Organizations are faced with the challenge of obtaining a complete picture of a customer to accurately assess the level of risk they represent. Even though a customer's financial condition may appear to be stable, if they've entered into commitments with other entities their financial stability may be at considerable risk.
One of the key factors in minimizing credit losses is to be able to recognize when a customer's risk of default increases. To do so you need good data quality and the ability to identify extended relationships, including common sources of income, financial commitments, and membership in limited partnerships.
When evidence of a potential default is recognized, appropriate steps can be taken to monitor or limit the risk and protect your organization against loss. By understanding the extended relationships, your organization can determine when a default by one customer may signal potential default by others.
The more you know about a potential credit customer and their relationships individual as well as business – the better you are able to determine the level of risk they represent.
Businesses need to disentangle themselves from potential fraudsters in all relationships, from customers to partners to vendors. They can often be identified by a variety of clues. Their names or the names they use may appear on death notice lists, sanctions or suspect lists, or discharged bankruptcy lists. They may also appear in shared peer group data of known fraud perpetrators or as someone who has previously committed fraud against your own organization. Additionally, rings of fraudsters frequently list common phone numbers or shared addresses.
Innovative Systems' trusted solutions enable your organization to substantially reduce credit losses and other risks. Our software easily handles hundreds of millions of records to de-duplicate and create networks of links between individual customers, households, and companies. These solutions include:
The networks of connectivity created by the Synchronos platform can help detect clues to fraudster activity – from previous applications and customer records, to lists and databases, to shared phone numbers and addresses.
Influence Value technology uncovers valuable information and connections often hidden within the customer database. By linking customers and providing a view of their extended relationships, this tool allows you to identify the real potential risk or value of a customer. Third-party data can be integrated to reveal any hidden connections that might not be reported by your customer.
Our Enlighten data quality solution ensures that you are always working with clean, deduplicated data, and identifies accurate households to help you better understand relationships.
FinScan's Ultimate Beneficial Ownership tool helps you trace links through layers of companies to identify the real owners, even when working with multinational organizations.