Bank Renaissance Capital, part of Renaissance Capital Consumer Finance Group and one of the fastest growing consumer lending banks in Russia, has achieved a significant decrease in its fraud rate – over 20% on average – due to the implementation of Hunter, the fraud detection solution from Experian-Scorex.

Since February 2006 when the Hunter solution was put into operation, Bank Renaissance Capital has been able to decrease fraud rates for general purpose and car loans by 25% and 20% respectively, without increasing its operational costs by keeping a stabilized referral rate at 5-10% level.

Fernando Silva, Chief Risk Officer of Renaissance Capital Consumer Finance Group and member of the Board of Directors of Bank Renaissance Capital, commented:  “The deployment of Hunter has already made a huge impact as it has helped us to avoid losses, save time and money and maintain a low cost of operation. Hunter gives us the flexibility to adapt the system and rules to combat new fraud trends so we always stay one step ahead of fraudsters’ increasingly cunning tactics. It also integrates well with other technologies for risk management.”
              
Renaissance Capital Consumer Finance Group entered the consumer finance market in 2003, launching its first range of consumer products in 2004. A decision was made to also invest in leading technology for fraud prevention. The main challenge was to implement a solution that highlighted inconsistencies in application data in a quick and user-friendly way. In January 2005, Renaissance Capital Consumer Finance Group selected Hunter due to its flexibility, as it takes into consideration all the organisational specifications, the wide range of types of fraud and the fact that it can be easily amended depending on performance results.

Hunter has been implemented in a real-time, online environment, integrated with the bank’s application processing system. As a result, decisions on genuine customer applications can be made automatically and new business rapidly accepted, while suspect fraudulent applications are highlighted, investigated and can then be declined, preventing fraud losses from occurring in the first place. 

Top