Experian India Launches AiDRIAN: AI-Driven Solution to Tackle Fraud in the Financial Industry
- AiDRIAN detects potential fraud in real time.
- Customers globally have seen revenue boost up to 15% through reduced false positives.
- Eases risk management team’s burden by minimizing manual reviews.
MUMBAI, India, Aug. 26, 2024 /PRNewswire/ — Experian India, a leader in data and technology, has unveiled AiDRIAN, an advanced tool that detects potential fraud. AiDRIAN offers a comprehensive approach for detecting potential fraud at its source, preventing the possibility of financial loss in real time, and maintaining the company’s reputation. The tool 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, and 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.
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 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%.”
He 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.”
AiDRIAN seamlessly integrates with existing fraud detection systems of organizations 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.
For further information, visit the Experian India website – https://www.experian.in/.
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