Experian India has launched AiDRIAN, an advanced AI-driven tool to tackle financial fraud and enhance business revenue growth. This solution is tailored to detect and prevent potential fraud in real-time, reducing the need for manual reviews and interventions and thereby improving the overall customer experience.

Fraud Detection

AiDRIAN offers a robust framework for identifying and preventing fraud at its source. By leveraging state-of-the-art technology, the tool helps businesses safeguard their finances and reputation, addressing the growing concerns around financial fraud. According to Experian's 2024 Future of Fraud Forecast report, nearly 70% of businesses have experienced increased fraud losses in recent years, while over half of consumers feel more vulnerable to fraud than ever. AiDRIAN directly tackles these challenges with its advanced fraud detection capabilities.

Advanced Features

AiDRIAN is designed to integrate smoothly with existing fraud detection systems within organizations, offering real-time protection against fraudulent activities. One of its key features is a Closed User Group (CUG), a restricted data-sharing network that allows members to exchange information about known fraudulent activities. This network aids in cross-platform detection, identifying fraud hotspots using IP-geolocation data, and recognizing multiple identities on a single device.

Experian’s research highlights that fraud prevention has become the top priority for 73% of businesses. However, many organizations face the challenge of mistakenly rejecting legitimate customers due to outdated or underperforming fraud detection rules. The cost of these false positives can often exceed the value of fraud losses, leading to significant revenue loss and damage to brand reputation.

AiDRIAN: Balancing Fraud Prevention and Revenue Growth

Recognizing the need for a solution that balances fraud prevention with maintaining conversion rates, Experian developed AiDRIAN. This modular transactional fraud solution combines a customized machine learning model with device fingerprinting to classify transactions with 99.9% accuracy automatically. AiDRIAN’s ability to distinguish between legitimate customers and fraudsters helps reduce false positives significantly, potentially boosting revenue by up to 15% for clients.

The tool's high accuracy in identifying fraudulent transactions also decreases the need for manual reviews, easing the burden on fraud teams. AiDRIAN's machine learning model is self-learning, re-trained with new data every two weeks, ensuring that it continuously improves its recommendations over time.

Emerging Fraud Threats

As digital adoption continues to rise globally, online businesses face an ever-evolving landscape of fraud threats. AiDRIAN is built to adapt to these emerging threats, helping companies to prevent losses while safely growing revenue. This proactive approach ensures businesses can stay ahead of fraud trends and maintain their competitive edge.

Disclaimer: We have not tested the tool mentioned in the article. For any clarifications or further information, please consult the development team.

Source: Experian

Additional source: IBS Intelligence

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