What is data enrichment?
Data enrichment is the expansion of existing internal data, such as an email or phone number, through utilising external and/or additional sources to create a more complete data set.
For example, in the case of an email address, businesses that use customer data enrichment will be able to discover where else across the internet that email address has been used.
The purpose is to provide a more complete picture of a potential customer by deepening the data they have on that individual to allow for a better-informed business decision.
The rise in data enrichment technology
From just a simple email address or phone number, verification checks can be done using data enrichment to catch any attempt of fraudulent behaviour.
This technique has proven hugely successful for fraud detection companies across many verticals and the rental industry is no different. Fraudfinder’s technology stack includes date enrichment as a significant tool and plays an integral role in maintaining a 100% fraud detection rate in tenant references.
Financial data enrichment
Financial data enrichment is the process of adding additional context or information to financial data. This can be done for a variety of purposes, such as improving the accuracy of financial analysis, enhancing the user experience of financial software, or enabling new financial products and services.
Fraudfinder have recently launched a financial data enrichment product in which raw banking data is lifted from the financial documents of consumers using Open Banking algorithms, and instantly turned into actionable affordability insights. Details such as a consumer's debt history, account balance trends, overdraft usages, daily spending habits and affinity to gambling, can all be presented within seconds.
Why are data enrichment services beneficial to other businesses?
When implemented properly, data enrichment can act as a valuable tool in aiding businesses in the collection of customer data which allows for data enhancement without hassling customers for further details. This allows companies to make more data-driven, as well as customer-centric decisions when strategising about products and messaging for example.
What about Fraudfinder?
Fraudfinder uses data enrichment, alongside document analysis, behavioural analysis and a connection to open banking to truly assess the financial validity and risk of a tenant from basic data sets.
Our data enrichment techniques helps us cross reference details against fraud databases and raise alarms to common fraudulent behaviour, such as the creation of new and alternative email addresses to cloak previous online behaviour.
What is the benefit to Fraudfinder clients?
Data enrichment plays a significant role in speeding up referencing and onboarding processes.
In certain circumstances, it allows us to verify tenant information or flag fraud automatically without the back and forth questioning between the letting agent, us as the referencer and the tenant.
What is meant by a dataset?
A dataset is essentially a collection of exceptional information points and behaviours relating to the customers of a business.
Data Cleansing v Data Enrichment
Data cleansing is essentially related to the cleaning or removal of customer data you hold. This could include updating incorrect information or deleting obsolete data points.
The end result of data cleansing should be a verified and relevant data set which is useful and valuable. Data enrichment also aims to achieve a data set that is both useful and valuable but simply does it by adding new data points rather than taking them away.
Read more about data enrichment and how it plays a significant role in the fraud prevention technology stack championed by Fraudfinder.
