The platform integrates Device profilesanalyzing more than 150 device parameters to create unique device identifiers and identify anomalies, Experian said.
According to Experian’s Future of Fraud Forecast 2024 report, nearly 70% of businesses report an increase in fraud losses in recent years and more than half of consumers feel more vulnerable to fraud than before.
“With the alarming rise in frauds reported by banks this year, the financial industry is facing unprecedented challenges,” said Manish Jain, Managing Director, Experian India.
“Experian recognized the need for lenders to reduce fraud levels without impacting conversion rates, which led to the creation of AiDRIAN. This innovative solution focuses on revenue growth By trying to differentiate between legitimate customers and potential scammers, significantly reducing false positives.”
Jain said that with this solution, the company has seen customers in other markets increase their revenue by up to 15%.
According to Jain, the platform has a very high accuracy in identifying potentially suspicious devices from which fraudulent transactions can be generated. This minimizes the volume of manual reviews and eases the burden on anti-fraud teams.
The AI tool has a machine learning model that learns on its own and continually retrains itself with new data, offering increasingly accurate recommendations over time, the company said.
“For the credit industry, where trust and security are paramount, adopting advanced technologies to detect potential fraud with AiDRIAN is essential to mitigate risks and generate a competitive advantage,” said Jain.
According to the Reserve Bank of India, the number of fraud cases in the banking sector has increased by nearly 300% in the last two years, reaching 36,075 cases in the financial year 2023-24. In the year 2023, according to the Nasdaq-Verafin Global Financial Crime Report, global fraud has cost a staggering $485 billion.
AiDRIAN integrates seamlessly with existing systems fraud detection organizations’ systems and prevents potential fraud at the source, Experian said.
The tool plans to offer a Closed User Group (CUG), a restricted data-sharing network where members can exchange information about known potential fraudulent activities.
This facilitates cross-platform detection, identification of fraud hotspots using IP geolocation data, and recognition of multiple identities on one device.
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