Experian launches Commercial Fraud Insight today, a tool to help business-to-business marketers prevent fraud.
It uses information from Experian's National Business Database of 16 million U.S. businesses and File One database of 215 million consumers to validate application data using criteria such as business names, addresses, phone numbers and business tax ID as well as consumer name, address, Social Security number, driver's license data and date of birth. It also uses the client's own historical application data.
Reasons for creating Commercial Fraud Insight include the losses attributed to BTB fraud and the difficulties businesses face in terms of authenticating business data as opposed to consumer data.
According to Experian, business loan fraud losses exceed $35 billion yearly, not counting fraud losses that can't be pinpointed.
“BTB industry challenges are just more complex,” said Carolyn Hardin Levine, director of commercial fraud solutions at Experian, Costa Mesa, CA.
It is difficult for clients to deal with the many variables such as multiple business addresses and names; multiple guarantors and signatories; and Social Security numbers and business tax IDs, she said.
Commercial Fraud Insight also offers online management reports that can be accessed via a Web application, CPU to CPU, automated batch or offline batch processing.
Pricing for the tool is based on the depth and volume of data required. More information can be obtained at www.experian.com/products/commercial_fraud_insight.html or by calling 800/509-5604.
Kristen Bremner covers list news, insert media, privacy and fundraising for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
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