Online fraud has become an increasingly common problem in the digital world. With the growing popularity of e-commerce and online banking, fraudsters have found new ways to take advantage of consumers and businesses. However, many companies looking for a solution are faced with the problem of turning away legitimate customers due to outdated fraud rules or inappropriate behavior.
Experianan information services company, has launched Aidriana new cloud solution against fraud based on adaptive Machine Learning, which allows companies to prevent fraud without affecting the customer experience.
He latest study from Experian shows that fraud prevention is now the top priority for 73% of companies surveyed. The report suggests that the cost of false positives can often exceed the value of fraud losses. The repercussions of false positives are also considerable, with lost revenue and damage to brand reputation.
“Fifty-seven percent of business leaders surveyed find it difficult to find the right balance between increasing revenue and reducing fraud losses. To combat increasingly sophisticated fraud threats, many companies are looking to use AI, and in particular Machine Learning technology, to improve the accuracy of their fraud decisions while providing a more seamless customer experience.”, he comments Malin Holmberg, CEO, EMEA and APAC, Experian.
Realizing that businesses need to reduce their fraud levels without impacting conversion rates, Experian has created Aidrian, an innovative anti-fraud solution focused on revenue growth. This powerful, modular solution against transactional fraud combines a state-of-the-art Machine Learning model with device fingerprinting to automatically classify transactions with 99.9% accuracy. Aidrian’s ability to differentiate between trustworthy customers and fraudsters can significantly reduce false positives, helping your customers to generate up to 15% more revenue.
This increased level of accuracy in identifying fraudulent transactions significantly reduces the volume of manual reviews, taking the pressure off customer fraud teams. Aidrian’s machine learning model is self-learning and retrains itself with new data every two weeks, allowing it to make increasingly accurate recommendations over time.