Experian are best known for providing credit references, used by banks and financial services companies to assess risk when deciding whether to lend money.
They also provide a range of other services based around the data they have collected, such as fraud and identity theft protection. More recently, they have added specialized data-analytics-driven services aimed at helping business customers in the automobile trading, healthcare insurance and small business markets.
Banks and insurance companies play a game of chance when they lend money or offer cover: they must be confident that their customer can afford to make the repayments, with interest, or that the value of their premiums will cover expenses incurred by paying out on their claims.
On top of that, cyber fraud and identity theft are both growing problems, with more and more financial transactions taking place online, and customers using online banking portals to manage their accounts. Experian’s own research has shown that, while five years ago online fraud was mostly a problem for the rich, today all sectors of society are being targeted by increasingly sophisticated hackers and scammers.1
Experian hold around 30 petabytes of data on people all over the world in their credit bureau database, which is currently growing at a rate of 20% annually. ...