Experian India Launches AiDRIAN, an AI-Driven Tool to Tackle Financial Fraud It claims its tools enhance customer experience while reducing the need for manual reviews and interventions
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Experian India announced the launch of AiDRIAN, an AI tool, which enables the detection of potential fraud at its source, preventing the possibility of financial loss in real time, and maintaining the company's reputation. It claims its tools enhance customer experience while reducing the need for manual reviews and interventions.
As per Experian's 2024 Future of Fraud Forecast report, approximately 70 per cent of businesses report increased fraud losses in recent years, and over half of consumers feel more vulnerable to fraud than before. Additionally, the company said that its platform integrates device profiling, analyzing over 150 device parameters to create unique device IDs and identify anomalies. Also, its real-time protection adapts new tactics through self-learning capabilities.
"With the alarming increase in frauds reported by banks this year, the financial industry faces unprecedented challenges. Experian recognized 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%," said Manish Jain, Country Managing Director of Experian India.
Additionally, AiDRIAN integrates with existing fraud detection systems of organizations to offer a Closed User Group (CUG), a restricted data-sharing network where members may exchange information about known potential fraudulent activities. This would be helpful in cross-platform detection, identification of fraud hotspots using IP-geolocation data, and recognition of multiple identities on one device.
Manish further added "AiDRIAN has very high accuracy in identifying potentially suspicious devices from where fraudulent transactions may be generated, which minimizes 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."
