Volkswagen Financial Services reduced fraud level using the solution Experian

On September 5, 2017 the Experian company announced that the Volkswagen Financial Services company could achieve decrease in level of fraud by 50% in one year, having connected to National service of warning of fraud (NFPS) for the sector of car loans in Spain.

Prerequisites

In view of constantly growing threat from swindlers the Volkswagen Financial Services company decided to be connected to National service of warning of fraud (NFPS) for the sector of car loans in Spain. Service reveals and prevents fraud at the level of the credit statement by means of data exchange.

Principle of work of service

Service works by the principle of mutual data exchange between its users. The participating companies transfer to it data which do not affect their competitiveness, and use Hunter for identification of potential fraud. A system finds coincidence and allows to compare data of the different companies of the sector, without disclosing to the confidential commercial information.

Results of use of service

By estimates of Volkswagen Financial Services, for the first year of work with Experian service of volume of fraud it was reduced by nearly 50% in comparison with an indicator of 2016.

The threat of fraud is a reality for our companies, especially during an economic crisis. In processes of consideration of the credit statement there are vulnerable moments which each company tries to minimize using internal methods of counteraction to fraud. These methods are insufficient for reduction of the enormous loss caused by criminals annually. As shows my experience, 95% of cases of fraud which we face are connected with submission of false documents. Other 5% fall on cases of use of someone else's personal data — Jesús Salafranca Cabieces, the head of department of legal proceedings of Volkswagen Financial Services, Spain, the member of the Spanish association of the companies on counteraction of fraud / Asociación Española de Empresas contra el Fraude explained.

In addition to decrease in losses from fraud, the Hunter system also promotes growth of income and profit of the companies and organizations, increase in customer satisfaction, growth of operational efficiency and risk minimization, including reputational risks, emphasized in Experian.

We are very happy and when I speak "we", I mean all those who use industry service Hunter. We have a desire to constantly optimize workflows. The participating companies of the Hunter system regularly hold meetings where we exchange the ideas, we tell about the experience and we discuss the different offers helping us to develop and be improved. We are inspired by projects which we implement, and a chance of permanent improvement which Hunter gives us — Jesus Salafranca Cabiches added.