Australian Fraud Bureau
Identity fraud losses in Australia have been estimated at $1.4 billion per year*. Fraudulent activity eats into profit margins across many sectors including banks, mortgage lenders, telcos, government, insurance companies and retail (e-commerce and store cards).
Collaborative Solution to Fraud
Whilst many organisations have fraud detection software and systems in place, sophisticated fraudsters still exploit the limited information sharing between businesses to commit fraud .
To help combat this growing issue, Experian has established the Australian Fraud Bureau (‘AFB’), a privacy preserving platform which shares and analyses data between organisations. The AFB is unique in that it helps to identify fraud at the application stage and not after the fact, i.e. once the fraudster has already been provided with a product.
The AFB has been built leveraging proven models in operation in overseas markets. In Australia the AFB offers a unique, collaborative data sharing platform, that helps participants identify fraudulent activity at the point of application and before substantial losses can occur.
Beyond Blacklist Sharing
The AFB goes beyond simple blacklist sharing and can help identify the fraudulent use of identities and identity takeover, as well as the fabrication or embellishment of information used to obtain funds. The AFB helps streamline processes for assessing and investigating potential fraud throughout the customer life cycle, as well as identifying fraud that might otherwise be missed, generating savings through operational efficiency and reduced write-offs.
In the Australian Fraud Bureau live trial with 8 leading Australian organisations. 7.31 million applications were processed and an additional 14% of confirmed fraud could have been stopped.
Key Benefits of the Australian Fraud Bureau
Built on Experian’s leading edge architecture for insight, agility, flexibility and control, the AFB is relevant to banking, insurance, government, utilities and retail domains.
The sharing and enrichment of data offers significant advantages in detecting higher volumes of fraud and identifying fraud patterns. In response to industry demand for a safe and secure method of data sharing, Experian’s Australian Fraud Bureau ensures that you:
- Quickly identify transactions linked with fraudulent parties
- Highlight anomalous and inconsistent information provided by customers that is indicative of fraud
- Protect your consumers against identity theft
- Prevent further losses through multiple industry alerts
- Increase operational efficiency by better targeting of resources
- Have access to leading edge fraud scoring mechanisms
- Partner with a proven expert with advanced technology
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