An Experian Tie-in to Mastercard Looks to Boost Fraud Prevention

Credit card issuers and others relying on the credit bureau Experian plc to aid with decisions about extending services to consumers will be able to tie into Experian’s integration of Mastercard Inc.’s identity-verification and fraud-prevention tech in the Experian Ascend Platform.

Announced Thursday, the integration means users of the Ascend Platform, which is a tool built on Experian’s data, strategy design, decision automation, monitoring and report abilities, can get more data to help validate identity elements, such as name, email, and phone numbers, and the ability to analyze related broader data.

Experian, perhaps most well-known for its credit-reporting service, says the integration can help prevent fraud, citing a Mastercard survey that found 96% of those surveyed view identity verification as important while 27% said their current measures negatively affected legitimate customers’ experience. The expectation is the integration will make it easier for Experian clients to approve legitimate customers.

“When acquiring new customers, our clients want a frictionless process where both ID and fraud, as well as credit risk, can be assessed as part of a single request that streamlines and speeds the customer experience,” Greg Wright, Experian Software Solutions executive vice president of identity and fraud, says in a statement.

Among the suite of identity services Mastercard provides overall is its Identity Attribute Verification service, which enables issuers to confirm cardholders’ ages, dates of birth, and addresses. Having launched in Europe first, the service is expected in other markets this year.