Experian adds anti-fraud tool

Account checker implemented

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By Julian Goldsmith, 3 October 2007 14:37

NEWS

Financial risk management specialist Experian has launched an account-checking service in an effort to cut direct debit and credit fraud. The organisation has implemented a system, which automatically confirms the existence and status of a UK bank account and matches it to the correct owner. The system is called Bank Wizard Absolute and is made by payment software company Eiger Systems.

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According to Experian public affairs director Peter Brooker, the development of the service has been driven by demand from customers.

Up to now, credit organisations have had to process information through a number of channels to manage risk in this area.

Brooker said since the banking community has concentrated on reducing credit card fraud, fraudsters have moved on to other things, such as direct debit and direct credit fraud.

With the information on just one cheque, a fraudster can set up a direct debit, or in the case of benefits, credit. Banks have very little warning that this is happening until a customer rings them up with a complaint. "This service will have a significant impact on reducing fraud in direct debits and credits," he said.

According to banks clearing service VocaLink, two per cent of the six billion direct debit and credit requests fail or are applied to invalid accounts every year, costing £3bn per year in repair costs.

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