Case Study: Renaissance Consumer Finance
Business Challenge
Renaissance
Consumer Finance recognised that it needed to invest in leading technology
for fraud prevention as an integrated part of their application decisioning
process, to protect the business from fraud losses without impacting
their service to customers and the business growth.
The Decision Analytics answer
The Group selected Hunter from Experian Decision Analytics to detect and prevent fraud in real-time at the point of application. The solution was chosen based on its ability to be implemented online and detect a wide range of fraud types, and its flexibility to be quickly changed to maximise effectiveness and tackle new fraud techniques.
The Benefits
- Decreased fraud rate by 20% on average across all portfolios
- Reduced the fraud rate on loans by 25% and automotive loans by 20%
- Controlled operational and resource costs with a stable referral rate of 5-10%
- Rapid ROI with an economical solution
- Continually improving detection rules
- Total fraud protection with geographical coverage and detection of multiple fraud types
"The deployment of Hunter has made a huge impact as it has helped
us to avoid losses, save time and money and maintain a low cost of operation.
Hunter integrated well with other technologies for risk management and
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."