Experian announced Sentinel, a suite of commercial entity fraud detection solutions, to help lenders and insurers prevent fraud and protect small to large businesses.
The suite has three solutions — Multipoint Verification, Identity Velocity and Commercial First Party Fraud Score.
An Experian research report found that more than 70% of businesses say that preventing fraud is their top concern, the highest it’s ever been. With some businesses struggling to keep up with the rapid digital transformation that’s taken place during the past few years, fraudsters are attracted by large loans and a lack of sophisticated commercial fraud detection platforms.
Experian’s Sentinel suite may help businesses detect and distinguish different types of entity fraud, including first-party, third-party and synthetic identity fraud. By recognizing the specific types of fraud risk, lenders and insurers can set up the right controls to mitigate fraud and better serve businesses of all sizes. The three solutions include:
- Multipoint Verification is the first in-market offering to blend commercial credit data with nontraditional data, such as professional social networks, phone numbers and web domains to validate a business applicant. A global credit card issuer saw a 15% increase in fraudulent accounts identified in their small business portfolio leveraging Multipoint Verification in combination with their current fraud tools.
- Identity Velocity is the first entity fraud solution that provides trended data, as recent as 15 minutes from application, to help predict fraud risk. It uses elements, like a business’s name, zip code and tax ID, to deliver real-time insights that may help prevent third-party, synthetic identity fraud and loan stacking by highlighting inconsistencies in applicants’ information. This tool can also provide a better picture of a business’s behavior over time.
- Commercial First Party Fraud Score is unique in that it blends consumer and commercial credit data to predict the risk of first-party fraud for businesses. The fraud score may help identify early or first payment default and credit bust out scenarios.
Additionally, Commercial First Party Fraud Score and Multipoint Verification are available through CrossCore, Experian’s digital identity and fraud platform.
“We’re committed to helping small businesses succeed, and a key piece of that is ensuring they have access to the capital they need,” said Hiq Lee, president of Experian’s Business Information Services. “Our new Sentinel commercial entity fraud suite can help lenders and insurers prevent fraud so that funds can go to legitimate businesses that need it and stay out of the hands of fraudsters.”