Experian launched Precise ID for Customer Management, the latest addition to its Precise ID suite of authentication and fraud detection services. The new capabilities bring a higher level of sophistication to effectively detect identity fraud in existing accounts, the company said.

“In today’s challenging credit environment, fraudsters are attacking organizations from many different angles. These strategies include using stolen identities to fraudulently establish new credit relationships or taking over existing accounts,” said Charles Chung, president of Decision Analytics North America at Experian. “Solely checking identities at the time of application is no longer enough to protect customers and institutions themselves from the losses generated by existing account fraud.”

Experian’s Precise ID for Customer Management helps organizations reduce fraud losses by applying a point-in-time fraud risk assessment that incorporates recent account activity that may have occurred since the original account opening. Through a risk-based approach, the tool evaluates and scores identities and associated identity elements via a vast identity transaction network to reveal up-to-date identity usage and associated fraud threats. This network adds more than two million identity transactions per day, revealing up-to-date fraud threats associated with inconsistent or high-risk use of numerous identity elements.

Precise ID for Customer Management’s identity-fraud risk score assesses the likelihood that a customer’s identity has been compromised and poses a risk of fraud loss. This score ranges from 1 to 999, allowing for segmentation of risky accounts, and enables reviewers to alter decision thresholds and account treatments over time. Reviewers can use this score at any point in time to evaluate identity risk associated with questionable accounts and customers. Scores are accessed on demand and processed in batches, allowing reviewers to quickly and cost-effectively categorize and rank-order millions of accounts.

The product also features score factors and more granular predictive attributes that offer concise descriptions and variables that accompany each score to explain the factors most prominently impacting results. This insight improves operational efficiency by speeding review cycles and enhances customer satisfaction through a reduction in the amount of time reviewers spend investigating a customer’s high-risk accounts. It also simultaneously allows lower-risk, well-intentioned customers to seamlessly transact without disrupting their service.

http://press.experian.com/United-States/Press-Release/experian-launches-precise-id-for-customer-management.aspx