comply with federal ‘know your customer’ mandates by verifying the identity of their clients,” said Mark Zablan, president, Experian’s Business Information Solutions. “Commercial Fraud Insight addresses this requirement while maximizing our clients’ customer service and analyst resources by allowing them to quickly identify suspect accounts for further analyst review. It also allows them to streamline their application processes, saving time and reducing search costs.”

With online management reports, Commercial Fraud Insight enables clients to verify that their risk analysts are treating suspect accounts properly. The solution also helps clients to ensure policy compliance across the organization and recognize fraud trends that are most prevalent across the client’s industry.

Commercial Fraud Insight draws on the depth and breadth of multiple Experian databases, including the National Business Database of more than 16 million U.S. businesses and Experian’s File One(SM) database of more than 215 million consumers. The solution delivers high-level alerts and detailed information from multiple sources in one cost-effective report, which can be accessed via a Web application, CPU to CPU, automated batch or offline batch processing.

Experian’s Commercial Fraud Insight simultaneously looks at all the application data — business and individual — validates it for accuracy and verifies it for truthfulness against the following criteria:

• Business information, including names, addresses and phone numbers
• Consumer data such as name, address, Social Security number and date of birth
• Address data, including address standardization, residential versus business, USPS® deliverable addresses and change of address
• High-risk address and phone data
• Business Tax ID data
• Social Security Administration information
• Driver’s license data
• Client’s own previous historical application data

The ability of Commercial Fraud Insight to match application data against a company’s own historical application data is particularly important. This functionality alerts clients to information that was previously submitted and identifies applicants that may be “testing” the limits of the company’s approval policy in an attempt to open an account and commit fraud.