Credit Bureau Experian launches AI-driven solution to tackle fraud
Experian India, on Thursday announced the launch of AiDRIAN, an AI driven tool that detects potential fraud. AiDRIAN detects potential fraud at its source, preventing the possibility of financial loss in real time, the company said.
The platform integrates device profiling, analysing over 150 device parameters to create unique device IDs and identify anomalies, Experian claimed.
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.
“With the alarming increase in frauds reported by banks this year, the financial industry faces unprecedented challenges,” said Manish Jain, Country Managing Director of Experian India.
“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.”
Jain said that with this solution, the company has seen customers in other markets grow their revenues by up to 15%.
According to Jain, the platform has very high accuracy in identifying potentially suspicious devices from where fraudulent transactions may be generated. This minimizes the volume of manual reviews and eases the burden on fraud teams.
The AI tool has a machine learning model which is self-learning and continuously re-trained with new
