Experian India has unveiled AiDRIAN, an advanced tool that detects potential fraud. According to Experian, it offers a comprehensive approach for detecting potential fraud at its source, preventing the possibility of financial loss in real time. The tool also enhances customer experience while reducing the need for manual reviews and interventions.
According to Experian’s 2024 Future of Fraud Forecast report, nearly 70% of businesses report increased fraud losses in recent years. Meantime, over half of consumers feel more vulnerable to fraud than before. AiDRIAN addresses these challenges with its advanced capabilities to detect potential fraud. The platform integrates device profiling, analysing over 150 device parameters to create unique device IDs and identify anomalies. This real-time protection improves customer experience and adapts new tactics through self-learning capabilities.
Reducing fraud levels without impacting conversion rates
Manish Jain, Country Managing Director of Experian India, said: “With the alarming increase in frauds reported by banks this year, the financial industry faces unprecedented challenges. Experian recognised the need for lenders to reduce fraud levels without impacting conversion rates, leading to the creation of AiDRIAN. This innovative solution focuses on revenue growth by aiming to differentiate between legitimate customers and potential fraudsters, significantly reducing false positives. With this solution, we have seen customers in other markets grow their revenues by up to 15%.”
He added: “AiDRIAN has very high accuracy in identifying potentially suspicious devices from where fraudulent transactions may be generated, which minimises the volume of manual reviews and eases the burden on fraud teams. Its machine learning model is self-learning and continuously re-trained with new data, offering increasingly accurate recommendations over time. For the lending industry, where trust and security are paramount, adopting advanced technologies to detect potential fraud with AiDRIAN is essential to mitigate risks and build competitive advantage.”
AiDRIAN seamlessly integrates with existing fraud detection systems of organisations and prevents potential frauds at the source. The tool plans to offer a Closed User Group (CUG), a restricted data-sharing network where members may exchange information about known potential fraudulent activities. This aids in cross-platform detection, identification of fraud hotspots using IP-geolocation data, and recognition of multiple identities on one device.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
