EQUIFAX LAUNCHES SIRAN, THE MOST ADVANCED APPLICATION FRAUD DETECTION SYSTEM AVAILABLE TODAY
London, 2nd November 2006 – Equifax, a leading ID verification and fraud prevention solution provider, has launched a new and powerful online application fraud detection and prevention system, SIRAN. Developed in direct response to the reported 11 percent increase* in the number of fraudulent credit applications granted in the first half of 2006, SIRAN provides a robust, real-time fraud prevention solution, giving lenders across a wide range of industries a powerful and flexible application management tool.
Neil Lewis, Head of Fraud & ID Products at Equifax comments: “Statistics show that application fraud continues to grow, and that the defence systems currently available are failing to support the consumer credit industry in its challenge to strike the balance between granting credit and preventing fraud.”
“SIRAN takes industry-wide fraud and application data-based solutions into a whole new era. Not only does it provide real-time access to a single database that contains both historical frauds and applications, it also enables clients to manage their own bespoke fraud rules, prioritise and manage their own operational workflows and, most importantly, optimise their false positive rates. The credit industry at last has the ability to strike the right balance between preventing fraud and securing new accounts.”
Equifax developed SIRAN in partnership with fraud data and solution specialists, Synectics Solutions, and incorporating SIRA Financial**. SIRAN offers lenders total control of their application fraud prevention policy, and enables them to selectively match applications to a cross-industry universe of frauds and suspect frauds. This solution can also be applied to previous applications, helping to spot suspicious patterns that may point to fraud rings. Furthermore, users can manage their fraud rules and prioritise risk levels while managing operational workflows to focus on fraud prevention resources where they are needed most.
With online access to information on the performance of their rules SIRAN also allows lenders to evaluate the effectiveness of their fraud strategies, which is crucial in reducing the risk of fraud on an on-going basis. And because fraudsters are known to target their activity across the lending industry, SIRAN facilitates the sharing of data from all sectors, including banks, retail credit providers, credit card issuers, mobile telecommunications and mail order suppliers.
“Any organisation lending in the consumer marketplace and serious about its fraud prevention capabilities should be interested in SIRAN as a solution” concluded Neil Lewis. “Having online access to an industry wide fraud and application universe, coupled with intelligent total fraud management, as part of the credit application process is, we believe, a must have solution if application fraud is to be tackled effectively.”
* Statistic from CIFAS, the UK’s fraud prevention service
** Synectics Solutions Ltd is an independently owned company based in Newcastle-Under-Lyme, that operates and run managed database services solutions for many blue chip clients. SIRA Financial is a web browser based fraud workflow and rule management solution.
END
