Experian’s Sentinel™ Commercial Entity Fraud Suite helps lenders and insurers prevent fraud for businesses of all sizes

Rhea-AI Summary

Experian announces the launch of Sentinel, a suite of commercial entity fraud detection solutions aimed at helping lenders and insurers combat entity fraud, which has become a top concern for over 70% of businesses. The suite includes three key tools: Multipoint Verification, Identity Velocity, and Commercial First Party Fraud Score. These solutions leverage various data sources to accurately identify and mitigate first-party, third-party, and synthetic identity fraud risks, enhancing financial security for businesses of all sizes.

Positive

• Sentinel suite addresses a critical need, as over 70% of businesses prioritize fraud prevention.
• Multipoint Verification identified a 15% increase in fraudulent accounts for a global credit card issuer.
• Identity Velocity provides real-time insights to predict fraud risk effectively.

Negative

• None.

The solutions can help businesses detect different types of entity fraud, including first-party, third-party and synthetic identity fraud

COSTA MESA, Calif.--(BUSINESS WIRE)-- Experian^®, the world’s leading global information services company, today announced Sentinel™, a suite of commercial entity fraud detection solutions, to help lenders and insurers prevent fraud and protect small to large businesses. The suite has three solutions — Multipoint Verification, Identity Velocity™ and Commercial First Party Fraud Score.

An Experian research report found that more than 70% of businesses say that preventing fraud is their top concern, the highest it’s ever been. With some businesses struggling to keep up with the rapid digital transformation that’s taken place during the past few years, fraudsters are attracted by large loans and a lack of sophisticated commercial fraud detection platforms.

Experian’s Sentinel suite may help businesses detect and distinguish different types of entity fraud, including first-party, third-party and synthetic identity fraud. By recognizing the specific types of fraud risk, lenders and insurers can set up the right controls to mitigate fraud and better serve businesses of all sizes. The three solutions include:

• Multipoint Verification is the first in-market offering to blend commercial credit data with nontraditional data, such as professional social networks, phone numbers and web domains to validate a business applicant. A global credit card issuer saw a 15% increase in fraudulent accounts identified in their small business portfolio leveraging Multipoint Verification in combination with their current fraud tools.¹
• Identity Velocity is the first entity fraud solution that provides trended data, as recent as 15 minutes from application, to help predict fraud risk. It uses elements, like a business’s name, zip code and tax ID, to deliver real-time insights that may help prevent third-party, synthetic identity fraud and loan stacking by highlighting inconsistencies in applicants’ information. This tool can also provide a better picture of a business’s behavior over time.
• Commercial First Party Fraud Score is unique in that it blends consumer and commercial credit data to predict the risk of first-party fraud for businesses. The fraud score may help identify early or first payment default and credit bust out scenarios.

Additionally, Commercial First Party Fraud Score and Multipoint Verification are available through CrossCore^®, Experian’s market-leading digital identity and fraud platform.

“We’re committed to helping small businesses succeed, and a key piece of that is ensuring they have access to the capital they need,” said Hiq Lee, president of Experian’s Business Information Services. “Our new Sentinel commercial entity fraud suite can help lenders and insurers prevent fraud so that funds can go to legitimate businesses that need it and stay out of the hands of fraudsters.”

To learn more about Experian’s Sentinel suite, please visit: https://www.experian.com/business-information/commercial-fraud.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 20,600 people operating across 43 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian. Other product or company names mentioned herein are the property of their respective owners.

¹ Not a guarantee. Results will vary.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005352/en/

Annie Russell

Experian Public Relations

1 949 683 5243

annie.russell@experian.com

Source: Experian

FAQ

What is the Experian Sentinel suite launched in November 2022?

The Experian Sentinel suite is a set of commercial entity fraud detection solutions designed to help lenders and insurers prevent various types of fraud.

How does Multipoint Verification improve fraud detection for businesses?

Multipoint Verification combines commercial credit data with nontraditional data sources, enabling lenders to identify fraudulent accounts more effectively.

What types of fraud can Identity Velocity help detect?

Identity Velocity helps detect third-party fraud, synthetic identity fraud, and loan stacking by providing timely insights on applicants.

What is the significance of the Commercial First Party Fraud Score?

The Commercial First Party Fraud Score predicts the risk of first-party fraud by blending consumer and commercial credit data.

Why is fraud prevention a major concern for businesses according to Experian's report?

Experian's report indicates that more than 70% of businesses view fraud prevention as their top concern due to rapid digital transformation attracting fraudsters.