Detecting fraud has gradually become essential to a bank’s financial health with an abundance of products out in the market to cater to this need. Banks are tying up with as many as two to five software vendors, credit rating agency Experian anticipates the launch of CrossCore to ease the workflow at banks and help incorporate third-party solutions for fraud management. Talking about CrossCore, the head of Experian India, Mohan Jayaraman says that with CrossCore the banks now can have one platform for different solutions like Acxiom, TeleSign, etc. and that they would have all the information they need at one place for fraud and identity services. He also added that they are currently in early talks with the banks about the implementation of CrossCore.
CrossCore is the first smart plug-and-play platform for fraud and identity services, and will lessen many of the expenses such as resources, time and money, associated with the requirements and support essential to effectively safeguard against fraud and remain compliant. When asked whether the new tool will act as a data repository for future verification, Jayaraman said that it won’t; since the tool will help connect with the third-party applications, it is not designed to save data due to the legal complications with their access to another network’s data given its highly confidential data on financial transactions. But, he says if there are willing participants, they would think of data saving only for a select set.
The possible addition to CrossCore in future, he said could be could be inter-bank connectivity. Currently, they are offering this solution only within the bank.
Experian launches the first smart plug-and-play to fight banking frauds
