Private sector lender, HDFC Bank has roped in Experian, a global information services company, to tackle loan application fraud.
Consequently, Experian, will provide HDFC Bank “Experian National Hunter”, its application fraud prevention service, to prevent costly application frauds.
Experian is the global information services company, providing data and analytical tools to clients in more than 80 countries.
“HDFC Bank has selected Experian National Hunter, India’s first application fraud prevention service to prevent costly application frauds. Now India’s top three private sector banks, which include Axis Bank and ICICI Bank are all using Experian Hunter to prevent loan application frauds,” the company said in a release.
Experian’s Hunter service enables the early detection of potentially fraudulent applications and helps identify fraud rings. The most effective strategy is to prevent the fraud at the point of application and Hunter achieves this without affecting customer service levels and turnaround times, the release stated.