Experian Announces Integrated Fraud Solution

Experian has announced a fraud detection solution – Knowledge IQ that integrates data authentication with consumer challenge questions for detecting fraud and managing the associated risk.

Knowledge IQ resides within and is powered by, Experian’s Precise ID suite of identity authentication and fraud detection tools. Knowledge IQ assesses risk by posing a series of challenge questions to an applicant to enable a client to assess the consumer’s identity risk.

When a consumer applies for credit, the Precise ID platform analyses the applicant information and, using advanced predictive analytics, returns a score. The score is based on the correctness of the applicant-supplied information to Experian. Based on the client-tailored score threshold, Precise ID will either authorise the process to continue or seamlessly interact with Knowledge IQ to pose additional challenge questions to the consumer.

“The integration of Precise ID and Knowledge IQ will provide immediate benefits to users, including quicker detection of potential fraud, reduced operational expenses and improved risk management,” said Gary Kearns, president, Decision Analytics, Experian.

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