COSTA MESA, Calif.,
May 4, 2015 /PRNewswire/ -- At
the start of the Vision 2015 Conference, Experian®
announced a new dedicated enterprise Fraud and ID business in
North America. This newly
established business unit allows Experian, the leading global
information services company, to more aggressively address the
growing variety of fraud risk and identity management challenges
businesses, financial institutions and government agencies
face.
"The rapid progression of wide-scale fraud and data breaches
have led to a significant increase in identity theft related risk,
and potential fraud losses on a larger scale than ever
anticipated," said Charles Chung,
president of Decision Analytics, Experian North America. "For
nearly two decades, we have been helping clients solve the
difficult and ever-changing problems of fraud detection and
identity management. Our core expertise was further enhanced by the
recent acquisition of 41st Parameter which added device
identification as another important layer of sophistication to
our suite of fraud detection tools. Now the creation of a new fraud
business unit brings all components of our Fraud and ID services
together to better serve all markets through our innovative
authentication techniques, advanced analytics and Big Data
insights."
Having one comprehensive operation allows Experian to deliver
greater value across its various addressable markets through
customized approaches that balance privacy, security and compliance
requirements with client reputation, customer experience,
convenience and efficiency. The integration brings together a wide
set of enterprise services ranging from identity and device risk
assessment and anti–money laundering to consumer identity
monitoring and alerts, letting Experian continue to proactively
meet client needs surrounding the complex risks they face. Dr.
Jon Jones has been appointed to lead
the new business unit as senior vice president and general manager
of Fraud and ID for Experian North America.
"Data security and fraud management affect many
industries as identity data has become so compromised that
authenticating consumers through traditional means is not enough to
safeguard against fraud. Modern fraud risks now absolutely require
Big Data assets and the proven ability to derive predictive
analytical capabilities to meet these challenges," said Jones.
"Today, online and mobile commerce, and customer demands for
convenience and speed are intersecting with the increasing
sophistication of criminal fraud networks. Experian's new
integrated fraud business delivers next-generation holistic fraud
management services, leveraging our vast data landscape to identify
customers' risk for fraud even when no threat has been detected to
stay ahead of the growing market demands."
Accounting for the real risk of identity compromise over time
continues with the launch of Experian's Identity Element
NetworkSM which identifies real-time fraud volume and
velocity linkages across multiple industries to predict when
consumers are showing risk of identity compromise. Experian
monitors and predicts when seemingly random identity element
linkages become meaningful risk clusters, including:
- When an identity likely has been compromised
- When an identity is victim of a data breach
- When a transaction is part of an identity theft scheme,
particularly an account takeover
- When consumers' identities are exhibiting identity theft,
visible by monitoring a broad portfolio of breached or compromised
consumers
"Cybercriminals continue to rapidly escalate their assault on
sensitive data across a variety of industries, with no end in
sight," said Julie Conroy, research
director at Aite Group. "This requires fraud prevention
capabilities to undergo a similar rapid evolution, with a new, more
advanced approach to identity management sitting squarely in the
middle of risk mitigation. Simple personally identifiable
information is no longer enough to verify identity; the next wave
of fraud and cybersecurity services needs to employ robust data and
advanced analytical capabilities in order to make faster and more
informed identity decisions."
Experian's Identity Element Network service can be utilized
through its flagship fraud enterprise platform, Precise
ID®, using its data assets and analytics alongside 41st
Parameter's FraudNet to deliver a comprehensive view of the
Customer Life Cycle of traditional identity, device confidence and
risk assessment.
Learn more about Experian's Big Data fraud service for breach
identity compromise detection for your business.
About Experian
We are the leading global information services company, providing
data and analytical tools to our clients around the world. We help
businesses to manage credit risk, prevent fraud, target marketing
offers and automate decision making. We also help people to check
their credit report and credit score, and protect against identity
theft. In 2014, we were named by Forbes
magazine as one of the "World's Most Innovative
Companies."
We employ approximately 16,000 people in 39 countries and our
corporate headquarters are in Dublin,
Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and
is a constituent of the FTSE 100 index. Total revenue for the year
ended March 31, 2014, was
US$4.8 billion.
To find out more about our company, please visit
http://www.experianplc.com or watch our documentary, "Inside
Experian."
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian Information Solutions, Inc.
Other product and company names mentioned herein are the
property of their respective owners.
Contact:
Matt Tatham
Experian Public Relations
1 212 380 2939
matt.tatham@experian.com
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SOURCE Experian
