Experian – which claims to be one of the world’s leading global information services companies – has launched Aidrian, a new cloud-based fraud solution “powered by adaptive Machine Learning, which enables businesses to prevent fraud without impacting the customer experience.”
Experian’s latest research “shows fraud prevention is now the top priority for 73% of business respondents.”
In an effort to prevent fraudulent transactions, many businesses “have encountered an even bigger issue – legitimate customers that are rejected in error due to outdated or underperforming fraud rules.”
Research suggests “that the cost of false positives can often amount to more than the value of fraud losses.” The knock-on effects from false positives “are also considerable, with loss of revenue and damage to brand reputation.”
Malin Holmberg, CEO, EMEA & APAC, Experian, said:
“Fifty-seven percent of the business leaders we surveyed find it challenging to strike the right balance between growing revenue and reducing fraud losses. To combat increasingly sophisticated fraud threats, many firms are looking to utilise AI, and in particular Machine Learning technology, to improve the accuracy of their fraud decisions whilst providing a seamless customer experience.”
Experian recognized “that businesses need to lower their fraud levels without impacting conversion rates – so they created Aidrian, an innovative fraud solution that focuses on revenue growth.”
This powerful modular transactional fraud solution “combines a state-of-the-art customised Machine Learning model with device fingerprinting to automatically classify transactions with 99.9% accuracy.”
Aidrian’s ability to differentiate between legitimate customers and fraudsters “can significantly reduce false positives, helping to generate up to 15% more revenue for clients.”
The increased level of accuracy “in identifying fraudulent transactions considerably reduces the volume of manual reviews, reducing pressure on clients’ fraud teams.”
Aidrian’s Machine Learning Model is “self-learning, and re-trained with new data every two weeks, allowing increasingly accurate recommendations over time.”
Holmberg added:
“The high level of accuracy delivered by Aidrian helps businesses to prevent fraud, while providing genuine customers with a smooth and frictionless checkout or onboarding process. Globally our customers have been looking for a way to balance revenue growth with fraud prevention, and, having developed and successfully trialed Aidrian in Germany over the past year, we are very excited to offer this solution in other markets.”
As digital adoption continues to expand globally, online businesses “will need to stay at pace with fraud threats.”
Experian’s latest fraud solution, Aidrian, continually “adapts as new fraud threats emerge to prevent losses while safely growing revenue.”